The rise of digitalisation, risk management, decarbonisation, and evolving market trends are pushing energy trading and utilities companies to embrace data analytics and AI technologies.

In this ever-changing industry the technological approach is shifting in response and reinventing how energy commodities and utilities companies are doing business.

Data management and data analytics are being used to derive valuable information and actionable intelligence from large volumes of data to drive increased value. For example, using AI and data analytics technologies BJSS has helped energy organisations process and analyse large datasets from various sources (like smart meters, sensors, and weather data) to extract valuable insights and identify patterns that can improve decision-making.

What’s more energy trading and risk management systems are helping organisations to accelerate data ingestion and executing time to reduce time to insight. Not only does this result in faster and more flexible analysis and forecasts at your fingertips, but also frees up analysts to focus on revenue generating activities.

The evolving role of AI in energy markets is enabling energy companies to understand, predict and manage the response to changes in demand and gain valuable trading advantage. However, the responsible implementation of AI is crucial for businesses to build trust with their customers, protect user privacy, and prevent potential harm.

Whilst adopting these technologies will help drive digital transformation in energy trading, it is important to remember that for adoption to be successful data and AI strategies must align with overall business objectives. What’s more it’s important that organisations build a scalable infrastructure for digital initiatives and protect data and systems in a digitalised environment.

Data management and data analytics

 

Digital tools are enhancing market efficiency and decision-making amongst energy traders through technologies such as AI and data analytics. For example, we help our clients navigate the energy transition from supporting their digitisation, improving the customer experience and modernising their estates in the drive to net-zero.

With decarbonisation and increased volatility at the top of the agenda, we help our clients adapt to a challenging market and outlook. We do this this by combining our engineering and data expertise with our design and consulting experience to help you deliver actionable data to bring sustainability into business decisions.

BJSS assisted E.ON in transforming its digital capabilities. The goal was to enhance customer experience and operational efficiency. BJSS implemented a modern, scalable digital platform that improved E.ON's ability to deliver services more effectively. Key outcomes included streamlined processes, better customer engagement, and the ability to quickly adapt to market changes; enabling E.ON to offer innovative solutions and maintain a competitive edge in the energy sector.

A major independent UK energy company, supplying gas and electricity services to residential and commercial customers, needed to find a way to utilise data to better identify, understand, and support its most vulnerable customers.

The company wanted to identify customers facing financial difficulties, health issues, or other challenges that may affect their interaction with energy services. BJSS provided Data Science capability to create a unified view of the vulnerable customer base by integrating multiple internal data sources through a scalable and well-documented data pipeline built in Google Cloud Platform Dataform. This included data such as:

  • Customer demographics to understand segments and geographical elements
  • Payment history to understand financial vulnerability
  • Energy usage to understand potential rationing
  • Contacts and complaints to understand pain points customers had
  • Priority Service Register (PSR) information to understand customer medical vulnerability

The customer view that was developed enabled the company to analyse its customer data more efficiently and effectively, allowing for the swift identification and understanding of vulnerable customers.

A closer look at artificial intelligence

AI promises increased efficiency, productivity and innovation – and that is true across most industries, especially the energy market.

The evolving role of AI in energy markets

AI in the energy markets is evolving at a rapid pace with the number of use cases increasing year on year. From predictive maintenance and energy consumption forecasting to renewable energy integration and energy efficiency optimisation, the energy market is already reaping the benefits of AI technologies.

Grid performance management - AI can analyse vast amounts of data like performance indicators and load distribution to optimise grid efficiency, identify patterns, and make informed decisions related to grid operation.

Infrastructure planning and deployment - Deep data analysis and modelling of different configurations using generative AI allows companies to make more informed decisions about future infrastructure needs and resource allocation

Renewable energy integration and management - AI algorithms can predict energy production from renewable sources based on historical data and weather forecasts. This allows companies to optimise energy production and reduce environmental pollution.

Streamlining operations and maintenance with AI-driven automation - AI can automate routine tasks like grid monitoring, fault detection, and predictive maintenance to reduce costs and downtime while increasing performance.

Demand Response Management (DRM) - AI optimises electricity consumption in response to demand fluctuations by analysing real-time data. This helps balance the grid, especially as it becomes dominated by variable renewable sources.

Innovative AI applications across sectors

BJSS works across various industries to solve complex challenges and drive innovation, using AI. For instance, in retail, BJSS developed a "Happiness Dashboard" for the Retail Trust, leveraging generative AI to improve employee wellbeing in retail. In healthcare, the IVF success rates of Care Fertility have been enhanced by using AI for embryo selection, improving patient outcomes. The AI expertise of BJSS can be applied to diverse industries to unlock the potential of AI-driven transformation.

AI governance

AI governance is an evolving field, as AI technologies continue to advance and new challenges emerge. It aims to strike a balance between innovation and responsible use, ensuring that AI benefits society while minimising the potential risks and negative impacts.

When governance is carried out correctly, it can be a powerful enabler of innovation. As we innovate, we need to consider the impact we have on both people and the planet and ensure what we are doing reduces this impact as much as possible, and where possible, provides a positive impact to the world we live in for future generations.

Want to find out more about responsible AI? Take a look at the BJSS eBook for a comprehensive guide to AI governance.

Ready to get started?

BJSS is established as a leading partner to Amazon Web Services with 500 AWS certifications. Testament to the strength of our AWS capabilities, we have won several awards including the 2023 AWS Innovation Partner of the Year.

We have many years’ experience partnering with some of the world’s leading Energy, Commodities & Utilities organisations, delivering large-scale complex digital transformation programmes on AWS.

If you are looking to take energy trading insight to the next level, we have the solution for you. Unlock the latest innovation in energy trading insight to tap to data quickly with BJSS’ scalable architecture built on AWS.