What are some benifits of machine learning in energy efficiency industry?

Data Science, AI and ML
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#1

The benefits of machine learning in efficient energy industry are as follows:

The development of intelligent networks or intelligent grids is applying this technology in this domain.

based on Business Insider portal, this type of network would use machine learning technology to conduct real-time analysis to better match electricity supply to demand by recognizing consumption trends and detecting any supply chain breakdowns or fraud.

Other advancements in energy management include:

  • Network management and optimization.
  • Drop-in service.
  • Price optimization.
  • Growth projection by areas.
  • Monitoring of consumption and demand peaks.
  • The behaviour of specific consumers or cities.

Individuals and businesses benefit from the use of AI technology in city energy management for various reasons. Smart grids will save citizens $14 billion in energy expenses by 2022, according to a Juniper Research report.

Many organizations in the sector are already reaping these benefits, using modern machine learning platforms to improve city energy management.