Reinventing renewable energy
Industry X.0 is the digital reinvention of industry, where businesses use advanced digital technologies to transform their core operations, worker and customer experiences and, ultimately, their business models. In the renewable energy industry, digital is at the core of the struggle for sustainable, competitive advantage in the sector. The digital revolution for renewable energy is driven by what Accenture calls the “five Ds”:
- Dispatchable: Renewables will become more dispatchable with digital, storage and hybrid plants, offering access to new grid services value pools.
- Digital: Digital is at the center of the current struggle for sustainable competitive advantage in the renewables sector.
- Divided: The digital divide driving the operational performance gap between the large renewable operators and smaller renewable players will grow wider.
- Diverse: Diverse players, including deep-pocketed new entrants such as oil companies, traders, automotive companies and possibly even technology players will compete.
- Demand: An increase in demand, especially renewable power purchase agreements (PPAs) by commercial and industrial (C&I) entities and the aggregation of demand, is changing the way renewable demand is met.
Digital drives business value in renewables
Digital can unlock value across the renewables life cycle and can be applied in a variety of ways to improve safety, program management, design, quality, asset management and operations. It can also unlock human potential by enabling employees to work differently alongside intelligent technology. Consider the following four technologies and the business impact they provide throughout the project life cycle.
Bringing “the New” to renewables
Many more technologies are applicable to the renewable energy industry today, with new ideas still to come. This is an exciting time for renewables, but it also raises challenges. Leaders may see the potential value and benefits of a technology but worry about high barriers to entry, expensive implementation and lengthy timelines. In response to this concern, Accenture recommends an agile method—identifying value areas of focus and rolling out implementation in a phased approach over time.