73 VIEWPOINT Making data make sense JENNIFER BULACH: HEXAGON The power industry must digitise the full asset lifecycle and optimise their data to meet the ever-increasing demand for cleaner energy The energy sector is at a turning point. Players in this industry must continue to be a dependable source of power, yet they are also experiencing an incredible demand for change. According to McKinsey & Company’s Global Energy Perspective 2022, some estimates suggest power demand will triple by 2050. This may be driven by trends for greater electrification as data centres need to enable artificial intelligence and more. In addition, McKinsey & Company’s The net-zero transition: What it would cost, what it could bring report indicates that the power industry is also responsible for nearly one-third of carbon dioxide emissions. Consequently, it is expected to make significant change to help curtail climate change and align with customer demand for zero-carbon initiatives. In response, the power industry – and the power generation, utilities, transmission and distribution, and engineering and construction firms that support their projects – faces several mandates driving significant capital expenditures. They include the need to upgrade existing aging facilities to improve efficiency and cost performance, find new sources of low-carbon power generation and invest in carbon capture, utilisation and storage to support the industry’s sustainability goals. In addition, the power sector will need to upgrade the grid and transmission capacity to be able to connect new and distributed energy resources and invest in newer technologies, such as energy storage and electric vehicle charging infrastructure. How can energy suppliers maintain affordability for customers, protect their own bottom line and innovate at the pace needed to keep up with (and surpass) expectations? The answer is simple and complex in equal measures – energy companies must embrace the full potential of data by digitising the full asset lifecycle. Hexagon’s Asset Lifecycle Intelligence division leverages Microsoft Azure to enable wide accessibility of critical data that drives success. Its EcoSys integrated enterprise project performance platform helps companies optimise capital investment decisions, ensuring their projects reinforce strategic imperatives. Using the same data, organisations can monitor a project through to execution to mitigate cost and schedule risks, and dramatically improve outcomes. By harnessing technology and capturing data, organisations can create a digital backbone that informs and supports essential processes throughout an industrial facility’s lifecycle. Within Hexagon’s HxGN SDx2, AI-empowered ‘data take-on’ capability captures and contextualises engineering and asset data so it is easy to find and action. This contributes to greater asset reliability, lowered operational risks, reduced downtime and increased efficiency, while ensuring regulatory compliance. By capturing and interpreting operational and engineering data effectively through technology, companies can bolster their facilities, equipment and workforce. With over 50 years of experience, Hexagon has the expertise to help companies in the power sphere to make their data make sense, so they can form data-driven decisions and achieve sustainable success. Jennifer Bulach is executive industry consultant for power utilities at Hexagon’s Asset Lifecycle Intelligence division
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