By Somesh Kumar
The Metaverse has great potential for wealthy sectors such as electricity and utilities that rely on huge assets that span states and, in some cases, countries. The main realization factors for the Metaverse are Augmented Reality (AR) and Virtual Reality (VR), Mixed Reality (MR), Internet of Things (IoT), Artificial Intelligence, 3D Reconstruction, Blockchain, and Encryption, so far away. Augmented reality (XR) not in the future.
It may sound surprising, but the power sector isn’t new to most of these new technologies. Utilities and “people-led initiatives / communities” are, in some cases, moving to microgrids that leverage blockchain-enabled smart contract management. It supports transparent and efficient energy accounting at all levels, electricity. Maintaining and monitoring distant power generation assets can be a daunting task, especially due to the geographical distribution of Covid-19. VR / AR / MR technology solves this problem by enabling visits to virtual sites, training of field staff, remote assistance to field workers, and maintenance in the most efficient and cost-effective way. I am working from the front. Backed by advanced analysis, this will significantly improve operational efficiency and human resource productivity. Virtual power plants are virtual replicas created in the cloud that help streamline remote operations with support for asset-installed IoT devices and AR / VR / MR technology. The entire power asset can be viewed in 3D format, and there may be situations where it is virtually fully operational.
With these technologies, energy companies are transforming into distribution service operators (DSOs) that provide consumers with multiple types of energy services (and potentially adjacent types of smart city services) to build smarter communities. Can help. As these companies continue to focus on energy efficiency, the role of technology in real-time information sharing, analysis, and corrective action will become more important. The entire system may act as a single virtual world with AR / VR. This is very useful not only for optimizing personnel and setting up a shared operations center, but also for real-time monitoring of assets in a much more effective way. Automatic alerts and signals enable rapid identification and resolution of problems and bottlenecks, minimizing downtime and failures. This allows practitioners to learn the dynamics of the power sector in an easier and more practical way.
At the end of “face the consumer and generate revenue,” Discom is tied to cash. Will privatization act as an opportunity for Indian utilities to adopt these new technologies, and will changing customer preferences create new business models? These are questions that can be answered over time. However, the revenue remains the same. Utilities need to take that into account for today’s short-term and long-term visions. Globally, utility early adopters are asking themselves how to shape future strategies for early dividend acquisition. In the context of India, we assume that this question is very important as it has already laid the foundations through the implementation of several power sector technology reform schemes in the last two decades.
In addition, the current pace of technology adoption by Indian utilities, supported by the Ministry of Power’s vision of making the electricity sector “Future Ready,” underpins India’s continued focus on technology-driven innovation. .. To build on this foundation, India’s electricity and utilities sector needs to be prepared in four ways.
Strategy: Indian utilities implementing Metaverse use cases need to identify appropriate use cases and assess their relevance with respect to current socio-economic conditions, long-term vision, and economic feasibility. I have.
Regulatory framework: A well-developed strategy needs to be supported by a robust yet fostering regulatory framework that ensures compliance with safety and data privacy concerns without hindering growth and innovation. there is.
Underlying Technology Ecosystem: To realize the Metaverse use case, we need to gather some tools and technologies. Deploying a basic platform and system will enable faster deployment and realization of benefits.
Metaverse Sustainability: The implementation of Metaverse use cases definitely depends on the energy to actually function. Each Bitcoin transaction today requires 2264.93kWh of energy, which exceeds per capita consumption in many countries. While this can boost the production of renewable energy, it also raises the bigger question of how much of this consumption is unavoidable and sustainable.
The future of the Metaverse-led world certainly looks bright for a country blessed with abundant technology and great potential for renewable energy. India’s power sector needs to seriously evaluate the benefits of the Metaverse and how it can be adopted to improve efficiency, reliability, and cost.
The author is a partner and leader (power and utilities), and EY India’s views are personal.