As public awareness about the environmental impact of energy production continues to grow, so does the global appetite for power.
And with greater wealth emerging in developing regions, coupled with strong consumer spending in affluent countries, there is no sign that demand is waning. This presents energy producers with a puzzling question: how to satisfy the seemingly contrasting calls for greater output and more sustainable practices.
Solar, wind and other truly renewable energy sources are often positioned as the panacea, and for good reason; boundless production without an environmental cost sounds like a dream come true. But just like dreams, this thought quickly evaporates in the clear light of day.
For power companies to make the right decisions going forward, it’s imperative to grasp the reality of what’s involved in transforming our energy future. Energy consumption is expected to grow by 50% through 2050.
Currently, less than 4% of all energy produced worldwide comes from wind and solar, but according to Pew Research Center, 77% of people want their power to come from renewable sources.
And with volatility of gas prices occurring in 2020 impacting the sector and its customers, energy producers must search for new sustainable revenue streams.
The gap between these competing demands is too large to completely bridge given current power generation methods, but there is still a lot that energy producers can do to move toward a more sustainable business model.
One of the most effective actions they can take is to undergo a transformation that incorporates digital tools and data-driven approaches to streamline operations and meet other perplexing challenges head-on. The energy sector has lots of data which can be harnessed, which is why McKinsey ranked the global energy market in the top-two of 10 sectors where quantum computing is expected to create both near and long-term value.
The problems are complex; but through digital technologies and innovation, we are now at the cusp of transformative value creation.
The energy sector has historically been a laggard in embracing digital transformation when compared to other industries. At Fujitsu, we strongly believe we can support these companies as they catch up to their counterparts by helping them achieve real-time visibility into the inner-workings of their businesses, empowering them to make informed decisions and efficiently reallocate resources and assets as requirements change.
Doing so will go a long way in reducing their environmental footprint, while freeing up resources to focus on the next generation of energy production technologies.
A recent white paper on this topic explores how Fujitsu’ portfolio of artificial intelligence (AI), quantum-inspired computing and optimization services, and other novel solutions are innovating within the energy sector.
The proof is in the numbers: an energy company with 5,000 engineers is able to generate approximately $7.7M in additional project revenue with the same workforce through a mere 1% efficiency improvement.
The ability to solve large, complex problems, which were once unfathomable, are a reality now by leveraging the unparalleled capability of Fujitsu’s Digital Annealer solution and services. And that’s just the beginning of what’s to come with production solvers and services that can bridge classical and quantum computing today.
We’re proud to assist in innovating our customers’ business, while bringing about positive changes in society today and tomorrow. That’s the Fujitsu Way—and the way of the future for energy producers.