Friend or Foe – AI Could Fuel the Utility of the Future

Carol Johnston, the Vice President of Energy, Utilities & Resources at IFS, emphasizes the transformative potential of generative AI, which includes advanced algorithms capable of generating text, images, computer code, and even modeling new data. This groundbreaking technology is attracting significant attention in corporate boardrooms, and the utility sector is no exception.

According to findings from the Capgemini Research Institute, an astonishing 95% of global utility and energy companies surveyed have been involved in discussions about generative Artificial Intelligence (AI) in the past year. Interestingly, a substantial 33% of these companies have already launched pilot projects involving generative AI for various applications. While nearly 40% of utility and energy firms have formed dedicated teams and allocated budgets for generative AI, 41% have chosen a cautious "watch and wait" approach.

In this blog, Carol explores how the industry is beginning to explore the integration of AI in areas such as improving customer experiences, optimizing asset management, and efficiently managing human and material resources.

Read the full article from IFS here.