E2B: Energy to Business: Competitive Edge: Why AI Enhances ETRM Systems
Today’s edge computing technologies assist all industries and markets, but can AI and machine learning transform energy trading and risk management? That was the question posed to three industry experts: Kent Landrum, Managing Director of Process & Technology at Opportune, Mark Swann, Director of the Process & Technology Group at Opportune, and Vincent Annunziata, Co-founder of Venus Technology Ventures.
They brought along their A-game with a whole bag of insights on the latest AI and edge computing trends for the energy market.
Recent headlining news announced that Baker Hughes, Shell, Microsoft and C3.ai partnered to form an open AI energy initiative. This initiative aims to solve operational efficiency challenges, including energy management, predictive maintenance, well development optimization, and more by utilizing AI as the core technology driver. Is this a game-changer for the industry?
“I think the partnership is a reflection of the momentum that AI is gaining in the industry,” Landrum said. “It signals that this is an area where companies are willing to invest in improving returns in a market that’s otherwise a pretty challenging business climate. When I look through that list of partners, I see big, established, trusted technology players, I see an innovator, and I see energy-industry stalwarts that have the wherewithal to make this kind of program go.”
In terms of energy traders and AI addressing their needs, Swann said the most important thing was data accessibility and speed.
“It could be public market data, it could be private positional data, or it could be results from models and things that I’m running locally on my network,” Swann said.
If the market could enhance the capability to access all the data a trader is looking for in one area, that could be a huge benefit.
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