AI And Blockchain Make Smart Grids More Useful For Renewable Energy

Integrating AI and blockchain is set to enhance smart grids for renewable energy. GlobalData, Energy Monitor’s parent company, predicts that smart grids will become more reliable, efficient, and sustainable as they incorporate automation, blockchain, and AI. 

This allows real-time monitoring of renewable energy production and demand. However, the report also flags cybersecurity threats to energy supplies and their political consequences.

What Is A Smart Grid?

A smart grid is a network that integrates energy distribution and digital communication technology to provide a two-way flow of electricity and data. This allows utilities to optimize power generation, transmission, and distribution. 

It also enables customers to profit from the tales that all that data tells, allowing them to better understand the energy they use and the energy they produce and store via solar panels and EV batteries.

AI And Blockchain In Smart Grids

Generative AI technology is increasingly utilized in the smart grid sector for tasks like energy demand calculation, renewable energy assessment, price analysis, and storage optimization. 

The report also emphasizes AI’s role in system monitoring, problem diagnosis, blackout prevention, and balancing supply and demand from renewable sources like solar and wind. NVIDIA’s smart grid chips, driven by their AI platform, are mentioned for integration into smart meters to enhance grid resilience.

The report highlights blockchain’s potential to revolutionize the electricity industry by enabling peer-to-peer energy trading and ensuring transparent power allocation. It cites Spanish energy firm Iberdrola’s blockchain project, which guarantees real-time tracking of renewable electricity production and consumption. 

This fosters accountability within the energy sector, as customers can sign up for 100% clean electricity traceable to its source. Although in its early stages, the technology is predicted to gain popularity in the coming years.

Renewable integration is a central theme in smart grid development. Advancements in smart grid technology facilitate the widespread adoption of renewable energy sources like wind, solar, and hydrogen, aiding countries in achieving sustainability objectives and providing consumers with real-time information on energy types and prices.

Risks For Smart Grids

A significant concern highlighted in the report regarding the further advancement of smart grids is the increasing frequency of cyberattacks within the power sector. These attacks have been reported in regions such as Ukraine and India since 2017, resulting in consequences like power outages, the exposure of client information, and the disabling of wind farm controls. Aleem Shiledar emphasizes that while cyberattacks have increased for some time, the Russian invasion of Ukraine has exacerbated the situation considerably.

The report underscores the vital importance of cybersecurity resilience in the smart grid sector and calls for collective action from policymakers, regulators and utility companies. Shiledar stresses that cybersecurity incidents should not be concealed, and companies should promptly report such attacks to ensure necessary countermeasures are implemented.

Conclusion

Integrating AI and blockchain technologies holds immense potential for enhancing the efficiency and reliability of smart grids in the renewable energy sector. These innovations offer real-time data analysis, cybersecurity, and peer-to-peer energy trading, ultimately advancing sustainability goals and empowering consumers with transparent, accountable energy choices.

With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.