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New GE Predix Software for Power Producers and Utilities Breaks Down Barriers between Operations and Commercial Silos to Drive New Profit OpportunitiesGE (NYSE:GE) today launched an expanded suite of Predix*-based software applications that harness the power of the Industrial IoT to drive new profit opportunities for power producers and utilities. The new 'Digital Utility' solutions connect energy traders with valuable, real-time plant productivity and capacity data to enable more profitable, analytics-informed trading. This Smart News Release features multimedia. View the full release here: http://www.businesswire.com/news/home/20170612005416/en/ The European energy industry is being disrupted across the Electricity Value Network. Digital is key to navigating these changes. (Photo: Business Wire) Additional new offerings unveiled today include the Baseline Security Center to increase operational security for power producers, and services designed to help utilities plan for a digital transformation. "Today we are expanding GE's software beyond the machine to the business, putting greater profitability in reach for our customers," said Ganesh Bell, Chief Digital Officer, GE Power. "The 'Digital Utility' suite will break down barriers between commercial and operational teams and ensure that decisions are made with full insight into real-time information." GE's 'Digital Utility' solutions are designed to help electricity businesses navigate rapidly changing markets. Low demand growth, falling wholesale power prices, excess capacity from the growth of renewable energy sources, and long-term investments in thermal generation are greatly impacting power and utility businesses' profitability. Last year, 86 percent of new energy capacity added in the European Union came from renewable sources. The preference for, and intermittency of, those resources is dramatically changing the role of traditional fuels, and led European utilities to spend more than €1 billion on grid balancing services. The trend is likely to repeat itself globally with 138.5 GW of renewable power capacity added worldwide in 2016. For energy businesses across the Electricity Value Network (EVN), remaining profitable means responding quickly to short-term trading opportunities, maximizing capacity for peak demand periods, and strategically planning to address long-term supply and demand trends. That requires traditional fuel types to respond quickly and flexibly to demand and supply fluctuations. GE's Digital Utility software suite serves these needs, connecting data from electricity generation, distribution and transmission assets to enable more informed financial decision makig. The software suite leverages more than 100,000 GE Digital Twins across energy to deliver insights about efficiency, capacity, emissions, flexibility, and availability that traders can use to bid with confidence in long-term, day-ahead, and short-term markets. Announcements in detail: With the 'Digital Utility,' GE is announcing updates and new capabilities across the entire Predix-based suite of applications for energy, including:
About GE Digital GE Digital connects streams of machine data to powerful analytics, providing Industrial companies with valuable insights to manage assets and operations more efficiently. World-class talent and software capabilities driving big gains in productivity, availability and longevity. For more information, visit the company's website at www.ge.com/digital. About Predix Predix is the platform for the Industrial Internet, connecting machines, data and people to power the digital industrial companies of the future. Predix enables companies to connect machines, data and people under a single, cloud-based platform supported by an unmatched ecosystem of technologies and partners. The platform was purpose-built to meet the scale, complexity, speed and security requirements of industrial companies and assets. *Predix is a trademark of General Electric Company
View source version on businesswire.com: http://www.businesswire.com/news/home/20170612005416/en/ |