Cutting edge analytics are revolutionising the utilities sector. Whether it’s asset management or dealing with real time customer data, the utilities sector is becoming increasingly data-driven which creates major statistical challenges.
Accurate predictions of demand and consumption of energy and water is critical to ensure pipelines and distribution networks are optimised. This is made all the more difficult in the presence of a growing renewable energy market creating new sources of variability in demand. At the same time there is the need to maximise the lifetime of every asset. At each stage, statistical analysis supports progress to better planned, better maintained and more efficient utility infrastructures.
New ‘big data’ challenges are also emerging, which aim to use real time data about consumption and supply of resources, as well as outputs from smart meters. With pressure from both consumers and Government for personalised and live usage information, the need for real-time analytics and cutting-edge statistical methods has never been greater.
Statistical Analysis in the Utilities Sector
- Improved asset lifetime through more accurate modelling of preventative maintenance.
- Real time analysis and reporting of smart meter data.
- Totex modelling of the combined projected capital and operational costs of pipelines and other infrastructure.
- Predictive demand modelling.
- Intelligent servicing plans based on improved understanding and prediction of likely service failures.
- Targeting maintenance budgets effectively based on predictive modelling of asset deterioration and failure risk.
- Modelling climate and weather data to predict renewable energy supply.
- GIS mapping of population density and resource demand.