August 31 2021
Game-changing cloud-based analytics open new path to resilience and sustainability
Innowatts, an industry-leading artificial intelligence-enabled (AI) software-as-a-service (SaaS) platform for global energy providers, today announced a solution to allow energy providers to fully leverage the transformative power of cloud-based, fully scalable data analytics. Leveraging the power and agility of Amazon Web Services (AWS) to process 4.3 billion data points per hour, Innowatts’ SaaS energy analytics platform has been deployed across nine countries and 17 energy markets, with more than 45 million meters under management.
By leveraging AWS, Innowatts is helping utilities to meet the industry’s most pressing challenges, from decarbonization and decentralization to extreme weather and the electrification of transportation. By combining Innowatts’ AI data-analysis technology with AWS’s flexibility, scalability, and pay-as-you-go model, the solution gives utilities full transparency into their own operations, the needs of their customers, and changing energy-market conditions.
That’s a huge step forward for utilities that urgently need new ways to manage new demand and supply-side complexities, respond effectively to external pressures such as extreme weather events, and maintain profitability while delivering resilient, affordable, and sustainable energy for their customers. With smart technologies — from grid-level infrastructure to consumer devices — now generating vast amounts of data, Innowatts’ AWS-enabled machine learning (ML) platform delivers the accurate forecasts and real-time intelligence utilities need to succeed.
Innowatts’ predictive intelligence is widely recognized as an industry-leading solution for load forecasting, demand analytics, and grid-edge management applications. During the COVID-19 pandemic, Innowatts helped energy providers rapidly adapt to changing conditions and lockdown-related demand fluctuations. The company’s forecasts also outperformed all other prediction models in a year-long Electric Power Research Institute (EPRI) study, and outperformed rivals during the 2020 Texas heatwave, with a mean absolute percentage error (MAPE) of just 1.5%, compared to more than 2% for the Electric Reliability Council of Texas (ERCOT) own forecast.
Innowatts is already delivering quantifiable return-on-investment (ROI) and business value for utilities, with better forecasts and risk management yielding cost savings of up to $50 per meter per year from avoided generation and distribution charges. With access to deep customer insights, utilities can also develop personalized engagement strategies for customers, reducing churn by 25% without impacting gross margins.
“Based on the insights provided by Innowatts, the City of Fargo is able to precisely measure the adoption and use of the electric vehicle (EV) charging station investments, and with these insights, drive initiatives to bring more awareness to the clean energy alternatives available in downtown Fargo and drive more foot traffic for our local businesses,” said Michael Redlinger, Assistant City Administrator at the City of Fargo. “The analytics from Innowatts and their ability to bring meaning to otherwise disparate data streams generated by this project has shown the city what is possible from smart clean energy investments.”
“AWS is fully committed to using cutting-edge technology to drive digital transformation for leaders in the energy space,” said Rolf Gibbels, Head of Worldwide Business Development, Power & Utilities Industry at AWS. “This relationship underpins the importance of cloud-enabled digital transformation for utility companies and will help bring more sustainable, reliable, and affordable energy to millions of American businesses and residential customers.”
“We’re proud to bring our groundbreaking AI analytics solutions to a wider audience,” said Jeff Wright, Chief Revenue Officer of Innowatts. “The future of energy depends on using vast amounts of data gleaned from dispersed sources to generate actionable intelligence at scale — and that’s exactly what Innowatts is now working to deliver.”
Innowatts is a leading energy SaaS platform that utilizes best-in-class artificial intelligence to help electricity providers unlock grid edge opportunities, increase customer value, and accelerate the transition to sustainable energy solutions. The Innowatts platform harnesses insights from more than 45 million meters, delivering real-time, customer-centric energy analytics with unprecedented accuracy. With clients and operations across the Americas, Europe, and Asia, Innowatts is a global leader, enabling energy providers to become truly customer-focused and fully leverage the power of data to transform their businesses. For more information, please visit www.innowatts.com.