GE expanded its Predix suite for utilities and energy companies to meld the Internet of things with trading, plant productivity, capacity data and optimization.
The general idea is to give energy traders more data to use analytics in their trading. GE’s expansion adds another layer to its digital utility software. The base layer consists of a series of digital twins to monitor and predict maintenance needs and analyze equipment health.
GE said it is leveraging data from its 100,000 digital twins in the field. Scott Bolick, head of software strategy and product management at GE Power & Water, said the Predix platform updates are designed to enable “profitability and better decision-making.”
Previously: GE aims to replicate Digital Twin success with security-focused Digital Ghost | GE, AT&T ink smart city deal around Current’s CityIQ sensors | GE, Nokia, Qualcomm bet private LTE networks will play a role in IoT deployments | GE Power aims to connect its platform with energy trading player PowerCosts | GE Power lands Exelon as Predix customer, co-innovation partner
As utilities go digital, short-term profit opportunities in trading emerge. These short-term opportunities can add up to more profits, explained Bolick. However, renewable energy sources also add new data wrinkles. “Utilities are facing a lot more pressure to be more flexible and innovative,” said Bolick.
Here are two screenshots showing what a trader would see at the end and beginning of a day.
GE’s updates across its Predix applications for energy include:
- Business Optimization, an application to provide real-time data and communication between plant operations and trading to cover the bid to bill process. The application will alert traders of opportunities to make money while keeping the grid stable. Business Optimization is designed to connect to the Predix Asset Performance Management and Operations Optimization applications.
- Operations Optimization will be updated to measure delivery against performance targets and recommendations on how to meet them. The software also includes a feedback loop to help utilities boost performance.
- An Asset Performance Management dashboard to track assets across the electricity value network including the traditional grid as well as renewables. GE’s digital twin technology and analytics catalog provides the base data for the Asset Performance Management app. The dashboard also connects field service technicians to dispatch to feed Predix data.
- Baseline Security Center for Power & Utilities, which includes tools, configurations and services focused on reducing cybersecurity risks. The security center includes patch management, anti-malware, identity management, network hardening and intrusion detection.
- A series of services designed to bolster utilities’ digital transformation efforts. The services revolve around digital visioning, effectiveness assessment, business value engineering and digital transformation mapping.
Pricing for the new Predix modules wasn’t available. GE uses a subscription based model.