2 weeks Ago By [email protected](KoreaTimes)
An AI-generated promotion image of LG CNS' virtual power plant management solution, Enerdict / Courtesy of LG CNS By Nam Hyun-woo LG CNS is set to launch a software solution for virtual power plant (VPP) businesses, to seize opportunities in the rapidly growing global energy systems market. The IT service and consulting unit of LG Group said, Wednesday, that it will initiate its solution business for VPPs by launching the artificial intelligence-driven (AI) software, Enerdict, designed to optimize energy management and forecasting within VPP frameworks. Enerdict is a blend of the words “energy” and “predict.
” A VPP is a system that combines many small-scale energy sources with information and communications technologies to provide grid power. VPPs do not have central physical power generating facilities, but balance energy supply and demand by controlling and managing scattered energy sources, such as energy storage systems (ESS) connected to rooftop solar panels and batteries for electric vehicles. Such systems are attracting global attention amid the growing adoption of renewable energy sources, because solar and wind power cannot generate electricity on demand, as their output depends on weather conditions.
VPPs' small-scale energy is stored in ESS, or batteries, by aggregating them into a single virtual energy pool, enabling a steady supply. VPPs are viewed as one of the most lucrative businesses in the global energy systems market. According to market tracker SkyQuest, the global VPP market is expected to reach $16.
9 billion by 2030. Korea implemented a special act on promoting decentralized energy sources in June, allowing energy generated by small local power plants to be directly consumed by nearby demand centers, and a growing number of businesses are making entry into this market. LG CNS said Enerdict is powered by machine-learning, deep-learning and mathematical optimization technologies to predict power generation level accurately and respond efficiently to demand response requests from power exchanges.
Enerdict leverages AI to analyze both historical weather data and diverse forecasts from domestic and international meteorological agencies. Through this, Enerdict improves its accuracy of power generation predictions for renewable energy plants, such as solar and wind, based on their specific locations, LG CNS said. LG CNS plans to provide Enerdict as a cloud-based software, so that businesses would be able to introduce the solution to their global offices conveniently.
The company said it is now in negotiations with a number of companies in energy, telecom and construction industries to introduce Enerdict. “Combining LG CNS’ AI and mathematical optimization capabilities, we have developed the best solution for VPP operators,” an official at the company said. “We believe we will be able to help our clients improve their business value with Enerdict.
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