At GE Digital Energy's recent 2014 International Software Summit in Rotterdam, The Netherlands, European electric utilities had the opportunity to seeGrid IQ™ Insight, a Predictivity solution, for the first time. With many attendees in the audience receiving real-time translation, GE Software VP Bill Ruh took to the stage and headlined the keynote presenters sharing GE's vision for Industrial Internet and how it will bring value to the utility industry.
The summit met against the backdrop of a global utility market facing game-changing challenges to the industry's go-to business model of providing electricity through central generation and distribution. Some European countries, including Germany, Austria, and The Netherlands, are giving other utilities around the world a glimpse into the modern challenges of managing distributed generation such as renewables and gas-fired combined heat and power (CHP).
Unlike the United States, where most utilities are also faced with an aging infrastructure that will require significant investment to modernize, many utilities in Europe use state-of-the art grid infrastructure technologies that now present an intriguing opportunity for big data analytics. This year's summit attendees learned that turning data into value through analytics and innovative business models will enable them to remain relevant in tomorrow's changing market.
The summit offered GE an invaluable opportunity to present Grid IQ Insight and meet with European utilities spanning from transmission and distribution to retail.