New Lumidyne report reveals value of applied machine learning for demand side management programs and rate design
MOUNTAIN VIEW, Calif.–(BUSINESS WIRE)–The new Lumidyne Consulting “2019 AMI Innovation Study: Utility Perspectives on AMI End Use Disaggregation” has examined the ways in which modern utilities are creating value from their investments in the advanced metering infrastructure (AMI) and customer data analytics, with customer targeting and rate recommendations scoring highest amongst utility use cases.
Sponsored by utility artificial intelligence (UtilityAI™) leader Bidgely, the report analyzed responses from 19 demand side management (DSM), ratemaking and load research experts at 11 utilities in the United States and Canada to reveal how they are leveraging disaggregation of AMI readings to provide large-scale business value in connection with both residential DSM programs and rate design planning and recommendations.
Customer targeting stood out as the most essential DSM use case in the report, given the current priority placed on customer communications and personalization. One utility surveyed commented, “The focus is to find loads that are substantial and have the ability to shift consumption through programs. We want to find loads where energy efficiency has the biggest bang for the buck.”
Among the applications for disaggregated AMI data in rate making, the ability to provide customers with rate recommendations was ranked most important, with a utility noting in the survey, “I think we’re going to be challenged in the next 2-5 years to greatly expand our rate offerings. We’ll have to go into areas where we have no comfort whatsoever… If we have analytics based on AMI data, it could go a long way to shaping the path forward.”
Bidgely CMO Gautam Aggarwal commented on the report, “Utilities leading the way in the AMI transformation, like those in this research report, understand how applying artificial intelligence and machine learning techniques to customer data can help create a very compelling consumer narrative – through their consumption models, appliances, lifestyle, propensity to buy or engage, demographics and so much more,” said Bidgely CMO Gautam Aggarwal. “The key is developing deeply accurate analytics and actionable insights from this data and consumers’ energy habits, and then understanding how it can provide new business intelligence for myriad use cases within a utility.”
To download a summary of the Lumidyne “2019 AMI Innovation Study: Utility Perspectives on AMI End Use Disaggregation” and to request access to the full report, visit: go.bidgely.com/AMI-Innovation-Study-Highlights.
Bidgely is an AI-powered SaaS company that enables utilities to create greater business value and accelerate our path towards zero carbon by delivering personalized customer experience. Powered by our unique patented technology, Bidgely’s UtilityAI™ platform transforms multiple dimensions of customer data – such as energy consumption, demographic and interactions – into deeply accurate and actionable consumer energy insights. We leverage these insights to empower each customer with personalized recommendations, tailored to their individual personality and lifestyle, usage attributes, behavioral patterns, purchase propensity and beyond. From smart thermostats to EV chargers, solar PV or personalized/ToU tariffs, UtilityAI™ recommends new value-added products and services to the right customer at the right time. With roots in Silicon Valley, Bidgely has over 14 energy patents, $50M+ in funding, retains 30+ data scientists and brings a passion for AI to utilities serving residential customers around the world. For more information, please visit www.bidgely.com or the Bidgely blog at bidgely.com/blog.