Utility AI Insights: 2024 Report

Assessing the state of play in the market for artificial intelligence solutions in today’s power system
April 2024
Report Overview

A new technological age is underway in the power sector. Utilities, tasked with playing a leading role in how the economy decarbonizes, are increasingly looking for digital solutions to complicated problems.

The magnitude of complexity is staggering — manage an energy and technology transition while maintaining the imperative of resiliency, reliability, and affordability. But improved sector digital maturity, buoyed by the availability of multi-modal data, is helping to meet an uptick in weather events, distributed energy resource (DER) deployments, and evolving customer needs. Increasingly, sophisticated artificial intelligence solutions and software are advancing the energy transition.

AI isn’t new to utilities. Many have been working with load forecasting and other machine learning applications for some time. But the extent to which AI is being incorporated into grid systems has increased dramatically in recent years with the proliferation of cloud-based solutions, the drop in chips prices, and the evolution of utility digital programs.

Decades of investment in sensors, communications technology, and software has generated massive amounts of data for electric utilities. But much of it remains siloed or difficult to analyze. AI offers up a true inflection point across the sector. For prepared utilities, AI has the power to accelerate ongoing digitization efforts.

In this report we assess how the power sector is presently evaluating and adopting AI and explore the solutions that may impact its future. To paint this picture, this report examines both the supply side and the demand side of the Utility AI market. We interviewed multiple utility leaders and vendors and assembled numerous data sets to give unique insight into the space. This report ultimately serves as a temperature check, opportunity guide, and a capability forecast for a rapidly changing sector.

Have questions about this report?
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Table of Contents 

  1. Introduction and Key Findings
  2. Report Scope and Methodology
  3. Understanding Utility Approaches to AI Adoption
  4. Insights from Utility Interviews
  5. Assessing the Vendor and Market Landscape
  6. Use Cases and Vendor Approaches in Profile
  7. Appendix

Want to learn more about the opportunities for artificial intelligence to address growing power demand – driven in part by data centers themselves? Join Latitude Media’s Stephen Lacey and industry-leading experts on May 8th for Transition-AI: Can the Grid Handle AI’s Power Demand? This free, virtual event will explore creative solutions for utilities and data center operators to manage the AI energy boom.

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About the Authors
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About Latitude Intelligence
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Latitude Intelligence is the market analysis arm of Latitude Media, providing critical, timely, and in-depth analysis of the market landscape and outlook for new and emerging climate technologies. Tracking vendor landscapes, applications, use cases, deployment strategies, and challenges, Latitude Intelligence helps investors, utilities, large energy firms, and vendors navigate these emerging spaces and inform long-term strategic decisions.

About Indigo Advisory Group

Indigo Advisory Group works with utilities and energy companies to deliver market leading strategy, technology and innovation services. Our capabilities span the entire energy value chain and our approach is high value and outcome focused. Indigo Insights is our market perspectives and intelligence center, providing analysis and market research for utilities during a time of unprecedented transformation. Indigo Advisory Group are experienced utility experts and management consultants. Our consultants and partners have worked with utilities globally to understand and define new growth opportunities, business models and strategic technology deployments.

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