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How Big Data is Becoming More Important to the Energy Industry

| 6/14/2016 12:57:00 PM

Big Data For Energy Industry 

As the energy industry evolves, so does big data. Big data is probably best known for tracking people’s behaviors, purchases and viewpoints, but it can have many other applications.

Now the energy sector is tapping into the resources big data has to offer. From renewable energy to oil, gas and coal, this data science can help many companies maximize profits, reduce costs and even lower risk.

The profit margin is ever present and always shifting in the energy industry. It’s one of the most volatile sectors, averaging a 3.5 percent change daily. Depending on supply and demand, the various markets and currencies involved make revenues a moving target. Big data can help with this.

Data Improves Monitoring

Producers can anticipate the market using key indicators in real-time and respond immediately. Algorithms can incorporate and evaluate large volumes of information for the utilities and power companies. This allows them to make predictions and chart energy use to make well informed plans.

Big data also improves the monitoring of equipment and its maintenance — preventing a slowing or stoppage in production. For example, British Petroleum (BP)’s 2010 Deepwater Horizon disaster cost the company an $18 billion fine. The company wants to avoid such a disaster and thus they have invested in data to help. More specifically, they created the Center for High- Performance Computing, based in Houston, Texas.

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