Highlighting the utility industry’s growing use of Internet-based data management tools to develop modern grid networks, GE (NYSE: GE) Chairman and CEO Jeff Immelt today cited GE’s Grid IQ™ “Solutions as a Service” (SaaS) offering as one of nine industrial service technologies that are creating more modern, interconnected businesses in a 21 st century economy, during an event held in San Francisco.
Grid IQ SaaS is a cloud-based grid management fee-for-service system aimed at meeting the operational technology needs of smaller and mid-market utilities that want to avoid the overhead expenses involved with developing their own smart grid management networks.
With the world’s electricity demand expected to increase by more than 70 percent by 2035, GE’s Grid IQ SaaS and other solutions are being deployed to help utilities around the world modernize their grid networks to more effectively meet their growing capacity, environmental and security needs.
In stressing the importance of Grid IQ SaaS as one of nine GE digital technologies that are helping to revolutionize vital industrial sectors, Immelt said, “The internet has changed the way we consume information and talk with each other, but now it can do more. By connecting intelligent machines to each other and ultimately to people and by combining software and big data analytics, we can push the boundaries of physical and material sciences to change the way the world works.”Grid IQ SaaS allows utilities to monitor, manage and control their grid more intelligently. Using a cloud-computing services model, these capabilities can be deployed in 50 percent less time than traditional turnkey project models and 10 percent of the estimated implementation cost. This empowers utilities to embark upon grid modernization projects without worrying about the financial impact of ongoing IT operations. Already, cities in Georgia are partnering with GE and utilities to utilize the Grid IQ SaaS tools to improve energy efficiency and to reduce cost.