Artificial Intelligence (AI) Techniques for Maximizing Value of Power Generating Assets

Abstract

For over two decades, there has been considerable interest in and research devoted to the use of artificial intelligence (AI) for maximizing the value of power generating assets. AI may be thought of as application of intelligence in a systematic and rational manner to power plant equipment, components and processes for self-learning and solving complex problems. AI techniques are increasingly finding applications in the power industry in addressing issues related to performance, reliability, availability, maintenance, automation, cybersecurity, workforce, and others. In the past several years, pace has accelerated in AI techniques, largely stemming from increased speed and power in computing, advances in technology, and utilization of algorithms. The Industrial Internet of Things (IIoT) is rapidly gaining ground by leveraging AI, digital assets and data analytics in managing and optimizing plant operations and performance of power generating assets. This paper provides an overview of how AI techniques are being utilized to maximize the value of power generating assets and prognosis for future use of AI in the power industry.