Predictive Analytics for Utilities
Signatech Systems participated in above forum at the 2016 NC Cleantech Summit, Chapel Hill, NC, February 18-19, 2016. While the participants discussed new trends in subject area, Signatech Systems focused on decade plus long history of implementation of advanced analytics for plant equipment health monitoring. With a combined generation capacity excess of 200 GW in four continents, fleet-wide monitoring has yielded economic benefits in avoided costs excess of $1B. In a seminal paper Correlation Processing: Big Data in Action, it is shown that the widespread use in utilities was preceded by immense success in usage for U.S. Navy applications and by U.S. airlines. The 1-hour session concluded with several new areas for predictive analytics use: diagnostics and prognostics were mentioned as was being able to determine remaining useful life (RUL) of plant components. With several plants being cycled and added mechanical and thermal strains on materials, RUL capability would be unique feature to factor into a plant's O&M strategy to lower costs While the "internet of things" (IoT) drew a lot of interest, Signatech Systems cautioned that applications be concentrated to the top few to balance cost benefits and implementation ease.