North American utilities continue to invest in blockchain for renewable energy
North American utilities companies are continuing to invest in green and renewable energy, as well as new technologies such as blockchain to reduce carbon emissions. These companies are investing, despite the U.S. government's decision to pull out of the Paris climate agreement, according to a report by Capgemini's World Energy Markets Observatory.
The report found that utilities invested $6.3 billion into renewable and green energy in 2015, up from $2.2 billion from 2007. With this growth, technologies such as IoT sensors, blockchain technology and advanced grid analytics platforms will help boost operations and provide key analytics, according to the report.
"The North American utilities market is exposed to several significant, global variables in play – those not only impact how we consume and source energy in the near-term, they ultimately factor into our ability to achieve success during this time of transition," Bart Thielbar, vice president of North America utilities practice lead, Capgemini, said in the release. "The U.S. energy market has shown growth in renewable energy projects and an increase in new technology investments – which shows a focus on building a successful future, despite uncertainties in today's climate."
As more companies use renewable energy sources, there will be an increasing risk of congestion driven outages. Utilities companies will need to use big data, analytics and automation technologies to keep their grids stable, according to the report.