Paul Favret – How is Technology Changing the Energy Sector Today?

Fossil fuels have been used for many years and today. However, these fuels no longer serve the needs of consumers today. You will find that even the energy sector has been invaded by technology if you look around. The good news here is that with the help of digitalization, consumers can not only enjoy intelligent solutions, but they can also reduce their energy bills. Now, the question is how?

Paul Favret is the CEO and Founder of Source Energy LP. In the past, he was the Chief Executive Officer at Aspect Energy. According to him, digitalization is one of the latest trends that have entered the energy sector and transformed it in a huge way. In fact, the focus in the world today is to bring about clean energy with zero emission. These companies dealing with fossil fuels do not have to abandon their resources or infrastructure. They just need to restructure what they have to focus on the generation of clean energy with the help of smart and intelligent digital tools.

Energy Sector

 If you take a look around, you will find that digitalization has stepped in to enhance the quality of life. It also improves efficiency and quality for businesses as well. Likewise, it can be effectively used in the energy sector. It can take the onus to look after distributed grids. The advanced technologies of predictive analysis and artificial intelligence can effectively analyze demand. After assessing this demand, the power can be adjusted as per the need and released from the grid.

Benefits to consumers

Consumers can also benefit from digitalization. They are able to use smart devices to save energy at home. An example in this context is the smart thermostat. Consumers can adjust the settings of this device to control the temperature and their monthly bills as well.

However, if consumers have to save energy in their homes, they need to ensure that there are no insulation leaks. No matter how sophisticated the device for saving energy is, it will fail to live up to its purpose if there are insulation leaks. Consumers need to check this in order to ensure they can save on energy and their bills every month.

Transformation is challenging but not impossible

According to Paul Favret, the energy sector’s transformation will take time. There are a lot of hindrances that the governments have to take care of (like energy assets). Moreover, when it comes to any sort of transformation, there are risks of safety and health. The good news here is that with the help of digitalization, consumers can not only enjoy intelligent solutions, but they can also reduce their energy bills. Now, the question is how?

Clean energy is the need of the hour, not only for daily activities but also for saving the planet. Fossils fuels are linked to climate change, but they can also be used for combating climate change. The infrastructure used for fossil fuels can be revamped to generate clean energy. This energy can be distributed to consumers, and with time, the dependence on fossil fuels will decrease. This, in turn, will reduce the carbon footprint on the Earth as well!

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