Artificial Intelligence in Energy Markets and Power Systems

Abstract

The use of artificial intelligence in power systems and energy markets has been gaining attention in recent years. AI algorithms are being developed and deployed to sustain the efficiency, reliability, and sustainability of the power sector. Applications of AI in this area include demand response optimization, energy forecasting, grid optimization, fault detection, and energy trading. These applications have the potential to transform the power and energy sector, enabling more efficient, reliable, and sustainable energy systems. Ongoing research in this area is focused on advancing the use of AI in power systems and energy markets, with the aim of facilitating the transition towards a cleaner and more sustainable energy future. The development of AI-based tools and technologies for the power sector has the potential to revolutionize the way energy is produced, distributed, and consumed, making it possible to meet the growing demand for energy while reducing carbon emissions and addressing climate change.

Achieving Environmental sustainability through the adoption of industry 4.0: an exploratory case study within the information technology industry

“…In this regard, (Mocanu et al 2016) presented an AI model that estimates the energy needed for the individual appliances and distribution, in addition to the planning and management of building energy usage. AI algorithms in conjunction with traditional forecasting methods can improve crude oil price forecasting precision (Hamid M 2023). (Chemali et al 2018) introduced a way to calculate the battery's state of charge based on AI, same for energy management of households by (Coelho et al 2017) and photovoltaic energy production, modelling, and optimization (Entezari et al 2023).…”