Colonial Pipeline Reduces Electric Utility Costs with Accenture AI
A database powered by artificial intelligence will help Colonial Pipeline cut its interstate pipeline system's regulated and deregulatory electric utility tariffs.
Colonial Pipeline will employ Accenture's utility tracking system to assess the energy expenses of roughly 80 pump stations spread across its 5,500-mile route. The energy management project will utilise a database of roughly 30 million utility bills that Accenture has been compiling for more than three decades and an automated method to increase the accuracy of electricity rate savings recommendations.
Accenture will work with utilities to adopt new rates when the artificial intelligence system generates information regarding tariff options that offer lower-cost possibilities, such as lowered cost per kilowatt-hour.
Colonial Pipeline connects Gulf Coast refineries to markets in the eastern and southern United States. Through its pipeline, the corporation transports around 100 million gallons of refined petroleum products, including gasoline, diesel, jet fuel, home heating oil, and fuel for the US military.
According to research published by the World Economic Forum last year, artificial intelligence is a rising instrument for energy transitions and may play a role in the electricity, transportation, manufacturing, and construction sectors. These types of automated technologies contribute to industry-wide efficiencies in renewable energy, water, and supply chains.
According to a recent survey by Accenture, the great majority of businesses have not integrated technology to support their sustainability goals. Additionally, the company has partnered with Johnson Controls to enhance the development of artificial intelligence, digital twins, the Internet of Things, and cloud computing.
Pipelines are an integral aspect of the nation's energy infrastructure. There are more than 190,00 miles of liquid petroleum pipelines in the United States, and they are viewed as generally safe and efficient. According to the Energy Information Administration, petroleum is still one of America's principal energy sources.
Tony Leo, manager of energy management and power optimisation for Colonial Pipeline, said:
"This initiative, which is part of our ongoing effort to optimize utility rates, has shown encouraging results early on and should continue to help us in our comprehensive review of all utility accounts on our system."
Source: Environmental Leader
