What is a Smart Grid? Put simply, it is a visual representation of a data repository for large numbers of assets that is configured to continuously update itself. This requires a move away from simply gathering data and performing a statistical analysis. It requires linking data collection to the use of Monte Carlo Simulation.
Based on the construction of a risk model that aligns the analysis of a data repository with key outputs, the ‘back end’ of a Smart Grid continuously re-calculates uncertainty and sensitivity across multiple assets and updates their prioritisation.
‘Millions of dollars in time and effort can be saved if the end user can simultaneously monitor and continuously re-prioritise assets’.
For example, how to manage the prioritisation of the decommissioning status of 100’s or even 1000’s of oil and gas assets in the coming decades. Such a solution can also be applied to power generation, satellite decommissioning and even mine closure.
Digital technology has enabled extensive amounts of data to be collected and stored but the link to analysis, interpretation and visualisation can be problematic. Without a visual interface continuous updates are not very useful if the end user is trying to base a decision on the comparison of assets simultaneously.
Decision-makers need to make quick assessments and the use of Smart Grid technology provides a solution. The key to the use of a Smart Grid is to link continuous updates to a visual user interface on a dash-board.
NRGscapes is developing a dashboard that links with data acquisition and Monte Carlo simulation, the results of which are then displayed visually. Many assets can be monitored simultaneously and accessed for further interrogation if re-prioritisation is observed.