Digitising coal and gas-fired power plants could cut operating costs by 27% and slash global emissions from power generation by 5% before 2025.
That’s according to a new report from technology and consultancy firm Capgemini, which suggests increased digital investments by power plant owners will create significant generation efficiency gains.
Over the past five years, the 200 global utilities surveyed have invested an average of $330 million (£243m) in digitising their power plants – continued investments will see one in five power plants going fully digital by 2025.
By that time, individual plants are expected to save an average of $21 million (£15.5m) each year.
As the price of renewable energy continues to fall, these savings will enable organisations with gas and coal-fired plants to remain competitive and make them better equipped to keep up with clean power targets.
Perry Stoneman, Global Head of the Energy & Utilities sector at Capgemini, said: “Firms which choose to embrace the digital future of power production now will gain a greater competitive advantage, lower production costs and boost their brand reputation.”