Enel, Europe’s largest utility, has plans to increase spending on digital networks, according to Reuters.
The networks will offer smart meters, remote home appliance controls, and car charging points.
Utilities are progressively using digital technology to allow them to more accurately manage power supply and consumption within homes, offices, and factories.
Through remotely controlling power consumption, they can effectively manage the highs and lows of demand and enable customers to cut the cost of their bills through the services they sell.
Due to the rise in renewables, companies are finding that demand dipping between highs and lows are more occurrent than ever, as well as affecting energy prices and business models.
Enel’s investment in technology in Italy will rival the company who has previously monopolised the industry in the country – Telecom Italia.
The company are also considering developing similar digital projects within Latin America.
“The unstoppable growth of renewables, digitisation of grids and regulatory change to tackle climate change are driving change from distributed generation to an energy cloud platform,” commented Head of Enel X, Francesco Venturini.
Enel has anticipated that by 2040 electricity will dominate 29% of total energy demand, rising from its current 18%.
This will be because of transportation transforming into electric, as well as heat production.