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Artificial Intelligence (AI) in Indian Energy Sector: Business Opportunities for Norwegian Companies

The 5D's of the energy sector has ushered in a new era of energy sector transformation driven by the application of Energy 4.0 technologies like Artificial Intelligence, Machine Learning, IoT, Data Analytics and Blockchain. This has resulted in the optimization of business models and the emergence of business associated strategies. In this regard, IIM Ahmedabad and Team Norway jointly organized a workshop recently to enhance technological and research cooperation between Indian and Norwegian energy sector stakeholders.

The workshop provided a unique platform for thematic discussions on advancements and potential AI applications in the Energy sector globally and in India. It was primarily focused on the Western States of India, namely Gujarat, Maharashtra & Goa, which have been at the forefront of economic activity and have spearheaded India's growth in various sectors, including energy.

The workshop saw participation from early adopters, senior officials from Indian Utilities, start-ups, explorers and AI strategists who are eager to discover the potential of the connected world and exchange best practices and knowledge. A select group of Norwegian tech companies presented real-world use cases where AI implementation has positively impacted businesses. The presenters included: Greenbird, eSmart Systems, Kongsberg Digital, Cluster for Applied AI, Neuron Solutions and FactoryMind.ai. 

A panel discussion between subject matter experts and practitioners from the industry and academia from Norway and India was organized to extend the understanding of the subject and further discuss India's strategic roadmap. The panellists Mr Inge Grini (FactoryMind.ai), Ms Edda Abelvik-Engmark (Kongsberg Digital); Ms Eli Haugerud (Cluster for Applied AI); Prof. Rangan Banerjee (IIT Bombay); and Mr Uday Trivedi (Adani Power), along with the session moderator, Mr Srinivas Cherla discussed and shared thoughts about the industry adoption and roadblocks to usage or AI technologies by the Indian energy ecosystem. There was confidence that collaboration and cooperation between India and Norway on advanced technologies would help India leapfrog from today's conventional grids to the Transactive grids of the future. 

Mr Cristian Rodrigo Valdes Carter (Country Director, Innovation Norway, Delhi) and Mr Arne Jan Flølo (Consul General, Royal Norwegian Consulate General Mumbai), focused on bilateral trade, business and research collaboration between India and Norway in the area of AI for Energy sector in their respective addresses. From the Indian side, Mr Avik Sarkar (Faculty, Data, Technology and Policy, Indian School of Business), touched upon how industries are adopting intelligent technologies on a large scale, seeing returns on investment, enhanced customer experience, saving costs or boosting productivity. Further, Srinivas Cherla from IIM Ahmedabad presented the key findings of a market research study on "Artificial Intelligence (AI) in Energy in India: Business Opportunities for Norwegian companies", which was sponsored by Innovation Norway, Delhi and the Royal Norwegian Consulate, Mumbai.