Link the energy industry to ICT

The energy industry is evolving in the fourth industrial revolution. The power generation industry, for example, used to replace facilities after a certain period regardless of the condition, which incurred certain financial loss routinely. But since the mid-2000s, power plants have optimized the maintenance cycles through big data analysis and real time monitoring of operation and condition based on the data collected from some 5,000 sensors on each facility.

Faced with revolutionary changes, the energy industry needs to make systematic and phased preparations, as it has tremendous impact on other fields.

Firstly, the fourth industrial revolution of energy industry should be one of the national strategic tasks. The energy industry, including petrochemical and power generation, is a major equipment industry. It is essential and appropriate to apply the fourth industrial revolution.

When the energy industry goes through evolutionary change and has unparalleled competitiveness, it can get ahead of other countries.

Convergence and integration within the energy industry is another challenge. When policies such as smart factories that make the conventional energy industry more efficient, the smart grid, energy storage, the trade of resources and renewable energy are promoted separately, the outcome cannot be maximized. When energy industry becomes integrated through latest information and communication technologies, we can create new energy industry.

The fourth industrial revolution should be linked to creating new businesses. GE, which had been a manufacturing-oriented company, expanded to a consulting service by collecting and analyzing flight information through sensors on the engine to provide optimal maintenance and repair solution and fuel efficiency. I hope to see Korean energy industry expanding capacity, creating new service market and moving to foreign markets through the fourth industrial revolution.