BP acquires AI-driven energy optimisation business

BP has acquired UK-based digital energy business Open Energi, an AI-driven platform that uses real-time data to optimise the performance of energy assets. Such a platform should be able to generate savings and maximise revenues for customers by connecting to power markets and providing flexibility at times of low renewable generation and during price peaks.

The share of the primary energy from ‎renewables is projected to increase from around 5 per cent in 2018 to 60 per cent by 2050 in the net-zero scenario set out in BP’s Energy Outlook (2020 edition). However, because generation from these sources depends on variable weather conditions, the growth will also bring increased market and price volatility. Digital platform technologies should help the stability of global electricity energy grids. In efficiently connecting assets with the power grid, they help flexibly balance supply and demand, and maximise the performance of low carbon energy resources.

Over the past decade Open Energi’s products and services have been used to optimise the performance of a network of energy assets with a total capacity of over 80MW. Its platform, Dynamic Demand 2.0, applies artificial intelligence to minimise electricity costs by analysing and optimising assets, and through reducing energy consumption at peak price periods as a result. It also provides real-time data to traders. Both applications will help boost the bp Trading & Shipping customer offering. Open Energi will join the BP Launchpad portfolio of scale-up purchases (currently it has six companies), and the company will seek to expand the offer internationally across BP’s trading and shipping business and low-carbon portfolio from its current UK focus.

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