HOUSTON-February 24, 2016-GE (NYSE: GE) and business information provider IHS (NYSE: IHS) today announced they will co-host a digital summit in Silicon Valley that will explore the digital transformation taking place in the power sector. The digital summit, slated for spring 2016, will host the power and utility industry, academia, corporate, tech sector and government leaders who will examine the impact of digitization across the energy value chain from the generation, transmission, distribution and consumption.
“To meet the increasing demand for energy, the digital industrial transformation of the power industry must be accelerated to ensure access to affordable, reliable and sustainable energy for everyone, everywhere. GE is proud to partner with IHS to bring energy industry leaders together to collaborate on how to maximize the opportunity ahead,” said GE Power President and CEO Steve Bolze. “GE is a digital industrial company that currently powers a third of the world, as such we recognize the importance of ensuring that these discussions help catalyze the digitization of energy.”
How the world produces and consumes energy is undergoing a fundamental transformation. From the largest power-generating turbines to hand-held applications, energy increasingly is becoming digital.
To identify and explore these trends, GE and IHS have joined together to bring thought leaders to Silicon Valley for a dialogue on the digitization of power. By combining their insight and expertise, GE and IHS will provide a road map to help energy companies and policymakers navigate this digital transition.
“Innovation is, and has always been, the foundation of our global energy age,” said IHS Vice Chairman Daniel Yergin. “The history of our energy world is marked by transitions. It is a constant process unique in both its scale and impact on our daily lives. Harnessing the dynamism of our digital age and applying technological advances to the systems that underpin our global economy and daily lives has never been more important. We are proud to partner with GE in advancing this crucial conversation.”
The summit will review how digitalization is improving efficiency in the production of energy, aiding in the conservation and reducing emissions around the world. It also will help to identify new ways in which technology can be applied to the energy industry.
GE and IHS also will discuss the key building blocks for the convergence of the physical and digital that is changing the world of energy. For the digitization of energy to succeed, companies must adapt assets that in many cases were built decades ago-long before things like connectivity and the Internet of Things were conceived.
Security and infrastructure issues are equally important to energy digitization. Companies across the industry are looking to boost cybersecurity even as they work to adapt more mobile and cloud technology to boost efficiency of their operations.
Building these new complex and secure networks will make energy production and use more efficient, flexible and reliable than it is today, but the transition will take time. It also will require a new way of thinking and perhaps new business models.
Together, GE and IHS will work to identify these new technologies and trends and help energy companies and policymakers realize the digital future of power.
About GE
GE (NYSE: GE) is the world’s Digital Industrial Company, transforming industry with software-defined machines and solutions that are connected, responsive and predictive. GE is organized around a global exchange of knowledge, the "GE Store," through which each business shares and accesses the same technology, markets, structure and intellect. Each invention further fuels innovation and application across our industrial sectors. With people, services, technology and scale, GE delivers better outcomes for customers by speaking the language of industry. www.ge.com
About GE Power
GE Power is a world leader in power generation with deep domain expertise to help customers deliver electricity from a wide spectrum of fuel sources. We are transforming the electricity industry with the digital power plant, the world’s largest and most efficient gas turbine, full balance of plant, upgrade and service solutions as well as our data-leveraging software. Our innovative technologies and digital offerings help make power more affordable, reliable, accessible and sustainable.
For more information, visit the company's website at www.gepower.com. Follow GE Power on Twitter @GE_Power and on LinkedIn at GE Power.
About IHS
IHS (NYSE: IHS) is the leading source of insight, analytics and expertise in critical areas that shape today’s business landscape. Businesses and governments in more than 140 countries around the globe rely on the comprehensive content, expert independent analysis and flexible delivery methods of IHS to make high-impact decisions and develop strategies with speed and confidence. IHS has been in business since 1959 and became a publicly traded company on the New York Stock Exchange in 2005. Headquartered in Englewood, Colorado, USA, IHS is committed to sustainable, profitable growth and employs approximately 8,600 people in 32 countries around the world. www.ihs.com
IHS is a registered trademark of IHS Inc. All other company and product names may be trademarks of their respective owners. © 2016 IHS Inc. All rights reserved.
Dan Wilinsky
IHS
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