US-based General Electric (GE) has introduced a new transformative technology solution that can create a virtual ‘digital twin’ of an industrial power plant complex.

Called the Digital Power Plant, the software and hardware system is powered by GE’s Predix platform, which is the operating system of the Industrial Internet.

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GE said the solution is a ‘collection of physics-based methods and digital technologies that are used to model the present state of every asset in a digital power plant or a digital wind farm."

It allows utility firms to monitor and manage every aspect of the power generation ecosystem, supporting electricity production in a clean, efficient and secure way through real-time control and precision.

"Imagine the benefits to our global economy and society when the power source of the world’s economy, electricity, is…digitally connected."

GE Power and Water president and CEO Steve Bolze said: "The world is expected to need 50% more power over the next 20 years, including providing electricity for the 1.3 billion people without access today.

"At the same time, the electricity industry is undergoing a radical digital transformation unlocking whole new opportunities.

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"Imagine the benefits to our global economy and society when the power source of the world’s economy, electricity, is as digitally connected and efficient as the modern technologies dependent on that electrical power."

Digital Power Plant works as a virtual platform offering enhanced efficiency and output, enabling greater flexibility for renewables integration and helping with grid stability.

Offering secure and data-driven power generation scope, the tool is likely to deliver savings of $75bn across the power industry, with $230m for each new plant or $50m for combined-cycle gas-powered plants.

GE Hitachi Nuclear Energy (GEH) also announced joint development of two digital solutions based on GE’s Predix platform with nuclear power fleet operator Exelon Generation. The solutions are expected to implement the use of data and advanced analytics in the nuclear power industry.