Mentions of artificial intelligence within the filings of companies in the power industry rose 16% between the first and second quarters of 2021.
In total, the frequency of sentences related to artificial intelligence between July 2020 and June 2021 was 190% increase than in 2016 when GlobalData, from whom our data for this article is taken, first began to track the key issues referred to in company filings.
When companies in the power industry publish annual and quarterly reports, ESG reports and other filings, GlobalData analyses the text and identifies individual sentences that relate to disruptive forces facing companies in the coming years. Artificial intelligence is one of these topics - companies that excel and invest in these areas are thought to be better prepared for the future business landscape and better equipped to survive unforeseen challenges.
To assess whether artificial intelligence is featuring more in the summaries and strategies of companies in the power industry, two measures were calculated. Firstly, we looked at the percentage of companies which have mentioned artificial intelligence at least once in filings during the past twelve months - this was 73% compared to 46% in 2016. Secondly, we calculated the percentage of total analysed sentences that referred to artificial intelligence.
Of the 50 biggest employers in the power industry, ABB Ltd was the company which referred to artificial intelligence the most between July 2020 and June 2021. GlobalData identified 101 artificial intelligence-related sentences in the Switzerland-based company's filings - 2.1% of all sentences. Vestas Wind Systems AS mentioned artificial intelligence the second most - the issue was referred to in 1.5% of sentences in the company's filings. Other top employers with high artificial intelligence mentions included Tohoku Electric Power Co Inc, Ebara Corp and Tokyo Gas Co Ltd.
Across all companies in the power industry the filing published in the second quarter of 2021 which exhibited the greatest focus on artificial intelligence came from Energisa SA. Of the document's 1,359 sentences, 15 (1.1%) referred to artificial intelligence.
This analysis provides an approximate indication of which companies are focusing on artificial intelligence and how important the issue is considered within the power industry, but it also has limitations and should be interpreted carefully. For example, a company mentioning artificial intelligence more regularly is not necessarily proof that they are utilising new techniques or prioritising the issue, nor does it indicate whether the company's ventures into artificial intelligence have been successes or failures.
GlobalData also categorises artificial intelligence mentions by a series of subthemes. Of these subthemes, the most commonly referred to topic in the second quarter of 2021 was 'smart robots', which made up 76% of all artificial intelligence subtheme mentions by companies in the power industry.