The new solution has been developed to allow utilities and customers to apply software, analytics and artificial intelligence to generate and manage electricity cleanly, efficiently, safely and securely in the cyber environment.

The Digital Power Plant can create Digital Twin, a collection of methods and digital technologies required to model the present state of every asset, using GE’s Predix platform, the operating system of the Industrial Internet.

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

GE expects the new technology to enable its customers to optimize the power generation infrastructure while helping reducing the power production and consumption impact to the climate.

The new solution is expected to save up to $230m a new combined-cycle gas power plant and up to $50m for an existing combined-cycle gas-powered plant as well as up to $75bn across the power industry, the company said.

Additionally, GE Power & Water signed an agreement with Exelon Generation to implement the Predix-powered suite of enterprise-wide software technologies across three fuel sources including nuclear, gas and wind, in order to enhance its performance, efficiencies and reliability.

GE Power & Water president and CEO Steve Bolze said: "Exelon is one of the first movers in deploying Industrial Internet solutions.

"The world needs affordable, accessible, reliable, secure and sustainable power; and digitization is the next game changer."

The two firms also jointly developed two digital solutions based on GE’s Predix platform including Watchtower and Lighthouse.