The Revolution in the Electricity Sector
The goal for the utilities industry is to have sustainable business models that facilitate and support a carbon-free environment.
FREMONT, CA – The enhanced collaboration, innovation, and modernization in the energy sector have revolutionized the electricity sector. Electricity is an ever-evolving need that has become vital in everyday human life. Based on the rising demand, electricity consumption is likely to double by the year 2040.
To clear a path for the development of the electricity landscape, the smart electric power alliance (SEPA) has taken steps to facilitate efficient sharing of information on clean energy, electric utilities, efficient transmission, distributed energy resources (DERs), and grid modernization between energy organizations. It aims to promote flexible grid systems to accommodate clean resources without reducing efficiency.
The initiative of the SEPA will enhance battery storage applications and improve grid operations. The technology and interoperability standards will streamline the procurement process for electric utilities. Also, the development of a planning framework around the advanced microgrid and the evaluation of DER will assist the members in strengthening the capabilities of DER in resilience applications.
The implementation of a coordinated grid with a two-way flow of energy can ensure reliability as well as cost effectiveness. SEPA aims to incorporate effective utility models to facilitate a zero carbon footprint future for the energy sector. The technological evolution, customer demand, environmental needs, and innovation are driving a change in the energy sector, forcing the industry to rethink their business operations, revenue strategies, and capabilities.
To enable a smooth transition, the state regulatory processes should allow effective incorporation of technologies and business models. The regulatory shifts due to societal and consumer pressure have left the organizations with little choice but to change their outdated approaches. Also, it is imperative for regulators to balance innovation and risk.
The introduction of electric vehicles (EV) has led to the electrification of transportation. The availability of charging technologies has enabled organizations to adopt EVs to alleviate load demand. Since the charging stations can be incorporated with renewable energy conversion equipment, it also reduces the carbon footprint of the EVs.
To remove the obstacles hindering innovation in the energy sector, there is a need for organizations, regulators, and the transportation sector to collaborate. The rising demand for electricity calls for not only innovation in the energy sector but also the practical utilization of existing technologies to enhance efficiency.
See Also: Energy Tech Review
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