{"id":17011,"date":"2019-11-26T11:00:30","date_gmt":"2019-11-26T19:00:30","guid":{"rendered":"https:\/\/www.palada.net\/index.php\/2019\/11\/26\/news-10748\/"},"modified":"2019-11-26T11:00:30","modified_gmt":"2019-11-26T19:00:30","slug":"news-10748","status":"publish","type":"post","link":"https:\/\/www.palada.net\/index.php\/2019\/11\/26\/news-10748\/","title":{"rendered":"Why electricity companies should go green"},"content":{"rendered":"

Credit to Author: Frederic Godemel| Date: Tue, 26 Nov 2019 15:06:21 +0000<\/strong><\/p>\n

Electricity companies have already taken positive steps in their role as key contributors to CO2 reduction. Now they should continue to build upon their existing achievements by increasing their sustainability efforts as the 1.5\u00b0C scenario cannot be achieved without a greater proportion of cleaner electricity.<\/p>\n

That\u2019s because the planet cannot support our skyrocketing energy demand with traditional fossil fuel generation without compromising an already precarious environmental situation. This means improving sustainability and increasing the use of decentralized renewables are critical for the future of electricity companies.<\/p>\n

\"Read<\/a> <\/p>\n

Global demand for electricity is expected to increase by 60% by 2040<\/a>. The good news is that during that same time period solar and wind\u2019s share of global electricity is expected to triple<\/a>.<\/p>\n

The consequences of this shift in the energy market include a new level of complexity \u2013 on both the supply and demand side of the energy business \u2013 that will introduce challenges and opportunities. The changes will test the industry as the boundaries between supply and demand become blurred. Importantly, a sustainable, renewable-based future will require support and innovation from all players in the energy business.<\/p>\n

On the demand side, complexity comes from interacting with energy markets and making the most of incentives. Customers are no longer just energy consumers but, have now become mindful producers as well. In their new role as prosumers, they want \u2013 and need \u2013 the power to manage their energy behavior both in consumption and their own production. \u00a0They want to be able to actively control their energy mix and seek benefits from the new energy equation that include better reliability, availability, sustainability, access to energy, and access to new services.<\/p>\n

On the supply side, complexity comes from operations, management, planning, investment, and strategy.\u00a0 Electric companies must leverage technologies to optimize planning and investments and asset and workforce management to better accomplish their mission-critical role.<\/p>\n

Although there is complexity, there are also solutions for both sides of the meter using digital technology. These tools are flexible enough to manage present challenges, such as mirroring the grid and data exchange, as well as prepare for the future. While digitization is an essential tool for incorporating sustainability into all areas of the business, it is not the whole solution. To meet their sustainability goals and remain competitive, electricity companies must also:<\/p>\n