![]() Regulatory barriers are liftingĪround the world, governments and regulatory bodies are demonstrating increasing intent to enact legislation that supports energy storage. He adds that large commercial entities, like department stores and grocery chains, have been very successful with energy storage while driving their decarbonization and sustainability agendas to meet shareholder demands. "The capacity to store power allows utilities, in effect, to optimize power as well," says Venk. Moreover, with the implementation of microgrids, storage can provide additional value to commercial customers. They also need to focus on the quality of the customer engagement, which again becomes a major play in the digital value chain." ![]() " are now dealing with a supplier, making the energy value chain more critical and the need for effective digitization. This bi-directional flow of power alters how utility companies engage with customers. Today, prosumers (consumers who are also energy producers) with solar panels on their rooftops hooked to a battery in their basement or garage, have behind-the-meter storage capable of interconnecting with the distribution network. He says energy storage challenges the fundamentals of a traditional regulated utility business' relationship with customers. In effect, the reality is that digitization, what you get out of it, has been the source of disruption." However, says Venk: "it is not the low cost of renewables, like solar panels or batteries, but the commoditized cost of the computer hardware and software that integrates them into a digitally controlled power plant. It is also considered an industry disruptor. "What's interesting is that the underlying technology is becoming more affordable and easily accessible, leading to the challenges on how we integrate this into our overall ecosystem," says Venk.Įnergy storage is a significant technology breakthrough that offers immense value creation opportunities for various market players. For energy markets and their operating entities, it drives flexibility, demand response, ancillary services and other grid and market functions at the wholesale and retail level.For transmission and distribution utilities, it leads to deferred or avoided costs and, importantly, improved power quality.For consumers and society, it offers increased decarbonization and reliability.The benefits and return on investment (ROI) of energy storage, explains Venk, can be categorized into three broad categories based on the business and use cases: Due to the intermittent nature of renewable energy, however, advancing energy storage is critical to effectively manage demand and supply, implement microgrids and assure greater resilience, flexibility and energy security. Renewable energy demand is growing, driven by the urgent need to meet climate and decarbonization goals. This article provides a summary of the discussion. ![]() In Part 4 of our Energy Transition Talks podcast series, CGI experts Venk Gopal and Alain Sayegh discuss energy storage as a new distributed energy resource and the role of data, digitization and legislation in unlocking its transformative value. Accept the required cookies to view this content.Įnergy storage is a key enabler of a low-carbon future. You have not yet given permission to place the required cookies.
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