DISTRIBUTED ENERGY RESOURCES BRIEF SUMMARY
The worlds of sensors, automation, machine learning, computing and communications are each changing rapidly, while at the same time converging into an entirely new competitive arena: smart distributed energy systems and infrastructure.
Volatile energy prices, painful strain on infrastructure, rapidly growing use of renewable energy sources and concern for the environment are creating the need for a transformed power system. The required technology to improve power generation, distribution, and usage through the enabling of a smarter and more interoperable power grid is available.
Years of engineering developments are resulting in affordable technology solutions that, connected by the Internet, will lower power costs and increase its efficient use. New services are emerging that can quickly change how electric service providers increase revenues, and how consumers of power can better manage costs. These new services will rely on distributed, networked power devices that can be automatically monitored, controlled and managed to adjust to power cost, availability, and usage requirements.
The motivation for developing a smart grid lies in added efficiency of distribution and increased reliability of energy services, both from the point of view of the utility firm and the customer. Power customers are increasingly demanding higher quality, cleaner power with no disruption or downtime, and lower prices. Utility firms are looking for ways to reduce expenditures, maintain system stability, and offer customized services. Achieving these quality, reliability, service, and price demands will become increasingly difficult without a new more distributed and interoperable architecture.
Key findings explored in this enterprise growth opportunity brief:
- The electrical power industry is facing several challenges as renewable and distributed energy sources and new technologies are increasingly adopted by power suppliers and consumers alike
- Future energy systems, enabled by new intelligent power technologies and smart systems technologies, will need to account for the uses and users of the energy and adjacent applications
- With new power and Smart Systems technology disrupting the traditional revenue streams, electric utilities and OEMs must expand their view of revenue opportunities or risk displacement
- Electrical power and related assets are critical infrastructure of cities, making Smart City opportunities potential areas of growth and business model evolution for utilities
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OEMs, software and service providers must decide whether to collaborate with utilities or to work directly with end customers to enable future smart energy systems and related applications