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The use of technology has been considered by several industries across the globe with a motive to reduce redundancies and paper work with automated procedures. Energy sector has also left no stone unturned in this regard. With the limited availability of fossil fuels and non-renewable energy sources, the industrial demand has been growing with an ever-increasing speed and this is a valid reason for the entire energy sector to look for energy efficiencies in terms of technological innovations.
Internet of Energy IoE
This emerging technology has much to offer in terms of providing greater efficiency and optimal design for central architecture during construction of electric power systems. Building energy systems with Internet of Energy will ensure easy implementation of intelligent distributed control through energy transactions between its users. Developing smart grids and improving co-ordination and optimization in the macro energy system will offer good opportunities for cost recovery solutions.
Utility-scale energy storage
Technology has enabled sufficient energy generation but lack of cost effective storage solutions have to be developed. Developing energy storage technology that delivers all time base load power from internment renewable energy sources, like solar and wind. Cost leadership programs can also be implemented in an efficient way through this. A recent swiss startup Energy Vault has developed pumped storage plants that rely on gravity and the movement of water to generate power.The elevation storage system is ideally suited for long-duration storage, and also provides faster response times.
Secure Green Energy Contracts
Electricity producers, distribution network operators and metering operators are making efficient use of Blockchain technology in making smart contracts. These contracts ensure that all energy-related transactions pass through a secure and immutable network, thus getting better contract strategy services and eliminating potential losses. Blockchain also holds the potential for achieving some degree of equality between energy producers and consumers by making electricity affordable for more people.