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Factors Influencing the Transformation of the World Energy System
Since over a century, the power industry has been experiencing a rapid transformation and this era of fourth Industrial revolution is going to be more exciting. Now, with plunging prices for renewable energy and energy storage, carbon emission regulations and the increase of distributed energy resources, the transformation is taking place faster than anticipated.
The decline of thermal power plants:
The most apparent reason for the decline in coal-fired power plants is low natural-gas prices and environmental activism. Though there is a steady decline in consumption, coal is still expected to be a major fuel for electricity generation until 2030 and beyond.
The growth of natural gas
The E-gas or Compressed Natural Gas(CNG) costs almost fifty percent less when compared to petroleum products and also contributes to the extended life of the vehicle as it doesn’t contain lead or react to metals. CNG can be produced domestically reducing transport cost and is much reliable when compared to petroleum as it can be produced in abundance depending on the storage capacity.
Investing in gas plants is the best option for power industries for a reliable capacity to meet the demands because of the retirement of coal generators, the only quick other alternative is natural gas. It also offers a relatively quick and cheap solution that meets carbon emission rules.
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The Breeze of Wind Energy
Consumers are opting for wind energy for its renewability, zero emissions, and affordability. There have been major technological breakthroughs like increased tower height, higher power capacity, and advances in aerodynamics that have improved the overall performance and reliability by eliminating technical challenges that hindered the large-scale use of wind energy.
Solar Energy gets the sunshine
Perovskite solar technology has made the production of solar cells more efficient and cost-effective. The solar power industry is witnessing immense investment due to the big reduction in the cost of solar modules and according to market analytics, by 2050; solar technology might produce twenty percent of the total world’s energy
Energy storage is important to balance power supply and demand. Integrating a storage system with a renewable energy source ensures a smooth and steady power supply in every weather condition. Batteries are the most common storage devices used in renewable energy systems and their use is increasing on both the residential and grid-wide scale as they are more viable and affordable. It is estimated that in future energy storage will be a core component of all new energy technologies.