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INVESTING IN THE POWER GRID
This item is part of the Investing in the Grid - March 2022 SPECIAL ISSUE, click here for more
An on-site distributed energy resource system may use renewable energy sources which includes small hydro biomass, biogas, solar power, wind power etc. to power distribution systems. It is a Grid-Connected devices for electricity storage and can be classified as DER systems. This Micro grid system can be managed and coordinated within a SMART grid. The distributed generation and storage enables collection of energy from many sources and may also lower environmental impacts and improve security of supply.
According to Micro grid Exchange Group a Micro grid is a group of interconnected loads and distributed energy resources within clearly defined boundaries that acts as a single controllable entity with respect to the grid to enable it to operate in both grid-connected or island mode. Micro grids are modern, small-scale versions of the centralized electricity system. They achieve specific local goals such as reliability, carbon emission reduction, diversification of energy sources and cost reduction, established by the community being served as stated by Garvin Electricity Initiative.
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Another reason why there is a need for Micro grids investments is that there is approximately 1 billion people that lack access to electricity. This will allow for the stimulation for economic growth by providing power to remote locations and or stand-alone communities. It will improve grid resiliency and can be networked to improve efficiency and reliability. Micro grids will aid to reduce the cost for electricity and also create the path for energy independence for businesses and community at large that will also create the opportunity for ENERGY COMMERCE or ENERGY MARKETING. Micro grid can be interconnected and integrate into a distributed network that will lead to a transactional grid.
Investing in the Power Grid has many economic benefits. Some of the benefits included but not limited to:
- Job Creation
- Mitigating Climate Change
- Mitigating the rising energy and infrastructure cost to end users
- Creation of an Energy Commerce or Energy Market opportunity
- Expanding the grids capabilities will also assist with handling increase demand
- The grid will also become more resilient to known or unknown disruption.
In recent time we have seen where the power grid is becoming more critical where several energy infrastructures around the world are being targeted for cybercriminals. With this in mind investing in the power grid will assist in reducing this risks.
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Investing in the Grid - March 2022 SPECIAL ISSUE
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