The clean energy landscape is rapidly changing, with major capacity additions, technology advancements and evolving market dynamics. Currently, there is a focus on developing capabilities and capacities across all verticals of renewable energy. Thus, various new technologies and business models are expected to gain traction as various nations transition to a greener tomorrow.
This article highlights the top concepts and technologies that hold big promise in the clean energy ecosystem of the future…
24×7 RTC renewable power
Solar and wind power have complementary generation patterns throughout the day, in many regions, enabling for ideal hybrid energy systems. Integration with storage presents interesting use cases, including peak-load shifting and round-the-clock (RTC) renewables. Owing to the high cost of storage systems, a complete 24×7 RTC renewable power supply is currently commercially unviable and only a few hours of renewable power is being procured by consumers. However, going forward, the procurement of RTC renewables is expected to become the norm for not just utilities but also for commercial and industrial (C&I) consumers.
AI for renewable power projects
In the current scenario, as the size, scale and number of renewable power assets continue to increase in the competitive market along with a growing focus on cost-efficiency, artificial intelligence (AI) holds significant potential for improving asset management in renewables. It can help keep track of generation and equipment data, create digital twins, self-learn to predict faults and reduce project downtime. It can also assist in project conceptualisation and design based on past data and future estimates. While it is already being employed to a limited extent in some renewable power projects, its potential remains largely untapped.
Blockchain for renewables
Blockchain, a transaction-tracking technology, is essentially a distributed and digitalised ledger. Blocks of data keep getting added to the blockchain to facilitate transparent information sharing in the network. In the energy segment, blockchain enables the tracking of utility loads and bills, and facilitates energy exchange between producers and consumers without the involvement of third parties. Several pilots are being tested globally, and there is significant scope for adoption with the growing uptake of on-site distributed renewables.
Carbon capture, storage and utilisation
The process of capturing carbon dioxide from thermal power plants and high-emission industries, storing it in reservoirs and subsequently utilising it for various applications may sound simple but it is a highly complex undertaking. While initial pilots have been conducted, it will take some time for this field to gain traction. However, the potential of carbon capture, storage and utilisation (CCUS) to reduce both carbon emissions and energy imports, and find applications across the chemical, urea and plastics industries, is significant and positions it for growth.
Global renewable energy transmission
Cross-border renewable energy transmission is already under way in various parts of the world. With the increasing deployment of renewables such as offshore wind and solar power across the globe, and advancements in transmission systems including offshore equipment, the momentum for renewable energy transmission between nations is expected to gain traction. This will help nations diversify their energy mix and increase the procurement of renewables while reducing fossil fuel consumption.
Floating offshore wind turbines
Globally, there has been significant headway in the offshore wind space this year and a significant increase in offshore wind adoption is anticipated. Floating offshore wind turbines, installed further offshore, offer several advantages as they enable the capture of higher wind energy in deeper sea areas. Further, although they currently cost more than bottom-fixed turbines, the prices of floating wind turbines are expected to reduce in the near future, driving their uptake.
Hydrogen fuel cars
With global electric vehicle (EV) market expanding rapidly, another emerging automotive technology – hydrogen cars – is starting to show signs of a promising future. While hydrogen fuel cell buses are operational in many parts of the world and have undergone testing, the hydrogen car segment is yet to take off. A few models have been tested and commercial uptake is expected in the near future with the creation of a hydrogen ecosystem.
Repowering of wind power assets
The wind power segment faces a unique challenge as a large portion of good wind power sites have already been utilised. Unfortunately, many of these occupied wind sites have older wind turbines with low-capacity ratings, and thus, there is potential to replace them with newer and higher-power capacity turbines. Repowering numerous wind power assets can significantly expand the global wind power capacity.
Vehicle-to-grid technology
With increasing demand for both power and clean EVs, there is an opportunity to integrate these elements through vehicle-to-grid (V2G) technology. This enables bidirectional charging of EVs, which means they can get charged during periods of surplus power availability and supply power to the grid during peak hours using the energy stored in the batteries. As distributed renewables gain traction, V2G (if implemented successfully) can help in managing energy demand and supply both in localities and at individual consumer premises.
Virtual power purchase agreements
As renewable power procurement increases within the C&I space, there is a growing demand for virtual power purchase agreements (VPPAs). Simply put, VPPAs are bilateral transactions between generators and consumers, similar to standard PPAs, but they do not involve the actual delivery of power. Instead, generators sell power on exchanges and consumers receive attributes. This is a well-established arrangement in various global markets. Going forward, the VPPA market is poised for rapid expansion, driven by the increasing demand for renewables from C&I consumers. VPPAs will offer a convenient avenue for these customers to go green.
