Executive Summary-Energy of the Future

Introduction

The energy sector is facing many difficult challenges to address how globally the power sector must be transformed in the near future to sustain technological advances. These challenges entail meeting requirements of securing energy for when the need arises in the future, ensuring that they are addressing climate change as well as helping those people who lack access to energy resources.

The Future in Energy Transformation

The world is in the midst of an Energy Revolution. Energy technology innovation has become an integral part in meeting the increasing demand for energy. In order to meet this objective the United States has promoted energy efficiency in all sectors; due to higher future energy demand it has implemented changes specifically in the production and consumption of energy. Such changes include measures to utilize technology innovation for the reduction of gas emissions, increase utilization of renewable sources to produce electric energy, and an increase of awareness of how energy efficiency affects climate change. In the past ten years energy companies have been required to review and restructure their current business model. Power companies have been forced to think outside the box by implementing new strategies in order to be able to sustain a market share in the energy sector. Extensive initiatives have been taken by these power companies to address the increasing electricity demand as a result of the evolution of technology. The utilities companies have concluded that if they don’t act fast they will be left behind, especially with the drastic decrease in prices for renewables and energy storage. The protruding of distributed energy resources caused many changes to take effect at a faster pace than originally planned by the energy companies. As such, the electric power industry realizing that in order to remain competitive they must continuously invest monies in research and development. Energy companies are also required to make extreme modifications to their current business model in order to comply with the new requirements pursuant to the Paris Agreement on climate change; the framework has been finalized for the nation’s first carbon regulations. The energy revolution sets the ground work and the foundation on a global basis for the efforts to address climate change as well as coming up with ways to sustain a low-carbon energy future. Recent changes in the energy sector have resulted in the recognition of the importance of economic growth in the energy division, and at the same time the need to address climate change. It has become apparent that the emerging of advanced energy technologies provides many options to implement and address the challenges of the increased energy consumption. Advances in technology are the leading factors in driving this energy revolution to a whole new spectrum. The energy transformation creates additional possibilities for technologies which have proven that their exceptional accomplishments have been regarded as having the potential to change and reshape the surroundings in which we live and work.

 

Energy transformation has contributed to the economic growth as well as the great contribution to cleaner energy in the future. Currently in the United States the utilization of fossil fuels has drastically decreased, this was due to the vast technological innovations. It has resulted in the remarkable task of continued technological progress in wind, solar, and biofuels of which it has caused an increase in the use of renewable energy. The makeup of these energy sources has resulted in a vast shift: petroleum and coal are being replaced by the growing use of natural gas and renewables, resulting in a cleaner energy future. In addition to the benefits of meeting the increased demands of energy in the future, there have been also economic benefits. Increased production of oil, natural gas, and renewable energy has contributed to the increase in employment in these industries. Technological innovation and increased production of energy translates to price reduction for the supply of energy. The reduction in prices will benefit businesses as well as the residential arena; businesses realize an increase in their net income which translates to having to pay higher taxes to the taxing authorities, and households have an increase of disposable income.

http://www.world-nuclear.org/information-library/energy-and-the-environment/renewable-energy-and-electricity.aspx

 

As stated earlier, the breakthroughs and advances have been made predominantly in the technology sector of renewable energy. Energy companies have concluded that solar wind and hydro power are more efficient for meeting today’s growing energy demands; how will renewable energy be utilized in 30 years? The development of energy storage technology has been determined to be of the defining feature in the future of energy. There are various benefits to energy storage which is due to the renewable energy technologies, such as wind and solar, these will have the capacity to meet the supply and demand for energy. There are some drawbacks as well to the utilization of wind and solar. Since the production of renewable electricity is associated with wind and solar power they are also considered unreliable when it’s dark or there is minimal wind blowing. As we have realized how vital these power sources have become to our growing demand for energy, there is an increase demand for the investment in technologies that allow energy producers, such as the power sector, to come up with the capacity to store energy that is generated when the sun shines and the wind blows. The stored energy will be released on a need to basis, which results in providing a clean air environment as well as satisfying the high demand or when the wind or the sun is not available. As the world discovers new ways to meet its growing energy needs, there is also consideration taking place on how power companies are increasing their efforts to address climate change.

 

Conclusion

Renewable energy in various forms offers great opportunities for technological innovation and progress. Over the next thirty to fifty years continued efforts without interruption must be facilitated in order to keep up with the increase in demand for energy. Renewable energy development can be beneficial in underdeveloped and developing countries. Biofuels are highly regarded as a means of addressing climate change as well as satisfying the increased demand for the use of energy. The increase in the development of energy storage technology, finding new energy carriers will result in meeting greater energy demands.

 

 

 

Recommendations

 

  • Continue to invest in research and development for new ways for improved energy storage technologies.
  • Continued efforts to educate the public on energy efficiency – the purchase of energy efficient appliances
  • Implementing stricter building guidelines – the construction of buildings and homes to be built with higher energy efficiency codes.

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3 Responses to Executive Summary-Energy of the Future

  1. Jonathan Cavallone January 11, 2017 at 4:53 pm #

    After reading this article, I immediately though of Tesla motors, the first company to engineer a long distance driving electric vehicle. In an article I was reading on The Wall Street Journal, reporter Stephen Wilmot said, “The car of the future will be electric, connected and, eventually, self-driving” (Wilmot). The article went on to discuss what the industry leading car company’s are going to have to do in order to survive this technology revolution. Tesla’s revenue has been growing exponentially as a result of this technology and energy revolution the U.S is undergoing. In 2016, Tesla sold about 80,000 vehicles and they are projecting to sell at least twice that amount in 2017. The increasing demand for other forms of energy such as renewable’s and natural gases are undoubtedly fueling the growth of the economy and generating new businesses such as Tesla. If companies continue to invest time and money in researching renewable forms of energy, there is no telling how advanced energy can become.

  2. George Tannous February 17, 2017 at 1:54 pm #

    We are entering into a world that is concerned about global warming and also saving money. It is no surprise that big oil companies want to stay as the main power for the world but slowly over time oil will lose its spot as the leader in world energy. It is expected to be relatively depleted in 50 years and something is going to need to take its spot as the new go to energy. There are a lot of alternatives to replace it such as solar, wind and nuclear power but the question is really how efficient these sources of energy can be on a large scale. Also how easy it is to obtain and the cost of maintaining these energy sources.
    While we need a new form of energy, I do not think solar or wind power is the answer to our long term needs. While I think solar and wind power can be used in collaboration with natural gas or oil, it cannot and will not be enough to spread on a large level like oil has. Solar power costs relatively a lot to install on the roofs of houses in the upwards of $25,000 to $35,000. Also another problem with solar power is that the materials used on the panels leeches into the ground overtime and is very harmful to the environment. This goes against the whole idea of creating a safer energy source. Not only that, in places like New Jersey where the weather is very oriented in being cloudy and without sun light for the majority of the year, it is very hard to have a full energy bank with solar. Solar panels in places like New Jersey will never run at full capacity which makes spending over $25,000 seem useless.
    Wind power is also very expensive reaching $48,000 to nearly $65,000 for just one wind 10 kW turbine. Not only that, but wind towers cost a lot to maintain. It is more often than not that these turbines need a lot of maintenance to keep them running. They are not a sustainable solution which is a major problem.
    I think nuclear power is the best future power alternative. There is a lot of fear of nuclear power but it is actually one of the safest options for power. There is practically no emissions from a nuclear power plant. Not only that but with newer nuclear power plants they are safer than ever before. The new innovations in nuclear power plants would shut off a nuclear power plant before a meltdown even occurs. While it does cost a lot of money to start a plant at 2 billion to 4 billion, it is a reliable long term solution. Nuclear power is the most efficient energy source in the world. They generate power 24/7 and hold a 92 percent capacity factor (versus natural gas at a 56% capacity factor and coal at 55% and wind at 33% (nuclear energy institute)). This essentially means that nuclear power produces almost double what natural gas and coal do. The startup cost of nuclear power plants is the biggest setback but they are very cheap to run.

  3. Thomas Batelli April 8, 2017 at 1:02 pm #

    The world is certainly in the heart of a true “Energy Revolution”, to say the least. Efforts have been made over the past ten years that have assisted to drastically decrease the use of fossil fuels. The growing awareness of pollution and climate change are strong contributors to the efficacy of the implementations. The concept of renewable energy poses threat to many big businesses that still rely on fossil fuels and therefore, the process has been a slower process than hoped. Business models have been drastically altered in order to keep up with the requirements that have been established by the Environmental Protection Agency. Although the advancements do pave way for many opportunities, big business companies are still at risk of losing profit- especially because now, they must invest many funds into the continuation of research and developmental strategies that still keep them in the realm of productivity, as they face strong competition to newer energy solutions and strategies which have proven to be extremely effective and could potentially “change and reshape the surroundings in which we live and work”.

    Having the strong understanding that cleaner energy is the only solution has opened a portal into the future. The use of wind and solar energy, as well as biofuel, has created a large increase in the use of renewable energy sources. However, I still have doubts in the quick movement of these ideals within the next four years due to our new president. Unfortunately, President Donald Trump insists that the coal industry must be revived, but luckily still faces much adversity when it comes to support of this proposal. President Trump also has plans to cancel the former clean energy plan, which assists in the prevention of greenhouse gasses entering our atmosphere. With that being said, it is obvious that there is no concern for the fate of our environment and more concern for the money coal would bring into the country. It’s sad that even our own president has no perception of the “big picture”. Luckily, neighboring country Canada has strong opinions about the coal industry and their lack of support for American coal will affect the turnout for a switch like this. Innovators are still working to create systems, which can “store” renewable energy such as wind and solar power, due to the negative side, which we face when there is no sun shining in the sky, or no breeze passing by.

    As technology continues to advance, I believe that renewable energy will grow even larger on the spectrum within the next thirty to fifty years. Millennial are more focused on reviving the environment, and more and more people have focused their studies around the importance of climate change and the energy sources we use on a daily basis. Hopefully, within my lifetime, fossil fuels will be a system of the past and businessmen like our President will be able to make their greedy dollars through renewable energy systems. Who says you can’t make money and still save the planet at the same time?

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