Power up for life with renewables at forefront
Change drivers include solar photovoltaics becoming accessible and turning consumers into ‘prosumers’
The model of the industry that provides electricity for daily life has remained little changed over the past 100 years. Electricity has been produced by central power stations — coal, hydro, diesel, gas and nuclear — fed into an electricity grid and delivered to customers through a network of substations and lines. The maturity and sophistication of the industry is highlighted by its continual improvement in efficiency, technological innovation and the increase of its reach to the furthest corners of the globe. Nevertheless, some suggest that the fundamentals of the industry will remain constant for the next 50 to 100 years. This is not the case — the power sector faces great change that is exciting and risky depending on the location in the system and the approach adopted. There is a chance of winners and losers. The art of strategy lies in minimising losers and maximising winners. There are several change drivers. Distributed energy sources such as solar photovoltaics are becoming...
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