How new energy resources are affecting the global economy

New York, NY, July 30, 2021 (GLOBE NEWSWIRE) – The electric power industry is changing rapidly. Customers and businesses are looking for more cost-effective ways to increase renewable electricity generation from wind, solar and hydroelectric power, deploy electric vehicles, charging stations, electrify buildings, and reduce fuel consumption. methane from natural gas, a transformation that has significant benefits for the energy world and the global economy.

Nonetheless, with these benefits in mind, Dr Joe Nyangon, a global energy economist and expert in clean energy technology, warns that if the transition to these new energy resources is not managed properly, systems and electricity costs could be affected, putting the world’s energy landscape in a worse place than it currently is. Managing these transitions properly is crucial, not only for the security of our climate, but for the well-being of economies around the world. Regulators and utility companies agree that this energy transition must be managed in a pragmatic and targeted manner so as not to perpetuate the techno-institutional complex of carbon lock-in and path dependence.

Dr Nyangon has been involved in solving this kind of energy problem throughout his career spanning more than 15 years. With a master’s degree, a doctorate. and a postdoctoral graduate in Energy Economics and Engineering Systems from Columbia University and the University of Delaware, he currently works for the SAS Institute as an expert in electricity and utility, helping utility customers and regulators keep up with energy developments, advising them specifically on how decarbonization, decentralization and areas of digital transformation are changing the future of global energy systems and electrical infrastructure. Through this, Dr Nyangon plays a pivotal role in designing new advanced analysis solutions to understand how the future will be affected by changes to energy systems, specifically educating the people who will pay for the changes to occur. .

Current trends and developments in the energy sector are putting enormous pressure on utilities, causing changes in the production, transportation and consumption of electricity. Among the two greatest influencing factors on modern electricity systems are democratized choice and decentralized production of renewable energy.

Democratized choice refers to the energy resources and structures that enable customers to take key actions such as peak peaking, flexible charging, and the installation of grid automation and intelligence solutions. Decentralized production of renewable energy refers to energy sources that can be produced closer to the place of consumption, such as solar panels. The growth in renewable electricity generation has been driven by customers’ preference for distributed energy as a means of reducing costs and better controlling their electricity supply.

With these two factors in mind, states continue to promote 100% renewable electricity generation through ever higher renewable portfolio standards in order to achieve clean energy savings. Dr Nyangon warns that if these cleanest, cheapest energy sources are introduced too quickly in large quantities without building a modern electricity grid to replace old and obsolete distribution and transmission systems, solar and wind power. could adversely affect electrical systems due to fluctuations. changes in weather conditions, creating a unique challenge known as the “duck curve”.

The “duck curve” refers to the idea that today’s electrical systems cannot fully utilize the power and benefits of solar energy. Not using this type of energy properly could lead to blackouts and higher costs for energy providers, potentially leading to increased payments for customers, further straining the economy as a whole. The cost of any type of power outage to customers is enormous, not only to utilities but to consumers and even to the local economy in terms of lost revenue during forced blackouts. Navigating these types of potential changes in the energy industry is extremely important to the future of these systems and how much businesses and consumers will pay for them.

“Our ability to electrify transport, buildings and heavy industrial processes is the defining challenge in tackling the climate crisis,” said Dr Nyangon. “Mitigating risks related to the climate and the energy transition requires improved operations and strategies to reduce the risks of energy investments. This involves long-term climate risk coverage and transition risk mitigation strategies to address the challenge of stranded power assets. “

Recognizing that the risks of asset stranding associated with the energy sector transition and the climate are still evolving, Dr Nyangon is leading an effort at SAS to develop new models and tools to assess and assess risks and opportunities. . This involves configuring climate risk coverage and transition risk mitigation strategies to ensure that utility assets are resilient to these risks.

Utilities need to transition smoothly to low carbon business practices and operations in order for modern energy systems to be the most cost effective. These transitions will likely include the implementation of alternative utility regulation and pioneering models of grid modernization. Dr Nyangon believes that the most promising solutions that exist today will combine renewable energy and natural gas resources (as a transitional fuel to a low-carbon future) to spur the development of DERs (natural gas). distributed energy) and help deliver a competitive return on investment. for the customers.

As a powerful confluence of architectural, technological and socio-economic forces transforms the US electricity market, similar changes are being observed in global energy. These changes can be extremely cost-effective measures for consumers, businesses and countries, but only if implemented carefully. Failure to do so could lead to greater challenges to infrastructure and economies than we currently have, delaying the future of global energy for years to come.

Dr Nyangon cites educator Peter Drucker’s advice that “the best way to predict the future is to create it” as personal motivation and this certainly applies to his own work. Helping customers make the smooth transition to low carbon business practices and operations, improve businesses today, and build a better energy industry for the future.

For more information on Dr. Joe Nyangon’s work in the energy industry, visit www.josephnyangon.com. For a more in-depth look at the future of global energy, listen to the Electrifying AI podcast.

Contact:

Dr Joe Nyangon
www.josephyangon.com
[email protected]


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