AI and ML play a vital role in optimizing demand forecast, generation predictions from non-dispatchable resources, and wholesale price predictions.
Fremont, CA: With the advancement in technology, wind and solar energy are becoming economically competitive. Renewable projects are competing with conventional power and gradually replacing it.
Here are five popular technology trends in renewable energy:
The increasing share of renewable energy sources has made it essential to adopt battery energy storage systems (BESS) technology. Sporadic renewable energy sources like wind and solar power with high peaks and troughs need energy storage for seamless output and to minimize ramp rates for medium and large power plants.
Utilizing Data and Technology
Artificial intelligence (AI) and machine learning (ML), and blockchain are utilized by the power industry, such as utilities and power system companies. AI and ML play a crucial part in optimizing demand forecast, generation predictions from non-dispatchable resources, and wholesale price predictions. Utilities use blockchain to develop and manage peer-to-peer electricity trading platforms.
Hydrogen as Alternative Energy Storage
Hydrogen is an alternative for energy storage from renewables. It is a low-cost alternative for storing massive quantities of electricity over days, weeks, and months. The hydrogen fuel storage can take place for long periods and in amounts restricted only by the size of storage facilities.
Offshore wind power is improving continuously. Developers are installing larger turbines deeper into the sea to access higher wind speeds. Turbines that can manage faster winds is not controlled by the depth of water and includes a support structure that can hold in the increasing wind turbine size are in high demand.
New Solar PV Applications
Many solar PV applications like solar roadways, space-based solar power, and hybrid power plants are emerging. Solar roadways are modular systems that have engineered solar panels on which one can walk and drive. Space-based solar power is where satellites in Earth’s orbit capture the sun's radiation and convert it into electricity. Solar PV is combined with other technology for cost-effective and high-power generation in hybrid power plants.