Renewable Energy: A Multi-Trillion-Dollar Marketplace Is Emerging

on April 23, 2019

The country’s electric grid was once called one of the greatest engineering achievements of the 20th century. Now, however, its three interconnected grids are decades old and the world has shifted. Billions of individual devices and population growth have increased demand exponentially. Technological advances with the potential to lower costs and ward off cyber dangers are critically needed. And, commitments to clean and renewable energy sources have become mandates. Big changes are inevitable.

Most of the systems in the U.S. were constructed in the 50s and 60s and they had a life expectancy of 50 years. Today, almost all operate at maximum capacity and they are all stretched to the limit. With population growth, spiraling demand, changes in power generation and mandates for the use of clean and renewable energy sources, change must come quickly.

Energy professionals throughout the country are looking for ways to increase capacity, provide storage, expand services and ensure security and sustainability. Those goals cannot be reached without collaboration from private-sector partners.

The increase in commitments to renewable energy, if nothing else, will push immediate change. California, New Mexico, and Hawaii have passed legislation that mandates 100 percent renewable energy in the coming years. Chicago, Denver, Kansas City, Minneapolis, and many other cities have similar commitments to renewable energy. Most power grids were not originally constructed for wind and solar options…that’s a problem that must be fixed.

Colleges and universities in the U.S. are also setting renewable energy goals. They want 100 percent of their power to come from renewable sources. The University of California System has launched initiatives to convert all its heating, cooling and other power requirements to electric by 2025. That’s because they intend to use renewable energy sources.

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Fractal Energy Storage ConsultantsRenewable Energy: A Multi-Trillion-Dollar Marketplace Is Emerging