Research Analyst Oliver Forsyth continues his series exploring the relationship of energy and productivity, this piece focusing on the relationship of energy consumption and GDP.
The HM Treasury’s and Department for Business, Energy & Industrial Strategy (BEIS) initiated a consultation focusing on innovation in utilities, with the aim to “ensure our system of utilities regulation is fit for the future.” As an innovator of technology that will radically transform the market and with a growing global presence, Faraday Grid is keen to engage in the conversation and submitted a response to BEIS, which can be accessed here.
In this response to Greg Clark MP, Founder & Chief Technology Officer Matthew Williams and Chief Economist & Head of Government Affairs Richard Dowling together challenge the idea that the Energy Trilemma is “over” and examine how greater amounts of renewables will affect energy security and energy equity, should there be no change to the current grid.
The word ‘productivity’ gets thrown around quite a bit by policymakers and economists, but is it really that important to our everyday lives? In this introductory piece in a series about energy and productivity, Research Analyst Oliver Forsyth explores how productivity relates to measures of welfare and economic performance.
Rapid acceleration of changes in the energy sphere renders preparations for their implicit challenges difficult. Bloomberg’s recently published 2018 New Energy Outlook (NEO) highlights key market drivers and integrates insight from a variety of experts to evaluate how the energy market will evolve in the coming decades.
From a pragmatic perspective, the electricity system will have to technologically adapt to enable these trends without inflating costs or dangerously destabilising the system. Electrical Engineer, Alex Kleidaras reviews some of the claims of NEO, with regards to their implications and requirements for their feasibility.
WHITE PAPER ATTACHED
The secure operation of modern electricity networks is becoming an increasingly difficult task as grids continuously employ complex interconnections, intermittent non-dispatchable renewable generation, and nonlinear loads. While these actions aim to improve power system reliability and meet sustainable energy requirements, they significantly reduce the system’s fault tolerance, inertia, and damping levels. The Faraday Exchanger (FE) technology delivers key technical and economic benefits, as demonstrated through results obtained from detailed simulations on numerous electrical networks from various countries.
White Paper by University of Edinburgh Chancellor’s Fellow Dr Harry van der Weijde analysing the current status of electricity grids and markets considering clean energy goals. The paper finds that the current electricity system is fast approaching a breaking point and will not be able to handle higher levels of renewable energy without substantial new costs that would hit consumers. Dr van der Weijde concludes that the Faraday Grid can resolve the challenge of increasing renewable energy penetration and preventing the looming threat of doubling or tripling of longer term electricity prices.
A modern grid supplying modern electricity demands should be able to provide environmentally friendly energy securely and at an affordable price at once. There are a number of technology pathways being suggested to modernise the electricity grid, and adapt it to the new reality of distributed variable renewable generation. This article gives an overview of these technologies.
In every era in the history of humanity, innovation and development has been implemented in all areas to simplify the functioning of operating systems and ultimately, increase efficiency and boost productivity. The Faraday Exchanger builds on the work of key physicists and mathematicians by going back to fundamental principles. This article gives an overview of the most significant scientific breakthroughs leading up to The Faraday Exchanger.
Electrical load is the component in a circuit that draws or consumes power as opposed to providing it. On a small scale, such as a torchlight, load can be the lightbulb. In a consumer’s home, load is determined by multiple factors, such as the type of devices being used, the frequency of their usage, and the time of day or year. The daily minimum level of electricity demand is known as the “baseload”. “Peak load” is the amount of electricity needed when demand is at its highest. As different energy technologies have inherently different mechanical features, baseload and peak load demands are typically supplied by different types of generation plants.
What is the "Energy Trilemma"? The Energy Trilemma presents three interconnected goals that have proven exceedingly difficult to address individually. Recent history has shown that unilateral actions taken to address one dimension of the trilemma often results in undesirable reactions on the other dimensions. Hence it is currently not practical to simultaneously install new low carbon generation, ensure affordable energy for consumers, and guarantee that there will be security of electricity supply accounting for future demand.
Australian innovator Faraday Grid announced today in Paris as finalist in global Energy Productivity Innovation Challenge (EPIC) 2016. The COP21 meeting in 2015 in Paris marked a significant commitment to set global goals for energy efficiency targets. It was also the venue for the launch of the EPIC program. CEO Andrew Scobie, Director of R&D Matthew Williams, and CMO Jacqui Porch were in Paris at the IEA Conference for the awards announcement on the 13th of October.
The intention of policy makers to reduce greenhouse emissions is a story of incentives. It’s always a story of incentives - the question is, incentives for whom and at what cost? Incentives and waste; cost and benefits, can be seen as determining the productivity of public choice. As in all human endeavors means need to be fit to ends. So the institutions and infrastructure of the energy sector need to be enabled to deliver a low carbon future.