Until 2015, the power sector was largely driven by conventional fuel sources such as fossil fuels for power generation. The major issuecurrently associated with fossil fuels is the hazardous emission of green house gases leading to global warming. Moreover, as the fossil fuels are non renewable in nature, they are not available perennially for the human use. Henceforth, the global power industry is presently entering an era of significant transformation. Since past five years, the electricity sector has been primarily driven by the injection of renewable sources of energy for power generation in the energy mix.
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The global energy intensity is being essentially compelled by the gradual economic improvement supported by the increase in population. As a result, there is an increasing demand for electricity consumption and according to Environmental Impact Assessment (EIA) statistics, by 2035, almost half of annual power generation is expected to be through renewable sources of energy. The renewable energy sources provide bidirectional flow of power due to decentralized power generation sources, also known as prosumers
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The increasing use of renewable sources of energy for electricity generation leads to unstable power supply and increase in the demand supply gap. There has been a growing need to maintain the demand and supply side response by attempting to reduce the overall energy consumption and increase energy efficiency without affecting the climatic conditions. All these concerns can be addressed efficiently with a virtual power plant, which is a cloud-based centralized platform, used to stabilize the grid and meet the electricity demand by aggregating the distributed energy resources. Under the broad head of energy management, virtual power plants can control the degree of energy consumption, balance and mitigate the intraday electricity demand, irrespective of it being industrial, commercial or residential consumers.
The real-time insights help the companies to track its consumption and reduce its overhead cost. The measures to avoid excess consumption and increase the operating efficiency of high load devices can be decided using these insights. As a result, the energy consumption of the end user can be adjusted using demand response programs, real-time weather responsive control systems, and advanced metering infrastructure. For instance, countries such as the U.K, Germany, the U.S. and Japan are the frontrunners in the manufacturing of virtual power plants. The introduction of virtual power plants has resulted in numeros market expansion opportunities for leading companies in these countries. For instance, in November 2018, ABB Ltd launched ABB OPTIMAX to aggregate the distributed energy resources for grid optimization.
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