The world needs a broad portfolio of energy for achieving net zero CO₂ emissionsThe energy market is undergoing drastic changes. Renewable power from wind and sun has the lowest Levelized Cost of Energy (LCOE).
As a result, installed renewable capacity is growing massively and the power generation sector will probably be the first sector to reach net zero CO₂ -emissions. However, in order to achieve a 24/7 decarbonized power system, solutions for storage, backup capacity, grid stability, and autonomous power control will be required. Hybrid power plants can even integrate these solutions with renewable power at one site. The key to de-carbonizing other sectors such as industry, transportation, or agriculture is sector-coupling, facilitated through technologies like industrial heat pumps and power-to-X-solutions such as power-to-hydrogen, power-to-kerosene, or power-to-ammonia. Siemens Energy is a major provider of technologies that may drive the energy transition.
But investing in decarbonized energy assets is only the first stepEffective management of sustainable energy assets is critical for a successful energy transition.
In order to make the energy transition a success, these assets need to be operated reliably and efficiently throughout their lifetime. To ensure the return on their investment, asset owners need to continuously perform maintenance activities that ensure plant availability.
Dispatch of the plant must be adjusted constantly to the latest energy market data.
In order to stay competitive, OPEX (operating expenditure) can be reduced by taking advantage of opportunities generated by digital transformation, from remote support through remote operation up to the autonomous operation. This is especially true for island power grids or remote locations.
Finally, a proactive risk strategy with regard to technological risks, and market risks as well as ESG standards (environmental, social, and governance) is vital.