How technological advancements may affect the Indian energy sector, ET EnergyWorld

[ad_1]

Peer-to-peer trading has emerged as a viable option for prosumers to share additional energy with peers as a result of modern technological breakthroughs such as blockchain and the internet of things. This contributes to reducing losses and achieving the net zero aim. Furthermore, consumers will have more flexibility and will be able to contribute more to clean energy involvement. Technically, this may assist decision makers in managing peak load demand, reducing the likelihood of system failure, and improving the quality and reliability of power supply. We can perceive the future of India’s energy sector is with peer-to-peer trading with big scale prosumers engagement in an aggressive strategy to increasing the larger weightage to renewable energy in India. With this, the Indian government can provide uninterrupted clean energy access to rural and isolated areas. A variety of difficulties in the Indian energy sector, such as power theft, grid failure, and the quality and reliability of power supply, can be addressed by this paradigm change in technology.Potential for Peer-to-Peer trading in the Indian energy sector

With a new paradigm in peer-to-peer trade, India may transform their energy sector in multiple ways. With ongoing technological invention and advancement, the odds of increasing the participation of prosumers, communities, organisations, and policymakers in active energy trading are very high. This will lead to a rise in renewable energy capacities in energy consumption, with solar and wind being important contributors. These renewable energy sources, such as solar and wind, are abundant and can be used as distributed renewable energy alternatives to enable prosumers to easily make money through peer-to-peer trading. To share extra energy, prosumers must install renewable distributed generation units, and any excess energy they have after their personal use can be shared after connecting with the peer-to-peer trading platform.Future opportunities with Peer-to-Peer trading

Peer-to-peer energy trading provides users with a variety of options. They may offer a cost-effective and efficient strategy to enhance clean energy consumption and reduce greenhouse gas emissions by avoiding the usage of fossil fuels. Furthermore, it enables individuals and groups to collaborate for energy sharing, which aids in the development of a sustainable economy. Finally, it allows individuals to earn money by selling excess energy, generating power at a reduced cost by using renewable energy sources, and becoming more accountable and responsible members.[This piece was written by Dr Manish Kumar, Assistant Professor, ICFAI Business School, Hyderabad]

  • Published On Sep 8, 2023 at 09:54 PM IST

Join the community of 2M+ industry professionals

Subscribe to our newsletter to get latest insights & analysis.

Download ETEnergyworld App

  • Get Realtime updates
  • Save your favourite articles


Scan to download App


[ad_2]

Leave a Reply

Your email address will not be published. Required fields are marked *