DATA REVOLUTION AND ENVIRONMENTAL SUSTAINABILITY impacts on industrial transformation. The manufacture of solar panels and components for wind power plants will transform industrial structures, and the increasing automation and data-driven operation will also have a significant impact on employment in the energy sector.
Box 4-2: Smart grid as the future of the energy sector According to the definition used by the Office of Electricity (2019), a smart grid is an electric network which collects information on the energy consumption habits of service providers and consumers relying on information and communication technology and adjusts accordingly to changes in energy supply and demand, thereby reducing energy imports. Using this information can automatically increase the efficiency, reliability, economic efficiency, sustainability of the grids, and the predictability of the whole national economy’s energy consumption also rises substantially (Chart 4-9). Chart 4-9: Opportunities offered by the smart grid
Source: PWC.
With smart grid technology, grids become “smart” and flexible, as the energy network not only become more reliable, but also more efficient (facilitated by transmission lines equipped with sensors) and able to reduce weather consequences (e.g. in the case of storms). In such cases, the system automatically report power cuts, provides consumers with more accurate and proper information, automatically eliminates the faults and makes up for the lost power by sharing the surplus energy stored in batteries, which is aligned with consumers’ needs and results in major savings (OE, 2019; smsplc, 2017). As regards e-vehicles, it becomes possible for the user to set automatic charging of the vehicle during the sunny hours, or programme the use of the washing machine or dishwasher depending on the energy demand related to operation and the energy price (smsplc, 2017). Relying on smart grids, users settle their energy consumption and costs in line with their demand, thereby curbing overconsumption, which ultimately increases their disposable income. Final consumers are conscious, committed and actively look for the best solutions (PWC, 2018). Public utility companies and service providers also benefit from the modernised grid, and owing to the continuous integration of renewable energy resources (primarily wind and solar energy), grid overload decreases, and the modern technology provides higher security of supply and results in lower operating costs (Munuera, 2019). GROWTH REPORT • 2019
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