Energetica India Magazine January-February 2021

ENERGY STORAGE - The leading trend in optimizing energy distribution and stor- age utilizing Artificial Intelligence will become Energy Manage - ment Systems (EMS) connected to Internet of Things (IoT). The IoT allows for remote control of systems, consumption monitor- ing, data collection and analysis, and, with the help of AI, deci- sion making: where to send energy, which generating capacity to switch on and off, how much energy to store, etc. New sys- tems will utilize smart sensors and meters to collect terabytes of information, and exploit massive cloud computing capacity and AI algorithms to process vast data into usable decisions. 2. Reinvent Battery Business Models: New Battery Busi- ness Models Emerge at Both Utility and Residential Scale - Energy storage is growing rapidly as falling costs and matur- ing technology are making use cases more economical, from ancillary grid services to on-demand power. Solar-plus-storage cost synergies and operational efficiencies are boosting co - locations and supersized batteries. Repowering opportunities are also increasing the attractiveness of adding batteries to wind projects. Additional drivers of utility storage deployments include capacity shortfalls and state storage mandates, while residential drivers include resilience concerns and revenue opportunities. 3. Fortify Disaster Readiness: Supply Chain Strategies – Onshoring and Digitalizing Supply Chains - Review of supply chains are likely to become a priority for stakeholders as the renewable energy industry strives to thrive in the post-pandemic era by diversifying outside of China and/ or manufacturing trying to set up their manufacturing in India. Changes in trade tariffs and in the production and investment tax and other allowances could further accelerate on shoring. Stronger policy measures are expected in 2021 to safeguard technology and data from cyberattacks, and to reduce our dependence on other countries for strategic materials. Two sub-trends are likely to accelerate next year. First is the diver - sification of supply to build resilience. Second is the greater deployment of digital technologies at both ends of developers’ supply chains. Renewable Energy Likely to Experience Significant Growth in Coming Year We trust that this year may bring increased deal making, new hybrid battery storage business models, faster deployment of offshore wind projects, and a more resilient renewables indus- try supply chain. Looking ahead, we can expect to see organizations increas- ingly look at how different energy technologies can work to- gether to drive maximum value. This approach can acceler- ate decarbonisation plans. But it can also increase resilience against market and cost volatility, alongside increases in car- bon pricing and environmental levies. ! 42 energetica INDIA- Jan-Feb_2021