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How new energy resources affect the global economy

New York, NY, July 30, 2021 (GLOBE NEWSWIRE) – The power industry is changing at a rapid pace. Customers and companies are looking for more cost-effective ways to increase renewable electricity generation from wind, solar and hydropower, deploy electric vehicles and charging stations, electrify buildings and reduce methane from natural gas – a transformation that brings significant benefits to the world of energy and World economy.

Given these benefits, Dr. Joe Nyangon, a global energy economist and expert on clean energy technology, however, warned that if the transition to these new energy resources were not properly managed, energy systems and costs could be impacted by the energy landscape in a worse place than it is now. Dealing with these transitions properly is vital, not only to the security of our climate, but also to the well-being of economies around the world. Regulatory authorities and utility companies agree that this energy transition must be managed in a pragmatic and targeted manner so as not to perpetuate the techno-institutional complex of carbon sequestration and path dependency.

Dr. Nyangon has spent more than 15 years solving these types of energy problems. With a Masters, Ph.D. and Postdoc in Power Economics and Engineering Systems from Columbia University and the University of Delaware, he currently works for the SAS Institute as a Power and Utilities Subject Matter Expert to assist utilities and regulators in tracking the evolution of energy, and in particular advises them such as decarbonization, decentralization and digital transformation areas are changing the future of global energy systems and electricity infrastructures. In this way, Dr. Nyangon has a vital role to play in developing new advanced analytics solutions to understand how the future will be affected by changes in energy systems and, in particular, to train the people who pay to have changes made.

The current trends and developments in the energy business are putting energy suppliers under enormous pressure and triggering changes in electricity generation, transmission and consumption. The two biggest factors influencing modern energy systems are democratized choice and decentralized renewable energy generation.

Democratized choice refers to the energy resources and structures that allow customers to take key measures like peak shaving, flexible charging, and installing grid automation and intelligence solutions. Decentralized renewable energy generation is understood to be energy sources that can be generated closer to the place of consumption, such as solar panels. The growth in electricity generation from renewable sources was motivated by customers’ preference for decentralized energy in order to reduce costs and gain more control over their electricity supply.

With these two factors in mind, states continue to promote 100% renewable electricity generation through increasingly higher standards for renewable portfolios in order to achieve a clean energy economy. Dr. Nyangon warns that if these cleanest, cheapest energy sources are imported too quickly in large quantities without building a modern power grid to replace the old and obsolete distribution and transmission systems, solar and wind power could negatively affect power systems due to fluctuations in weather changes that pose a unique challenge known as the “Duck Turn”.

The “duck curve” refers to the idea that today’s electricity systems cannot fully utilize the power and benefits of solar energy. Improper use of this type of energy can lead to outages and higher costs for utility companies, potentially resulting in higher payments for customers and more burdens on the overall economy. The cost of any type of power interruption to customers is staggering, not just for the utilities but also for consumers and even the local economy in terms of lost revenue from forced power outages. It is extremely important to manage these types of potential changes in the energy industry in order to determine the future of these systems and the cost to businesses and consumers.

“Our ability to electrify means of transport, buildings and heavy industry processes is the key challenge in overcoming the climate crisis,” says Dr. Nyangon. “In order to reduce the risks of the climate and energy transition, the processes and strategies for reducing the risk of energy investments must be improved. This includes long-term strategies to hedge against climate risks and mitigate the transition risk in order to address the challenge of stranded electricity systems. ”

Dr. Aware that the risks associated with the energy transition and the climate related to asset loss are still evolving, Nyangon is leading SAS efforts to develop new models and tools to assess and price risks and opportunities. This includes configuring strategies to mitigate climate risks and mitigate transitional risks to ensure utilities can withstand these risks.

Utility companies must smoothly transition to business practices and processes with minimal carbon footprint for modern energy systems to be most cost-effective. These transitions are likely to include the implementation of alternative utility regulation and groundbreaking grid modernization models. Dr. Nyangon believes that the most promising solutions out there today will combine renewable energy and natural gas resources (as a bridge fuel to a low carbon future) to stimulate the development of DER (distributed energy resources) and a competitive ROI (return on investment ) to achieve. for customers.

As a strong confluence of architectural, technological and socio-economic forces transforms the US electricity market, similar changes can be observed in the global energy sector. These changes can be extremely cost-effective measures for consumers, businesses and countries, but only if implemented carefully. Otherwise, it could create bigger challenges for infrastructures and economies than we have now, and set the future of global energy back for years to come.

Dr. Nyangon cites the advice of educator Peter Drucker “the best way to predict the future is to create it” as a personal motivator and that certainly applies to his own work. We help customers smoothly transition to minimal carbon footprints on business practices and operations, improve businesses today and create a better energy industry for the future.

More information about the work of Dr. For Joe Nyangon in the energy industry, please visit www.josephnyangon.com. For a deeper look into the future of global energy, listen to the Electrifying AI podcast.

Contact:

DR. Joe Nyangon
www.josephnyangon.com
[email protected]

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