The year 2020 was when the measures for the containment of the Covid-19 pandemic in Germany and the world had put wholesale electricity prices under strong pressure, especially in the first half of the year.

At EUR 30/MWh, the average wholesale electricity price was more than EUR 7/MWh lower than 2019.

In 2021, the pandemic continued though the ray of hope was lit by innovation.

But the energy market landscape changed drastically.

They have bounced back unequivocally, primarily as a result of an uncommonly fast worldwide financial recuperation (year 2021 was on track for the speediest post-recession development in the last 80 years), a cold and long winter within the northern half of the globe, and a weaker-than-expected increment in supply.

The electricity prices have risen significantly – in June/July 2021 in particular, there was another sharp jump in prices to more than 90 EUR/MWh in Germany as well within Europe.

European prices moreover reflect broader worldwide gas market dynamics.

There were solid cold spells in East Asia and North America during the first quarter of 2021.

They were followed by heat waves in Asia and dry spells in different locales, like Brazil. All of these contributed to the upward drift in gas demand.

In Asia, gas demand has remained upwards all through the year, essentially driven by China, but moreover by Japan and Korea.

On the supply side, liquefied natural gas (LNG) generation around the world has been lower than anticipated due to an arrangement of spontaneous blackouts and delays over the globe and deferred maintenance from 2020.

The reason

The current hike of coal and gas prices is not the result of a single “shock event” on the demand or supply side.

On the contrary, they result from a combination of supply and demand components that steadily suffocated markets over the course of months and indeed years.

Investments in oil and common gas have declined recently as a result of two commodity market collapse events – in 2014-15 and in 2020 pandemic.

This has made supply more helpless to the sorts of uncommon circumstances that we see nowadays.

At the same time, governments have not been seeking solid policy arrangements to scale up clean energy sources and innovations to fill the gap.

Smart energy tech

The great news is that ICT-enabled innovations by energy tech can offer assistance to form a worldwide clean energy system that’s flexible, dependable and secure.

Energy tech is a key driver behind improving energy efficiency in grids and accelerating the decarbonization of the energy sector.

In reality, 92% of utilities administrators accept that advanced data analytics will have the most prominent effect on their trade up to 2019.

It is smart energy tech that can fill the gap.

Smart energy technology focuses on merging the electricity, heating and transport sectors, in combination with various intra-hour, hourly, daily, seasonal and biannual storage options, to create the flexibility necessary to integrate large penetrations of fluctuating renewable energy.

We need to be smart at “when”, “where” and “how” to generate, store and distribute energy.

Benefits

The diagram depicts the types of benefits that smart energy tech has helped accrue 3Ps in terms of sustainable development- people, planet, and profit. (Data based on The Global e-Sustainability Initiative (GeSI) Report 2021).

Challenges to adoption

Realizing the blessings of V2G and V2B can be stymied because of the present regulatory environment, loss of standards, uncertain enterprise fashions and technical obstacles.

New tariff control regulations want to enter impact to permit utilities alongside top and non-top charges to their wholesale and retail clients and associated reductions for permitting automobiles for use in V2G and V2B situations.

Standards should be evolved to permit smooth conversation in the atmosphere concerning energy usage, and smart charging transactions.

Homes require clever meters which could differentiate among the real assets of the energy.

The smart charging control infrastructure needs to be bendy sufficient to permit exclusive billing fashions primarily based totally on cease power arbitrage and EV motive force non-top/top charging, all brought in real-time.

Pricing additionally needs to be surely communicated thru the self-provider app so clients could make educated decisions for charging instances and locations.

With the exponential boom of EVs, smart charging could be vital for optimizing the charging infrastructure through correctly monitoring, coping with and adjusting energy consumption, presenting top-quality call for reaction and EV charging experience.

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