Smart grid technology: revolutionizing energy efficiency and renewable integration
By utilizing advanced artificial intelligence (AI) and cloud technology, a smart grid enables the efficient exchange of energy and communication in both directions. This fosters energy efficiency by effectively balancing electricity demand and supply and integrating decentralized energy sources. The combination of these core benefits plays a crucial role in accelerating the decarbonization of the electric power sector. In the latest report released by KPMG, experts delve into how smart grid technology improves the operational and energy efficiency of the grid while facilitating the seamless integration of renewable energy, leading to a substantial decrease in emissions. It examines case studies from three countries: the United Kingdom, China, and the United States, which represent different energy market structures, namely liberalized, vertically integrated, and hybrid electricity markets. The report explores how these market structures impact the depth, scalability, and adaptability of smart technology across different aspects of the grid. Factors such as each country's electric power regulatory structure, national decarbonization goals, and historical emission trajectory are taken into account during this analysis.