Electricity marketIn a broad sense, an electricity market is a system that facilitates the exchange of electricity-related goods and services. During more than a century of evolution of the electric power industry, the economics of the electricity markets had undergone enormous changes for reasons ranging from the technological advances on supply and demand sides to politics and ideology.
Photovoltaic systemA photovoltaic system, also PV system or solar power system, is an electric power system designed to supply usable solar power by means of photovoltaics. It consists of an arrangement of several components, including solar panels to absorb and convert sunlight into electricity, a solar inverter to convert the output from direct to alternating current, as well as mounting, cabling, and other electrical accessories to set up a working system. It may also use a solar tracking system to improve the system's overall performance and include an integrated battery.
Solar powerSolar power is the conversion of energy from sunlight into electricity, either directly using photovoltaics (PV) or indirectly using concentrated solar power. Photovoltaic cells convert light into an electric current using the photovoltaic effect. Concentrated solar power systems use lenses or mirrors and solar tracking systems to focus a large area of sunlight to a hot spot, often to drive a steam turbine.
Solar panelA solar panel is a device that converts sunlight into electricity by using photovoltaic (PV) cells. PV cells are made of materials that generate electrons when exposed to light. The electrons flow through a circuit and produce direct current (DC) electricity, which can be used to power various devices or be stored in batteries. Solar panels are also known as solar cell panels, solar electric panels, or PV modules. Solar panels are usually arranged in groups called arrays or systems.
Energy demand managementEnergy demand management, also known as demand-side management (DSM) or demand-side response (DSR), is the modification of consumer demand for energy through various methods such as financial incentives and behavioral change through education. Usually, the goal of demand-side management is to encourage the consumer to use less energy during peak hours, or to move the time of energy use to off-peak times such as nighttime and weekends.
Electricity pricingElectricity pricing (also referred to as electricity tariffs or the price of electricity) can vary widely by country or by locality within a country. Electricity prices are dependent on many factors, such as the price of power generation, government taxes or subsidies, CO2 taxes, local weather patterns, transmission and distribution infrastructure, and multi-tiered industry regulation. The pricing or tariffs can also differ depending on the customer-base, typically by residential, commercial, and industrial connections.
Cost of electricity by sourceDifferent methods of electricity generation can incur a variety of different costs, which can be divided into three general categories: 1) wholesale costs, or all costs paid by utilities associated with acquiring and distributing electricity to consumers, 2) retail costs paid by consumers, and 3) external costs, or externalities, imposed on society. Wholesale costs include initial capital, operations & maintenance (O&M), transmission, and costs of decommissioning.
Demand responseDemand response is a change in the power consumption of an electric utility customer to better match the demand for power with the supply. Until the 21st century decrease in the cost of pumped storage and batteries electric energy could not be easily stored, so utilities have traditionally matched demand and supply by throttling the production rate of their power plants, taking generating units on or off line, or importing power from other utilities.
Pumped-storage hydroelectricityPumped-storage hydroelectricity (PSH), or pumped hydroelectric energy storage (PHES), is a type of hydroelectric energy storage used by electric power systems for load balancing. The method stores energy in the form of gravitational potential energy of water, pumped from a lower elevation reservoir to a higher elevation. Low-cost surplus off-peak electric power is typically used to run the pumps. During periods of high electrical demand, the stored water is released through turbines to produce electric power.
Distributed generationDistributed generation, also distributed energy, on-site generation (OSG), or district/decentralized energy, is electrical generation and storage performed by a variety of small, grid-connected or distribution system-connected devices referred to as distributed energy resources (DER). Conventional power stations, such as coal-fired, gas, and nuclear powered plants, as well as hydroelectric dams and large-scale solar power stations, are centralized and often require electric energy to be transmitted over long distances.
Battery storage power stationA battery storage power station is a type of energy storage power station that uses a group of batteries to store electrical energy. Battery storage is the fastest responding dispatchable source of power on electric grids, and it is used to stabilise those grids, as battery storage can transition from standby to full power in under a second to deal with grid contingencies. Battery storage power stations are generally designed to be able to output at their full rated power for several hours.
Home energy storageHome energy storage devices store electricity locally, for later consumption. Electrochemical energy storage products, also known as "Battery Energy Storage System" (or "BESS" for short), at their heart are rechargeable batteries, typically based on lithium-ion or lead-acid controlled by computer with intelligent software to handle charging and discharging cycles. Companies are also developing smaller flow battery technology for home use.
Peak demandPeak demand on an electrical grid is simply the highest electrical power demand that has occurred over a specified time period (Gönen 2008). Peak demand is typically characterized as annual, daily or seasonal and has the unit of power. Peak demand, peak load or on-peak are terms used in energy demand management describing a period in which electrical power is expected to be provided for a sustained period at a significantly higher than average supply level. Peak demand fluctuations may occur on daily, monthly, seasonal and yearly cycles.
Load profileIn electrical engineering, a load profile is a graph of the variation in the electrical load versus time. A load profile will vary according to customer type (typical examples include residential, commercial and industrial), temperature and holiday seasons. Power producers use this information to plan how much electricity they will need to make available at any given time. Teletraffic engineering uses a similar load curve. In a power system, a load curve or load profile is a chart illustrating the variation in demand/electrical load over a specific time.
Financial incentives for photovoltaicsFinancial incentives for photovoltaics are incentives offered to electricity consumers to install and operate solar-electric generating systems, also known as photovoltaics (PV). Governments offered incentives in order to encourage the PV industry to achieve the economies of scale needed to compete where the cost of PV-generated electricity is above the cost from the existing grid. Such policies were implemented to promote national or territorial energy independence, high tech job creation and reduction of carbon dioxide emissions which cause climate change.
Dynamic demand (electric power)Dynamic Demand is the name of a semi-passive technology to support demand response by adjusting the load demand on an electrical power grid. It is also the name of an independent not-for-profit organization in the UK supported by a charitable grant from the Esmée Fairbairn Foundation, dedicated to promoting this technology. The concept is that by monitoring the frequency of the power grid, as well as their own controls, intermittent domestic and industrial loads switch themselves on/off at optimal moments to balance the overall grid load with generation, reducing critical power mismatches.
Growth of photovoltaicsBetween 1992 and 2022, the worldwide usage of photovoltaics (PV) increased exponentially. During this period, it evolved from a niche market of small-scale applications to a mainstream electricity source. When solar PV systems were first recognized as a promising renewable energy technology, subsidy programs, such as feed-in tariffs, were implemented by a number of governments in order to provide economic incentives for investments. For several years, growth was mainly driven by Japan and pioneering European countries.
Thermal energy storageThermal energy storage (TES) is achieved with widely different technologies. Depending on the specific technology, it allows excess thermal energy to be stored and used hours, days, months later, at scales ranging from the individual process, building, multiuser-building, district, town, or region. Usage examples are the balancing of energy demand between daytime and nighttime, storing summer heat for winter heating, or winter cold for summer air conditioning (Seasonal thermal energy storage).
World energy supply and consumptionWorld energy supply and consumption refers to the global production and consumption of primary energy. Energy can be consumed in various different forms, as processed fuels or electricity, or for various different purposes, like for transportation or electricity generation. Energy production and consumption are an important part of the economy. This topic includes heat, but not energy from food. This article provides a brief overview of energy supply and consumption, using statistics summarized in tables, of the countries and regions that produce and consume the most energy.
Electricity meterAn electricity meter, electric meter, electrical meter, energy meter, or kilowatt-hour meter is a device that measures the amount of electric energy consumed by a residence, a business, or an electrically powered device. Electric meter or energy meter measures the total power consumed over a time interval. Electric utilities use electric meters installed at customers' premises for billing and monitoring purposes. They are typically calibrated in billing units, the most common one being the kilowatt hour (kWh).
