Abstract
Renewable energy is not simply the cornerstone of a transition, but an entire electric power revolution. However, which are the technologies with which power companies are going to redesign the electricity industry? Interviews were conducted with innovation managers of the biggest power companies in Spain to shed some light on the innovation sources upon which the electric power system of the future is based. The results revealed that renewable electricity represents a complete paradigm shift. Until now, the system’s net electricity balance has been achieved by adjusting power generation to its demand. However, in a renewable system, electricity generation is limited by and depends on environmental resources, so it cannot be sufficiently controlled to meet the demand at all times. Therefore, it is the electricity consumption that must be adjusted to generation. It was concluded that there are currently nine innovation sources that are redesigning the industry: renewable energy, energy storage systems, electric vehicles, Industry 4.0, smart grids, blockchain, distributed and selfconsumption generation, smart client, and demand side response. Moreover, it was found that system regulations established by governments, business sustainability plans, and open innovation by startups play key roles in the development of innovation.
Highlights
The development of technology, industrial advancements, new methodologies, and other discoveries evolve exponentially throughout the world, including the electric power sector
Because of the importance of business models, the objective of this research is to identify the main sources of innovation for electric power companies, given that business models and interests are crucial for understanding innovation and energy transitions
This study concludes that the main innovation sources for power companies in Spain are renewable energy, energy storage systems, electric vehicles, Industry 4.0, smart grids, blockchain, distributed generation and self-consumption, smart clients, and demand side response
Summary
The development of technology, industrial advancements, new methodologies, and other discoveries evolve exponentially throughout the world, including the electric power sector. The political engine (such as the SDG 2030) is crucial for the development of renewable energies, but it is not the only factor. Countries that promote and drive different factors have a more successful development pace, becoming a fundamental part for the development of each technology to generate a set of appropriate drivers such as tax incentives or greater regulatory flexibility, among many others (Darmani, Arvidsson, Hidalgo, and Albors, 2014). The transition to renewable energy depends on governments, citizens, and industries: “businesses can’t thrive unless the planet and society do so as well. Main Innovation Sources Currently Driving the Spanish Electric Power Sector.
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