Abstract
Renewable energy technologies (RET) that emerged as a result of the shift towards the renewable energy sources (RES) which aims at setting the path towards decentralized low-carbon energy systems intended for tackling global warming are becoming key elements of the smart grids of the future. Our paper applies the economic, social and technological model of the renewable energy platforms to the energy markets of the 21st century. The paper analyses the growing importance of the individual players (prosumers) on the energy market, especially when it comes to the renewable energy generation and trading. It shows that modern advanced information and communication technologies enabled the energy prosumers to trade their energy and information in two-way flows. All of these might be important for the transition towards sustainable economy and green technology.
Highlights
The switch to renewable energy is made possible by technological advances and a societal push towards sustainability, but it is not without its challenges
Renewable energy technologies (RET) that emerged as a result of the shift towards the renewable energy sources (RES) which aims at setting the path towards decentralized low-carbon energy systems intended for tackling global warming are becoming key elements of the smart grids of the future
This means that the increase in energy demand for fossil fuels is likely to peak in a generation or more, allowing traditional and established energy companies to continue to thrive
Summary
The switch to renewable energy is made possible by technological advances and a societal push towards sustainability, but it is not without its challenges. Technology can play a key role in addressing the challenges of long-term energy storage and regulating the ups and downs of renewable energy supply Renewable energy technologies such as wind, solar, hydropower, geothermal, biomass, biofuels, wind turbines, hydropower and solar photovoltaics offer the opportunity to accelerate the transition to renewable energy, while increasing synthetic fuel production and reducing fossil fuel emissions in sectors ranging from steel to food production, chemical industry and fertilisers [9]. Technological improvements and economies of scale have made renewable energy cost-effective - and competitive with fossil fuels, even without subsidies This has created the conditions for the production of clean energy to be promoted by low-carbon energy sources such as wind, solar and geothermal energy. New solar plants are approaching cost parity for fossil-fuel power generation, and wind is already competitive which makes the renewable energy more than viable
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