The Energy Bank-Roadmap for the 21st Century Green power grid

Abstract

The electric power industry in the U.S. and the world is moving toward predominantly renewable energy. The electrical characteristics of most renewable resources are quite different than traditional generating systems. There is a transition from rotational generating resources to ones that are either static or electrically appear as static. The predominant renewable resources are expected to be wind and solar, where solar resources are expected to dominate due to their favorable economics. Wind and solar resources are non-dispatchable and their power production may not be coincident with demand. Storage resources therefore become an integral component of the 21st century power grid.This article proposes a new vision, road-map and business model which the author calls the “Energy Bank” toward meeting the Green energy requirements of the electric power industry in the 21st Century. The Energy Banks are envisioned to be private entities which collect and store energy at their own facilities or contract with private storage facilities within the entire power grid from transmission all the way to distribution and end consumers. This energy is then is made available for withdrawal by the depositor at a different time and location as well as in the form of physical and financial contracts to manage the price risks associated with wholesale markets.In the 21st Century, similar to money, most of the population make energy, need to store it and like to use it at the different times and locations. The Author argues that Energy Banks as private market forces can facilitate energy transactions among vast number of renewable resources which will be needed by the 21st Century Electric Power while creating a sustainable business model capable of exerting long-term pressure on the cost of electricity.