Let’s evaluate our Utility 2.0 definition as well as some other use case examples.
What is Utility 2.0?
Utility 2.0 is a second generation electric utility adaptation that will provide incentives to propel it towards a clean, flexible and efficient grid system. It is a paradigm shift to a 21st-century electricity system that accommodates modern technology that is more flexible, emits low-carbon and efficient.
It is a second generation adaptation that will be able to accommodate and also work alongside clean power generation, advanced power management, and energy storage.
Change in technology has brought up effects that require a change in electricity utilities and therefore Utility 2.0 is just a response to these changes. It will help align financial incentives with the results that most participants need from the electricity system.
Utility 2.0 will be an important paradigm as we shift to more renewable energy resources.
Definition of the Utility 2.0 and Examples
Utility 2.0 represents a significant model shift in the electric utilities that enables integration of renewable resources and energy storage. It is designed to have an impact on carbon emissions s by reducing their levels, and it comprises all the technical innovation associated with the expected grid modernization.
Utility 2.0 possesses the following components:
- Higher Technical Complexity – It is the growing pace of the available technology options and integrated solutions associated with DER deployment and interoperability
- Increased Customer involvement – There is an increasing need to understand, involve, and provide enhanced services to the end users.
- Greater Financial Flexibility – It’s becoming necessary to shift to more agile utility financial constructs, get new sources of revenue, and the introduction of value-based services
Benefits of Utility 2.0
These are the benefits of the utility 2.0 model.
- It allows increased customer engagement
- It reduces the costs of utilities since it uses demand response, local resources, and generation
- It enhances the flexibility of the power grid system
- It helps reduce greenhouse gases effects and carbon emissions through a transition from fossil fuels to renewable sources of energy.
- It allows efficient and quick responses to emergencies
- It reduces energy consumption through energy efficiencies.
What do you think of our Utility 2.0 definition? Please let us know if you found our definition helpful.
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