The challenge for the energy transition towards a low carbon economy is trying to integrate new and innovative technologies to balance the system at the lowest cost.
That’s according to Paul Massara, CEO of Electron, which provides a platform using blockchain technology to help integrate technologies such as renewables, electric vehicles (EVs) and battery storage on the system and help balance the grid.
He told ELN: “I think the next challenge for the energy transition is actually how do you integrate all of these different devices, all the renewables which are interruptible, all of the electric vehicles which are going to be coming on, all the batteries and solar. How do you integrate that into one system that allows you to get the lowest possible cost and allows you to have a reliable, balanced system?
“I think you will see in the next couple of years, country by country, saying ‘Look, renewables are happening, we know that. The question is how do we get to 60%, 70%, 80%, 90% of our energy mix being renewables?’”
He adds the reality is the price of renewables now is cheaper than building gas and nuclear power stations and the cost of solar and battery storage are going to be cheaper.
The former CEO of Big Six company npower believes climate change is the biggest global challenge and energy is “absolutely at the entre of that” and therefore, getting more renewables on to the system is the way forward.
You can watch the full interview here.