21 Sep 2021
Posted in Power
Smart grid-enabled technologies are witnessing huge uptake as they help in increasing the power grid’s efficiency and reliability, says GlobalData
Smart grid-enabled technologies such as smart metering, demand response, and vehicle-to-grid (V2G) are witnessing huge uptake globally, according to GlobalData. The leading data and analytics company notes that this uptick in development is due to the technology offering several benefits such as greater transparency and control over power consumption, improvements in grid reliability, and reduced electricity prices.
According to GlobalData’s report, ‘Smart Grid Policy Handbook 2021’, the US, China, and France have framed policies and set up programs to further develop smart grids. Developing countries such as India and Thailand are also launching pilot projects to design and strengthen the policy framework for smart grids.
Rohit Ravetkar, Power Analyst at GlobalData, says: “Smart meters are a win-win for both utilities and their customers, and several utilities are now making a mandatory switch to smart meters from regular meters. Customers can achieve cost savings with time-of-use pricing, while utilities can improve grid operation and enhance grid reliability through incentive-based demand response programs.”
The rapid installation of electric vehicle (EV) charging stations in several countries is aiding V2G infrastructure growth. China has surged ahead with 807,000 EV charging stations, followed by the US with 98,981 and South Korea with 64,188, according to the International Energy Agency.
Ravetkar adds: “Countries such as France, the UK, Canada, and Spain with high electric vehicle (EV) and renewable energy ambitions are betting on V2G systems as they are set to revolutionize both the sectors in parallel. As the power mix of countries increasingly leans toward renewables, the intermittency of renewables will become a bigger problem that can only be addressed by increasing energy storage capacity.
“The use of electric vehicles as modular storage units that can charge during off peak hours and supply a portion of their charge during peak hours will go a long way in balancing the grid, provided there are a higher number of electric vehicles and that most charging points are connected to V2G systems.”