Welcome to Next Generation Energy Concept
Power is Money and Power is life. From Einstein to Tesla all indicated that Energy is most valuable but challenging thing to utilize and capture in spite of it’s abundance in nature. Whole universe is running seamlessly with the help of power. Demand for power is increasing exponentially with time, whereas storage of power is a major challenge.
Since its first inception almost hundreds years ago, the concept of Energy Storage has provided communities with increased energy reliability and lower energy costs. Energy sector is relentlessly innovating the ways to store power with minimum energy loss. With the growing integration of and preference for renewable energy sources, as well as the growing demand for power in general, the need for energy storage methods to maintain consistent supply and increased efficiency grows as well. It also allows to supply less whenever requirement is less and store for future without shutting down generation unit and in turn reduce shutdown and startup cost. Although there are many storage methods currently available, and still more being developed, choosing the best method and successfully implementing a project can be daunting without the right experience. Storage unit also promote green energy aim and capture solar and wind energy during day time for distributed requirement in terms of time horizon.
Community energy storage (CES) is expected to contribute positively towards energy transition while accommodating the needs and expectations of citizens and local communities. Yet, the technological and societal challenges of integrating CES in the largely centralized present energy system demand for socio-technical innovation.
The outlook for global energy is not just a matter for energy companies: it’s an issue for all of us. Around the world, there is a lively and important conversation taking place on the choices that face us all – as consumers, producers, investors and policy-makers. By sharing this Energy Outlook, we hope to contribute to that discussion.
In a similar way, the Energy Outlook, which contains our projections of future energy trends, has been used only internally so far. However, we feel it is part of our responsibility as a company to make important information and analysis available for public debate – all the more so if the issue at hand is as vital to all of us as is energy, its relation to economic development on one side, and to climate change on the other.
In this outlook we seek to identify long term energy trends, and then add our views on the evolution of the world economy, of policy, and technology, to develop a projection for world energy markets to 2030. It is a projection, not a proposition, and this is an important distinction.
You will see, for example, that our outlook expects global CO2 emissions to continue rising, along with import dependence in many key consuming regions. This does not mean BP downplays the importance of climate change or the role of energy security in international relations. Rather, it reflects a ‘to the best of our knowledge’ assessment of the world’s likely path from today’s vantage point. To me personally, it is a wake-up call, not something any of us would like to see happening.
We also highlight potential alternative outcomes, assessing in particular a case based on more aggressive policies to address climate change, as well as sensitivities for different economic growth paths. This is done to highlight the economic mechanisms that govern global energy markets, and how these can translate alternative policies into alternative outcomes.
The discipline of building a numerical projection sharpens our thinking, but the precise numbers are less important than the underlying story of the challenges we all face and the choices we make in producing and consuming energy.
In this way the outlook highlights the central role markets and well designed policy can play to meet the dual challenge of solving the energy needs of billions of people who aspire to better lifestyles, and doing so in a way that is sustainable and secure.