Paul Favret Discusses a Few Trends Associated with the Energy Industry

Energy Industry

A large number of people across the word today accept that to slow down and manage the damage being caused to the planet and the environment, it is important to transition away from the use of fossil fuels. Such concerns have led to a host of business and scientific innovations, with the increase in the search for smart use and implementation of sustainable or renewable alternatives to coal, oil, and gas. A large number of experts belonging to the energy industry, such as Paul Favret, are trying to explore ways to incorporate more sustainable practices, while also taking care of financial incentives.

2022 is set to be a record year in terms of the scale at which the switchover to renewable sources from fossil fuels shall take place. It is also a year where one might see brand new energy sources emerge from certain laboratory and pilot projects. Here are a few impactful trends in the energy sector of 2022:

  • AI in the energy sector: Much like several other industries, artificial intelligence (AI) is having quite a transformative impact across the domain of utilities and energy.  AI is used to forecast demand and manage resource distribution, for the purpose of making sure power is available when and where needed, with minimal waste. This becomes especially vital in the industry of renewable energy, where it can be stored for too long periods of time and has to be used close to the time and location where it has been generated.
  • Green hydrogen energy: Hydrogen essentially is one of the most abundant materials in the world and produces next to zero greenhouse gas emissions when burnt. These two are the prime qualities that make hydrogen a pretty exciting potential source of energy. Traditionally, there have been difficulties in converting hydrogen into a form that can be used as a fuel. Grey hydrogen is derived from natural gas; on the other hand, brown hydrogen is derived from coal.  Green carbon, however, is created with the help of a process that involves water and electrolysis. It manages to generate the needed electricity from renewable sources like wind or solar power competently, and makes the whole process carbon free.
  • The Internet of Energy: The sphere of IoT or the internet of things is majorly concerned with the distribution and generation of power. Internet of Energy or IoE is essentially tied closely with the idea of energy decentralization, which involves a move towards a more sustainable power infrastructure in which energy is used as closely as possible to the place and time it has been generated. This brand-new paradigm in energy infrastructure involves a considerable level of automation that contributes towards the management of new technology platforms as well as the financial framework that are needed by markets to facilitate energy distribution and trade.

People can always explore the web or even contact industry experts like Paul Favret to know more about the latest energy trends.