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IE admission essay (MIM 2016)
- 1. RENEWABLES 1% 36% Spain Level of penetration Ukraine Generation intermittency integration of variable sources of electricity (namely, wind and solar) poses a threat for energy supply as power fluctuations are mostly unpredictable. This prevents effective grid planning and incurs expenses for imbalance settlement TOTAL WORLD INSTALLED RES CAPACITY Energy storage Accurate forecasting R&D Regulatory framework predictability CHALLENGES electricity distribution lacks in additional opportunities to meet fluctuating demand. Though maneuvre load (hydro, bio) proved itself to be effective, storage devices would somehow make renewables more dispatchable and smooth if more affordable transition towards RES based energy mix requires renewables to be more controllable. Effective forecasting is a necessary precondition of RES-deployment Price-related competition though comparison of levelised cost of energy produced from different types of fuel speaks in favor of renewables, there is still monetary incentives for exploitation of fossil fuel power plants $37 $81 $72 $86 $87 $116 $61 $87 $66 $151 $89 $142 $92 $132 wind natural gas coal solar biomass geothermal nuclear Source: Lazard Source: REN21 Levelised cost of energy produced SHARE OF RES IN GLOBAL ELECTRICITY PRODUCTION only 20-30% share of renewables in the load is considered safe for stable energy supply Due to high actual production deviations MW Energy storage capacity, MW RES deployment is mostly the result of the state support mechanisms (direct subsidies, feed-in tariffs and premiums, tax exemptions and others), which are in the focus of investors' interest and governmental concern. For the sustainable development of renewables worldwide it is of utmost importance to provide all market participants with transparent rules, stable and predictable legislative framework retroactive changes11 incurring sufficient losses for the investors allocation of funds to energy research, development and deployment is needed to achieve the energy transformation. Clean-energy innovation, driven thereto, is an effective instrument of a government support enabling to move new technologies from ideas to commercial products $BN 11,7 $BN 9,44 $BN 5,1 2004 2009 2014 R&D investment in renewable energy Source: Bloomberg HOW I CAN CONTRIBUTE Cost-effective project management Technology and innovation management Application of marketing innovations Advanced strategic planning High- performance organisational behaviour EU countries introduced