The goal of net-zero emissions has led to the evolution of green energy production across the globe. Unlike conventional and centralized electricity production techniques using coal & gas, E&P companies are strategically opting for
The goal of net-zero emissions has led to the evolution of green energy production across the globe. Unlike conventional and centralized electricity production techniques using coal & gas, E&P companies are strategically opting for virtual power plants. These power plants thrive on sustainable energy and have decentralized ownership capabilities. VPP is driven by an efficient leading-edge energy management system that incorporates energy sources with technology. Here, the diverse energy sources are managed using the Internet of Things (IoT) and directed towards the flow of electricity demand. VPP is an automated energy-as-a-services technological solution and IT structure.
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Besides, this solution uses a smart grid to establish a real-time connection between diverse energy sources, customers, and energy storage alongside other market segments. Additionally, VPP promotes energy security by ensuring optimal use of energy resources, minimizing load-demand response, controlling frequency, utilizing operational reserves, and managing peak demand. With increasing grid stability and dependability, VPP s have gained tremendous popularity. The consistent development, deployment, and commercialization of businesses in the domain have surged the global demand for virtual power plants.
Collaborative Efforts Towards Power Generation are Fostering the Growth of VPP Market
As renewables pave their way in the energy mix, stabilizing the concurrent demand and supply has become a prime challenge for grid operators. The reason for such instability is an oft inconsistent power generation and high load on the grid. With the market growing at a striking pace, rooftop solar PVs, wind farms, solar arrays, onshore and offshore wind turbines have emerged as the major sources of power generation. The presence of unified heat and power units along with flexible energy consumption patterns makes for efficient functioning of VPP systems. The main objective of the virtual power plant is to alleviate the demand on the central grid by sourcing power from VPPs to meet peak hour demand.
Alongside providing desired data to end-users, the VPP reacts promptly to dynamic load on the grid and gives a free hand to manage the generated power as per end-user needs. Besides, the cost-efficiency of installation gives locals a chance to earn money by capitalizing on these networks. The market is thriving with opportunities and developments as an increasing number of people and organizations opt for VPP.
America Reigns Supreme in the Global Market with Potent Installations & Acquisitions
The American virtual power plant business is on the upswing as the companies gain new contracts, investments, and acquisitions. Recently, Swell Energy successfully capitalized funds of $450 Mn on four major VPP projects followed by Generac acquiring Enabla to harness energy resources.
Besides, Pacific Gas & Electric (PG&E), a Californian utility, proclaimed new energy storage contracts for 1,548 megawatt-hours. Canada’s firm Nexus Renewables is all set to deploy customer-sited batteries of the 27-megawatt/108-megawatt-hour fleet. All things considered; with strong financial backing, North America is booming with opportunities for virtual power plant suppliers.
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Dominating Virtual Power Plant Market Players Across the Globe
Worldwide, leading companies in the field of virtual power plant market are EnBW, Portland General Electric, Green Mountain Power, Encorp, AceOn Group, Swell Energy, Amp Energy, AutoGrid, Ampard, Siemens AG, Tesla Inc., Next Kraftwerke, Greensmith Energy, energy & meteo systems, Sympower, Toshiba Energy, Enel X, Powerstar, Geli, Gridwiz, Leap, Limejump, Moixa, Nebras Power, OhmConnect, Piclo, Sonnen, Stem, Sunverge, Wärtsilä, and SwitchDin
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