Page 47 - European Energy Innovation - autumn 2017 publication
P. 47

Autumn 2017 European Energy Innovation    47

                                                  POWER TRANSITION

reinforcing and modernising value       networks, will provide Europe with a      not only value energy, but also flexibility
chains and strengthening Europe’s       resilient, flexible and highly efficient  and security of supply. This will give the
competitiveness on a global scale.      electricity system.                       right signals for efficient investments
                                                                                  and further push integration of national
The power sector will seek to innovate  TRANSFORMING THE PRESENT                  markets.
and build new cross-sector business     Achieving the energy transition means
models. Digitalisation, distributed     that we also have a past and present      The power sector is committed to
generation and technological progress   to contend with. Many high-carbon         finding sustainable solutions to
are changing the fundamentals of the    assets are still in operation in several  transform our society into a carbon-free
power business, with unprecedented      European countries. At the same time,     one, and to deal responsibly with the
levels of interaction.                  renewable energy assets developed         existing carbon-intensive asset-base.
                                        over recent years have changed the
In order to facilitate new business     dynamics of electricity markets, markets  Much has already been done, but the
models, the sector must partner         which were originally designed to cater   journey is far from over. The take-
with policy partners and societal       for conventional technologies.            up of electrification, empowered
organisations to lay down a solid                                                 customers through innovative solutions
framework for aggregation, demand       To solve this, we need to complete        and smart market designs, are all
response, peer-to-peer energy           the integration of renewables and         necessary elements for a sustainable
transactions and new cross-sector       accelerate the restructuring of           transformation. The power sector
business models that enhance            electricity markets across Europe.        is determined to seize this unique
customers’ participation in energy      Customers expect competitive energy       opportunity to make a positive change
markets. These new building blocks,     pricing, as well as more and better       and bring about a better future for
connected by smart distribution         services. The new market design should    Europe. l
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