The world is experiencing an unprecedented energy transition characterized by decarbonization, digitalization and decentralization. Human beings are steering further away from the centralized forms of energy dominated by fossil fuels in the past, which is being repalced by a fragmented energy system that consists of billions of devices for Renewable energy generation, energy storage and energy-consuming devices.
Driven by technology and innovation, the “new coal” as represented by wind power and PV (Photovoltaic), the “new petroleum” as represented by batteries, and the “new grid” as represented by Energy IoT are contributing to an energy revolution in energy production, consumption and connection that has never been seen before. To take advantage of the biggest energy revolution since the invention of electricity is to seize a tremendous opportunity for developing countries to achieve great-leap-forward development and for energy enterprises to secure major breakthroughs.
Renewable energy is becoming the “new coal” in the sector of energy production
In April 2019, the International Renewable Energy Agency (IRENA) released Global Energy Transformation: A Roadmap to 2050, which says that the share of electricity in total energy use will increase to almost 50% by 2050 and power consumption will have a more than double growth. Renewables will then make up 86% of power generation.
As renewables are promoted by govornments around the world , the levelized costs of energy (LCOE) of wind power and PV have been reduced significantly, even lower than that of fossil fuels. In particular, wind power has the lowest LCOE among renewable energy. According to a report by Lazard, an international research institute, the LCOE of global wind power is lower than 4.5 U.S. cents per kilowatt-hour (kWh) on the basis of levelized cost of electricity. This figure is much lower than that of fossil fuels, nature gas, nuclear power and solar. Therefore, wind power, seen as the “new coal”, is highly competitive in terms of LCOE, which will become a dominant player in new global energy investment.
China’s National Energy Administration (NEA) newly released a list of the first batch of PV and wind power grid-parity projects totaling 20 gigawatts (GW). It signals that new energy generation led by wind power and PV is moving toward the post-subsidy era, highlighting the need to find solutions to sustained LCOE cuts of wind power.
[15%--Leverage the AIoT technology to boost the generation efficiency of wind turbines by 15%]
Envision is the first in the industry to develop "smart turbine" with its exclusive core technology of smart control, advanced measurement method, expert data analysis system, active performance control and reliability-based deterministic turbines. This ensures that the turbine will always function at its optimal working condition for maximum power generation and longer service life. Through a “software-defined turbine” approach, Envision has surpassed the technological limits of traditional wind turbines, and increased the efficiency of wind power generation by 15%. Over the past decade, Envision has been leading the technological progress in China’s wind power industry. From low-speed wind turbines to smart wind turbines to smart wind farms to flexible towers to distributed wind turbines, Envision has ccessfully reduced the cost of wind power and achieved a sustained drop of its LCOE with innovative endeavours.
The realization of grid-parity reassures Envision’s determination to cut the LCOE of wind power with technological innovation. In the future, Envision will roll out smart wind turbines with higher reliability and greater generation efficiency, as well as optimal LCOE solutions to developers by virtue of continuous technological innovation, following the principle of creating more value for clients with technological innovation.
