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The writing’s on the wall for fossil fuels. Historically, coal and oil may have been the mainstay of energy production, but the last decade has seen an unprecedented push to integrate renewables like solar and wind. And this transformation is only gathering pace: by 2050, renewables are expected to account for half of all electricity production.
From addressing climate change and reducing air pollution, to ensuring more reliable and resilient access to power, there are many drivers for this dramatic shift. But, as our planet races towards renewables, we need to reinvent the way our energy system operates to unlock a low-carbon future. At Eaton, we’ve put meeting this power challenge and enabling the energy transition at the heart of everything we do.
As our planet races towards renewables, we need to reinvent the way our energy system operates to unlock a low-carbon future.
When the first Industrial Revolution unlocked the potential of steam, everything changed. Now we’re poised to see another power revolution thanks to the rise of renewables. According to Beyond the Tipping Point—a study from Bloomberg New Energy Finance—by the mid-2020s, energy from new wind and solar installations will be cheaper than that from the average natural gas or coal plant in Europe.
That said, renewable energy also brings challenges for our future electricity system. Renewables are distributed and decentralized, as well as weather-dependent and thus inherently inconsistent. The dilemma for today’s grid operators is how to accommodate ever-larger shares of renewables, while also ensuring reliable and stable power. In 2017, Germany rarely met more than 37% of hourly demand with variable wind and solar generation. But by 2040, these resources could contribute to 65% of German hourly demand for more than half the year.
Moreover, this is happening as energy demand itself skyrockets, with electric vehicles (EVs) driving a major rise in power consumption. According to Aurora Energy Research, 40 million EVs are expected on roads in the UK and Germany alone by 2040—straining existing power grids and driving a significant rollout of new EV charging points, particularly in cities.
To meet this challenge, we’re helping to enable a bidirectional electricity flow and more intelligent power management for renewables. Through our “Everything as a Grid” approach, advancing technologies, and digital intelligence, we’re increasing and improving the energy the world relies on. We’re enabling homes, offices, stadiums, factories, data centers, and more, to generate and store their own power to optimize energy costs, lower their carbon footprint, and even enable less reliance on the grid.
Bloomberg New Energy Finance’s report on Sector Coupling in Europe, predicts that up to 60% of power demands in transport, buildings, and industry will be met by electricity in some European nations by 2050—as we shift from fossil fuels to renewables and energy storage.
Imagine a future where homeowners can use EVs for backup power during blackouts, where energy-hungry data centers can rely on local renewable generation and storage, and where manufacturers can lower operating costs by selling electricity back into the grid.
That’s what the energy transition will deliver, and it’s why we’re striving to enable an electricity system that can:
The potential for flexible, intelligent power is limitless. The value for our customers is enormous. And we’re taking the challenges of the energy transition head on to help the world seize these new opportunities.
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