Post: REN21 recognises GridBeyond’s role in supporting the energy transition

REN21 recognises GridBeyond’s role in supporting the energy transition

Despite the continued wave of renewable energy targets and new climate commitments, the share of fossil fuels in the total energy mix is just as high as a decade ago, but GridBeyond’s service can support the transition, said a recent report from REN21

Published in June, thinktank REN 21’s latest Renewables Global Status Report shows that despite a historic decline of 4% in energy demand owing to the COVID-19 pandemic, countries in the G20 largely missed their renewable energy targets. Italy and Germany have achieved to reach their targets while France and the UK came a little behind their goals, according to the report.

It estimates that fossil fuels had an 80.3% share in the global energy mix in 2009, compared to 80.2% in 2019 while the share of renewables was 11.2% of the energy mix in 2019, compared to 8.7% in 2009. REN21 called on governments to encourage more renewable development to decarbonise all sectors.

The report also highlighted the potential for large industry to support the transition. According to the document, renewable energy accounts for only around 14.8% of total industrial energy demand, and it is used mainly in industries that don’t require high temperatures for their operational processes, such as logistics and refrigeration. In heavy industries – iron and steel, cement, and chemicals – renewables accounted for less than 1% of the combined energy demand in 2018.

Flexible energy consumption on the demand side is an important enabler of integrating higher shares of renewables in the energy mix.  primarily through grid balancing services. The report outlined the benefits of GridBeyond’s technology in this regard: “[it] enables the participation of both batteries and sources of flexible demand in auctions for grid balancing services conducted by National Grid”.

GridBeyond’s CEO and Co-founder, Michael Phelan, commented:

Using AI and Robotic Trading combined with the expertise of our trading experts and Data Scientists, GridBeyond’s Point Ai. Services open the door for your business to take your energy strategy from passive purchasing and consumption to active energy management and trading.

GridBeyond’s Point Ai. Services consist of three complementary products: Ai. Terms, Ai. Trade & Ai. Thrive, which together, will transform your energy into opportunity. If you have any questions around the potential for your site, contact our team, or to learn more about the complimenting services offered by GridBeyond’s intelligent energy platform, our Point Ai. Services brochure.