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2024: the year of grid tech

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By illuminem briefings

· 2 min read

illuminem summarizes for you the essential news of the day. Read the full piece on Sifted or enjoy below:

🗞️ Driving the news: 2024 is shaping up as a pivotal year for grid technology, with the energy grid undergoing significant changes due to the increased integration of renewable energy sources
• Startups across Europe are actively developing solutions to address the grid's inability to cope with the unpredictable nature of renewable energy, focusing on both hardware and software innovations

🔭 The context: The traditional electricity grid, designed for stable, fossil-fuel-based energy sources, struggles with the variable nature of renewable energy like wind and solar
• The shift towards renewables, coupled with new demands such as electric vehicles, is prompting a need for flexible, innovative grid solutions

🌍 Why it matters for the planet: The transition to renewable energy is crucial for combating climate change
• However, the effectiveness of this transition largely depends on the grid's capability to handle renewable sources
• Innovations in grid technology are therefore vital for ensuring a stable, sustainable energy supply and facilitating a broader adoption of clean energy

⏭️ What's next: The sector is likely to see increased investment and regulatory changes
• Countries are gradually opening up to grid flexibility, with regulations evolving to facilitate direct interactions between flexibility service providers and the grid

💬 One quote: “Batteries and energy storage are the technologies that will eventually provide people with stable electricity prices,” (Oskari Jaakkola, Cactos founder and CEO)

📈 One stat: The UK alone spent £5.6 billion in 2022 on balancing the grid, a cost borne entirely by consumers

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