The $3 trillion electricity market—including about $530 billion in North America—continues to undergo remarkable transformation. This energy transition from reliance on hydrocarbons towards renewable energy sources is in large part being driven by the evolution of new and more cost-effective technologies. Geopolitical conflicts have also served as catalysts, as vulnerable countries have been moving to secure incremental energy independence and reduce reliance on fossil fuels. This pivotal shift is redefining the energy industry and reimagining the future of sustainable and efficient power generation.
What we’re watching
- Clean hydrogen
- The resurgence of traditional nuclear power through SMRs
- Big oil’s approach to the energy transition
- Use of energy storage technologies, grid-scale batteries, and demand response programs to integrate renewable energy sources into the electric grid
Despite the strides made in renewable energy, a complete departure from traditional hydrocarbon sources remains impractical today.