(Yicai Global) Dec. 2 -- As production costs fall year after year, renewable energy will become increasingly competitive, an insider in the energy management services industry told Yicai Global. The future Internet of Things for energy will be a real-time, automatic and flexible power system with renewable energy at its core.
Renewable energy production costs are falling at an annually rate of five to 10 percent and its accumulated advantages will ultimately make renewable energy very competitive in the energy system, Zhang Lei, CEO of Envision Energy Technology Co., an offshore wind-turbine maker, and leading actor in the Internet of Things for energy, said in an exclusive interview with Yicai Global.
Germany presents an apt example. Renewable energy has become quite competitive in the country since it enacted its renewable energy resources law in 2004, Zhang told Yicai Global. Electricity generated by renewable energy resources already made up one-third of Germany's total electricity output last year.
Zhang strives to promote energy system solutions by organically coordinating and consolidating energy storage equipment, electrical equipment and power generation equipment via the Internet of Things platform.
As China presses its electricity system reform, the market will more accurately reflect prices signaling energy system volatility and the Internet of Things for energy will be better poised to achieve real-time optimization, coordination and consolidation, Zhang believes.