Technology is all around us and in many instances, it has simplified our daily lives through smartphones, the convenience of modern banking, industrial automation, etc. The energy markets, however have not adapted to the speed of modern technological advancements. Monopolistic control has stifled the competition growth, leaving the big energy suppliers to continue producing inefficient utilities at high costs.
We explore the top five problems currently facing the sustainable energy movement, giving a better understanding of the necessity to move toward a cleaner future.
- HIGH ENERGY COSTS
Electricity is important to everyday lives. Each year we see an increase in residential, commercial and industrial electricity bills, sometimes far exceeding the inflation rate. Unfortunately this continues to be on an upward rise with no indications of slowing down. Each country has a unique set of factors contributing to their electricity prices, but the cost of generating electricity is the highest component, and common denominator.
- DEPLETING RESOURCES
The rate at which the world consumes fossil fuels is increasing rapidly. As the population increases, the electricity demands go up, in addition to the growing number of parts of the world that are moving into more developed states demanding more energy. There are a number of renewable energy sources we can use instead of burning the ozone layer with fossil fuels, such as solar and wind energy, hydroelectric power, bioenergy, geothermal energy and tidal energy.
- MONOPOLY CONTROL OF SUPPLY AND PRICING OF ENERGY
Electricity is the driving force of modern society. It is generated, distributed and sold by an electric utility. Most commonly, these companies are a natural monopoly in their industry, usually due to the high start up costs. This allows the company to charge higher prices and increases their market share, without necessarily offering a better quality product. This has an unfavorable impact on the consumer as there are very few alternative options available.
- IRREVERSIBLE ENVIRONMENTAL DAMAGES
Our planet is currently facing a number of environmental problems, all consequences of our negligence and ignorance. The most significant contribution to the deterioration of our planet is fossil fuels. Every point of the fossil fuel supply chain is causing damage, from extraction
processes, transportation from the mine or well, the burning process and the toxic waste byproducts. Air and land pollution, climate change, global warming, natural resource depletion and acid rain are all direct results of the electric power industry.
- LACK OF GOVERNMENT SUPPORT AND FUNDING FOR RENEWABLE ENERGY
Slow development of renewable energy implementation can come down to a number of reasons. Developing countries lack initial capital and the availability of incentive and subsidies from government. Without government support, the funding to finance infrastructural developments required to set up and develop renewable energy plants is almost unreachable. This is also contributed by the lack of complete energy policy declarations from government.
Unfortunately, a country’s economic status determines the level of renewable energy adoption.
ALTERNATIVE METHODS OF ENERGY SUPPLY
Electricity is part of our everyday life, but the way we consume it hasn’t changed in the past 20 years, and the price has increased astronomically. Here to disrupt the energy supplier market, ENERGY One is utilising blockchain technology to create a new way of sharing and consuming energy. By implementing sustainable energy systems within cities, individuals will be able to trade sustainable energy on a peer-to-peer level. Embracing this new technology, not only saves money for individuals but also makes significant efforts to save the environment.
ENERGY One will change the way we buy, consume, produce and understand energy. We apply modern technology for our customers – individuals, corporates and communities alike – to help them reach ever new levels of responsible and sustainable energy usage, in addition to cost-savings.
With our successful track record of projects in our European home markets, and a wide-range of blockchain-based energy products and services, ENERGY One can design and implement sustainable energy systems achieving reduced energy consumption and a better quality of life in smart cities of the future.
Originally Appeared on NullTX