Energy Security: Global Concern and Local Challenges

Energy security is the main driver for energy transition around the world. The impact of burning fossil fuels on our environment as well as the rising energy demand is growing into a global concern. Renewable energy plays an important role in the transformation; coupled with low-carbon emission technologies that are now becoming more effective and economical. A lot of electricity regulators decided to embrace small-scale renewable energy called distributed energy resources (DERs) close to demand to enhance the traditional electric power grid all around the world. Various DER solutions with battery storage and demand response have been proposed in a microgrid system to improve electrification and the reliability of power systems called Hybrid DER solutions. The cost of renewable electricity generation has been continuously falling triggering the fast development of the technologies. With the support of efficient policies and regulatory frameworks, renewable energy will be significantly growing to formulate energy security. In the future, the trade of excess solar electricity on consumers' rooftops or electric vehicles with the neighborhood at a market price will be the new way of living. The deployment of virtual power plants, and carbon pricing schemes will be moving forward to drive the uptake of clean energy technologies for the sustainable electricity industry. Energy security aims to increase the efficiency of energy, diversify the sources it?s derived from, develop renewable energy, and strengthen the energy infrastructure while also increasing the domestic product for self-consumption.