The increasingly changing outlook for the energy sector challenges us to continue adapting in this new year and, to this end, it is important to identify the keys that will drive the energy sector in 2024.
At Circutor, we will continue doing what we've done for the past 50 years: putting customers at the centre and trusting our great team, always motivated by innovation, efficiency and sustainability.
In this post, we will tell you more about the essential aspects to keep in mind so you can make the best decisions for yourself and your company in 2024.
Keys to the energy sector in 2024:
- Investment in self-supply.
The increase in electricity prices, which are expected to keep rising in 2024, makes self-supply one of the most profitable and intelligent investments in the long term, given the energy and financial savings it can generate. In addition, self-supply is now more affordable and appealing than ever for consumers. The Spanish government, as well as others around Europe, is offering a series of incentives for self-supply. In Spain, specifically, there is a reduction in VAT to 10% and the option to apply for subsidies from the Renove Plan for Self-Supply.
Finally, it should be noted that self-supply contributes to the planet's sustainability. By using renewable energies, such as solar photovoltaic, these installations do not produce greenhouse gas emissions, thus making them much more sustainable.
- Deployment of renewables.
The energy transition towards a more sustainable electricity system, a process that is already a reality, relies on the deployment of renewables. In 2023, Spain led the world in renewable energy use to supply its electricity grid, with 19.1% coming from solar power, according to the International Energy Agency.
The current goal is for clean energies to supply 74% of electricity consumption by 2030. Everything seems to indicate that major progress will be made in this direction in 2024. And to achieve this, it will be essential to have green technologies in these installations. The implementation of self-supply systems through photovoltaic canopies will be another safe bet that will enable the expansion of self-supply and renewable energies.
- Energy storage.
The deployment of renewable energy, with its irregular nature, will require the development of local storage systems, such as batteries, in which to accumulate the energy. This is why investment in batteries is expected to increase, since they are increasingly affordable and easy to maintain, and also independent of the electricity grid.
- Improved energy efficiency.
According to the Institute for Energy Diversification and Savings, one of the goals being pursued to put an end to fossil fuels and reduce the carbon footprint is improved energy efficiency.
Energy Management Systems (EMS), such as power analyzers, capacitor banks, harmonic filters and residual current protection systems, boost energy savings, continuity of supply, the quality of supply in loads and consumption management, in order to detect inefficiencies in electrical installations. These solutions also minimize users' dependence on fossil fuel and help them reduce their CO2 emissions, a priority for coming years.
- Consolidation of the electric vehicle and its infrastructure.
The increase in sales of electric vehicles will have a significant impact on the electricity sector. In this regard, regional and national subsidies, such as the Moves Plan, and the planned improvements in the charging infrastructure, will be of vital importance. Charging stations and the charging infrastructure for EVs are one of the keys that will enable the consolidation of electromobility. Sales of electric vehicles in Spain are expected to go up considerably in 2024. This will require an increase in the electricity generation and accumulation capacity, which, as we have seen, will be addressed through self-supply and storage systems.
- Digitization of the sector.
Digitization is a key trend in every sector, and the electrical sector is no exception. It is a key aspect to improving the efficiency, safety and sustainability of the electrical system. In 2024, digitization will have an even greater impact in our field due to the inroads being made by new technologies such as artificial intelligence and big data.
The implementation of IT systems for energy management will be key to minimizing energy consumption, improving the efficiency of facilities and helping us to make the best decisions for our companies at the right time.
These are just some of the keys that will lead the electricity sector in 2024. The companies that will lead the sector in coming years will no doubt be those that shift toward self-supply, solar generation, electromobility and energy efficiency in general.
