The future of sustainable society – The state of the art of renewable energy and distribution systems

Today society is facing numerous challenges associated with energy management system. The centralized power generation system is depending on the fossil fuels to generate energy which is harmful to the environment, and it is unable to fulfill the rising demand for electricity. The decentralized power generation system could easily be integrated with renewable energy sources which could satisfy the growing demand for electricity without damaging the environment. This thesis explores the proper energy distribution system (smart grid) which could be fully equipped with the digitalized technology and be integrated with renewable energy sources and decentralized system. Peer-reviewed articles and government reports have been reviewed in order to get the impact of digitalized technology on overall energy management system, as well as the smart grid services commercialized through the business models. The result shows that the cost of transmission lines is reduced by using decentralized power generation system which helps to provide clean energy at low price to the end consumers. Furthermore, the thesis claims that smart grid is a disruptive technology which encourages energy producers and distributors to adopt a rapid change in the energy market along with changing their business model. Finally, it has been explored that smart grid could provide three services, such as demand response, integration of renewable energy, and grid to vehicle services. These services could successfully be commercialized through business model innovation which enables energy providing and distributing firms to create and capture value regarding profit. Thanks for the great support who were involved in the completion of this project.