As the cost of generating clean energy continues to fall and growth of the renewables market accelerates, the energy industry is in the midst of significant disruption.
As the cost of generating clean energy continues to fall and growth of the renewables market accelerates, the energy industry is in the midst of significant disruption. In 2017, clean energy sources — including wind, hydro and solar — supplied 12% of the world’s energy needs. That same year saw the solar sector alone attracting $160 billion in investment, an 18% increase over 2016.
Additionally, commercial and industrial customers are taking a stronger role in determining their source of electricity.
Some large power consumers are signing Power Purchase Agreements that allow them to dictate their mix of renewable energy. These PPAs more than doubled in the United States, from 6.1 GW in 2017 to 13.4 GW, in 2018 and growth is expected to continue, with multinational corporations like AT&T, Exxon Mobil and Facebook committing to PPAs as well.
If companies don’t want to be left behind, conventional business models must evolve. At MHPS, we firmly believe that adapting to this clean energy revolution is essential for a power generation company to succeed in this changing energy environment.
To this end, we have taken a three-pronged approach to innovate for this demand with our flexible SmartER GAC gas turbine, Li-ion battery storage systems, and a new venture called Oriden. Our SmartER GAC combined with intermittent renewable energy provides consistent power while minimizing carbon emissions.
In support of the shift to more renewable energy, Oriden’s mission is simple: develop, build and maintain the clean energy systems of the future. Fully backed by MHPS, Oriden is uniquely positioned to finance and develop clean energy projects that will power our future — combining the speed of a startup with the financial strength of a trusted industry expert. Its diverse mix of engineers, developers and financiers are steeped in the clean energy industry and come from a wide variety of backgrounds as they pursue clean energy projects, from solar power to microgrids to energy storage solutions.
The clean energy transition is well underway, and companies must prepare for this disruption by adapting their business models accordingly. MHPS and Oriden have already made expansive investments to ensure a seamless transition throughout this transformation — leaving us well-positioned to bring this change in power.
In 2017, clean energy sources supplied
of the world's energy needs