Business View Magazine - Nov 2023

95 BUSINESS VIEW MAGAZINE VOLUME 10, ISSUE 11 provide a deeper understanding of the energy system’s complexity, including discussions on harnessing critical minerals from volcanoes and exploring the theoretical potential of energy from lightning. It serves as a platform for academics, entrepreneurs, and innovators to present their contributions to the field, fostering a stronger understanding of the interconnected systems in energy. The association also hosts a pitch competition during their annual conference, allowing entrepreneurs to showcase their innovative solutions. Key Terms in the Industry Emphasizing the importance of future terminology in the energy realm, Kendall shares key terms “prosumer” and “energy democracy.” She defines the term “prosumer” as a critical aspect of the future of energy, where individuals generate their power and are also the consumers of that energy. This concept becomes especially significant in grid-connected urban environments, where prosumers can contribute to emergency power needs during crises. In such situations, a prosumer’s power storage, like a power wall, can be used to support critical operations within their home or even contribute power to the overall grid to assist the community. This decentralized system, involving prosumers, plays a key role in enhancing resiliency. Additionally, she describes “energy democracy” as a noteworthy term that encapsulates the idea of individuals creating resiliency within their community by owning and managing their energy resources. While utilities remain essential for transactional energy, the concept of energy democracy empowers people to take charge of their energy needs and contribute to community well-being, thereby reducing the load on traditional power grids. Smart grids are another overarching term in the sector, encompassing a more intelligent and efficient approach to power delivery, encompassing both transmission and distribution infrastructure. This includes large- scale high-voltage transmission lines and the DECENTRAL I ZED ENERGY CANADA smaller wires that reach residential areas. Within the realm of smart grids, there exists a subset known as microgrids. Kendall emphasizes, “A microgrid encapsulates the decentralized energy space. It is the integration of thermal and electrical energy production within our buildings and communities. The definition of decentralized energy is producing your energy close to the loads, close to the users, instead of having to