Power electronicsPower electronics is the application of electronics to the control and conversion of electric power. The first high-power electronic devices were made using mercury-arc valves. In modern systems, the conversion is performed with semiconductor switching devices such as diodes, thyristors, and power transistors such as the power MOSFET and IGBT. In contrast to electronic systems concerned with the transmission and processing of signals and data, substantial amounts of electrical energy are processed in power electronics.
Demand responseDemand response is a change in the power consumption of an electric utility customer to better match the demand for power with the supply. Until the 21st century decrease in the cost of pumped storage and batteries electric energy could not be easily stored, so utilities have traditionally matched demand and supply by throttling the production rate of their power plants, taking generating units on or off line, or importing power from other utilities.
Duck curveThe duck curve is a graph of power production over the course of a day that shows the timing imbalance between peak demand and solar power generation. Used in utility-scale electricity generation, the term was coined in 2012 by the California Independent System Operator. In some energy markets, daily peak demand occurs after sunset, when solar power is no longer available.
Purchasing powerPurchasing power is the amount of goods and services that can be purchased with a unit of currency. For example, if one had taken one unit of currency to a store in the 1950s, it would have been possible to buy a greater number of items than would be the case today, indicating that the currency had a greater purchasing power in the 1950s. If one's monetary income stays the same but the price level increases, the purchasing power of that income amount falls.
