Electric power industryThe electric power industry covers the generation, transmission, distribution and sale of electric power to the general public and industry. The commodity sold is actually energy, not power, e.g. consumers pay for kilowatt-hours, power multiplied by time, which is energy. The commercial distribution of electricity started in 1882 when electricity was produced for electric lighting. In the 1880s and 1890s, growing economic and safety concerns lead to the regulation of the industry.
Electric power systemAn electric power system is a network of electrical components deployed to supply, transfer, and use electric power. An example of a power system is the electrical grid that provides power to homes and industries within an extended area. The electrical grid can be broadly divided into the generators that supply the power, the transmission system that carries the power from the generating centers to the load centers, and the distribution system that feeds the power to nearby homes and industries.
Distributed generationDistributed generation, also distributed energy, on-site generation (OSG), or district/decentralized energy, is electrical generation and storage performed by a variety of small, grid-connected or distribution system-connected devices referred to as distributed energy resources (DER). Conventional power stations, such as coal-fired, gas, and nuclear powered plants, as well as hydroelectric dams and large-scale solar power stations, are centralized and often require electric energy to be transmitted over long distances.
Electricity marketIn a broad sense, an electricity market is a system that facilitates the exchange of electricity-related goods and services. During more than a century of evolution of the electric power industry, the economics of the electricity markets had undergone enormous changes for reasons ranging from the technological advances on supply and demand sides to politics and ideology.
Virtual power plantA virtual power plant (VPP) is a cloud-based distributed power plant that aggregates the capacities of heterogeneous distributed energy resources (DER) for the purposes of enhancing power generation, trading or selling power on the electricity market, and demand side options for load reduction. DER assets in a VPP can include photovoltaic solar, energy storage, electric vehicle chargers, and demand-responsive devices (such as water heaters, thermostats, and appliances) with examples of virtual power plants existing in the United States, Europe, and Australia.
Wind powerWind power is the use of wind energy to generate useful work. Historically, wind power was used by sails, windmills and windpumps, but today it is mostly used to generate electricity. This article deals only with wind power for electricity generation. Today, wind power is generated almost completely with wind turbines, generally grouped into wind farms and connected to the electrical grid. In 2022, wind supplied over 2000 TWh of electricity, which was over 7% of world electricity and about 2% of world energy.
Power stationA power station, also referred to as a power plant and sometimes generating station or generating plant, is an industrial facility for the generation of electric power. Power stations are generally connected to an electrical grid. Many power stations contain one or more generators, rotating machine that converts mechanical power into three-phase electric power. The relative motion between a magnetic field and a conductor creates an electric current. The energy source harnessed to turn the generator varies widely.
Grid energy storageGrid energy storage (also called large-scale energy storage) is a collection of methods used for energy storage on a large scale within an electrical power grid. Electrical energy is stored during times when electricity is plentiful and inexpensive (especially from intermittent power sources such as renewable electricity from wind power, tidal power and solar power) or when demand is low, and later returned to the grid when demand is high, and electricity prices tend to be higher.
Electric power transmissionElectric power transmission is the bulk movement of electrical energy from a generating site, such as a power plant, to an electrical substation. The interconnected lines that facilitate this movement form a transmission network. This is distinct from the local wiring between high-voltage substations and customers, which is typically referred to as electric power distribution. The combined transmission and distribution network is part of electricity delivery, known as the electrical grid.
Pumped-storage hydroelectricityPumped-storage hydroelectricity (PSH), or pumped hydroelectric energy storage (PHES), is a type of hydroelectric energy storage used by electric power systems for load balancing. The method stores energy in the form of gravitational potential energy of water, pumped from a lower elevation reservoir to a higher elevation. Low-cost surplus off-peak electric power is typically used to run the pumps. During periods of high electrical demand, the stored water is released through turbines to produce electric power.
