World Bulletin / News Desk
Smart technology and regulation will help counter challenges in the global power sector in decarbonization, and in competitiveness in the energy market, according to Professor Maria Teresa Costa Campi, from Barcelona University of Spain.
Addressing the ongoing World Forum on Energy Regulation in Istanbul during the final plenary session entitled "Towards Smart Regulation," Costa Campi said that smart regulations will be an optimal means in designing the energy system of the future.
According to the Council of Energy Regulators (CEER), smart meters, smart grids and smart regulation are key enablers for a move towards a low carbon society for the benefit of all.
"Customers have better opportunities not only to reduce consumption but also to produce energy themselves," CEER's official website said.
Additionally, smart meters, in conjunction with smart regulations, incorporates time-of-use tariffs and ease of use for customers so they can have greater control over their energy use, while offering them the possibility of being more energy efficient while saving money.
Finally, she said that smart regulation is expected to play a significant role in the future development of instruments that will help meet the power sector's challenges in which almost all countries are facing today.
David Gray, the chairman of the U.K.-based regulatory authority, OFGEM, which regulates the U.K.'s electricity and gas markets, said that there are conceptual challenges in understanding "smart technology" in the energy sector.
"Almost all equipment we use are called 'smart' such as smart phones, smart meters, smart grids and smart TVs," he said.
He underline the importance of smart regulations, and counted some of the benefits as allowing greater control for customers in their own energy efficiency as well as having a system which is adaptable to changing conditions.
The four-day forum, which aims to develop a common approach to energy regulation by gathering regulatory representatives from around the world, will end on May 28.
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