Future European energy markets and Industry 4.0 potential in energy transition towards decarbonization

Abstract

Climate change, economic growth and fossil fuel price volatility are forcing governments and thus society to adopt economical and technical measures in the energy sector to reach sustainability. These actions can be seen as opportunities for the stakeholders that form the energy market and also for new actors that may enter as a consequence of the energy transition that is taking place. In this paper, a description of the energy targets and potential market scenarios in Europe is carried out, together with a review of the policies implemented to achieve these objectives. Within this framework, the possibility of the industry to adopt a crucial role in the development of the new energy market is also analysed. The potential tools for its achievement are also presented, together with some of the techniques and mechanisms that make it feasible. From this study, it can be concluded that the industrial sector will become a major distributed prosumer, providing services to the energy market and facilitating the energy transition towards the decarbonization of the society.s