The discovery of oil in Pennsylvania in 1859 was a relatively inconspicuous precursor to what would become an epic shift into the modern age of energy. At the time, the search for “rock oil” was driven by a perception that lighting fuel was running out. Advances in petrochemical refining and internal combustion engines had yet to occur, and oil was more expensive than coal. In less than 100 years, oil gained worldwide prominence as an energy source and traded commodity. Along similar lines, electricity in the early 1900s powered less than 10% of the homes in the United States. Yet, in under a half a century, billions of homes around the world were equipped to utilize the refined form of energy. Estimates indicate that roughly 85% of the world’s population had access to electricity in 2014 (World Bank, n.d.b). For both petroleum and electricity, significant changes in energy use and associated technologies were closely linked to evolutions in infrastructure, institutions, investment, and practices. Today, countless decision-makers are focusing on transforming energy systems from fossil fuels to low carbon energy which is widely deemed to be a cleaner, more sustainable form of energy. As of 2016, 176 countries have renewable energy targets in place, compared to 43 in 2005 (Renewable Energy Policy Network for the 21st Century [REN21], 2017). Many jurisdictions are also setting increasingly ambitious targets for 100% renewable energy or electricity (Bloomberg New Energy Finance [BNEF], 2016). In 2015, the G7 and G20 committed to accelerate the provision of access to renewables and efficiency (REN21, 2016). In conjunction with all of the above priorities, clean energy investment surged in 2015 to a new record of $329 billion, despite low, fossil fuel prices. A significant “decoupling” of economic and carbon dioxide (CO2) growth was also evident, due in part to China’s increased use of renewable energy and efforts by member countries of the Organization for Economic Cooperation and Development (OECD) to foster greater use of renewables and efficiency (REN21, 2016).
Integration of Seawater Pumped-Storage in the Energy System of the Island of São Miguel (Azores)
