The subject of risk and innovation is timely in the context of climate change. The power industry is decarbonizing by adopting renewable power to displace conventional fossil generation sources. Energy storage is needed to manage the variability of renewable power. The need is very large, and innovation will be required to meet power industry needs.
In November 2015, I was invited to discuss risk and the innovation process in the power industry at the International Electrotechnical Trade Fair in Medellin, Colombia. In this talk I describe the challenges faced by utilities and entrepreneurs, and outline an innovation strategy, with examples of of both successful and unsuccessful commercialization efforts.