Full Title: The Power of Innovation: Inventing the Future
Author(s)/Publisher(s): American Energy Innovation Council
Publication Date: 06/2017
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Access to reliable, affordable energy has such a profoundly positive impact on people’s lives as to nearly defy calculation. Yet unlike many other technology sectors, the energy sector in particular has suffered from underinvestment in research and development (R&D) for a number of reasons. As a generally low-cost commodity, it is often difficult for an energy supplier to differentiate itself and charge a premium the way products in other markets like communications hardware or biomedical technologies might. Energy infrastructure and technologies are also generally high-cost and long-lived, leading to large amounts of inertia and, in some cases, risk avoidance. Further complicating these challenges is the fact that energy markets are highly fragmented and often face a significant amount of regulatory fracturing and uncertainty.