Evaluation of Sustainable Business Model Innovation in Increasing the Penetration of Renewable Energy in the Ghana Power Sector

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Business Model Innovation in Increasing the Penetration of Renewable Energy in the Ghana Power Sector</title> <meta name="description" content="Evaluation of Sustainable Business Model Innovation in Increasing the Penetration of Renewable Energy in the Ghana Power Sector"> <meta name="keywords" content="business model innovation, electricity generation, renewable energy, solar energy, sustainability, wind energy"> <meta name="viewport" content="width=device-width, initial-scale=1, minimum-scale=1, maximum-scale=1, user-scalable=no"> <meta charset="utf-8"> <meta name="citation_title" content="Evaluation of Sustainable Business Model Innovation in Increasing the Penetration of Renewable Energy in the Ghana Power Sector"> <meta name="citation_author" content="Victor Birikorang Danquah"> <meta name="citation_publication_date" content="2023/06/21"> <meta name="citation_journal_title" content="International Journal of Energy and Power Engineering"> <meta name="citation_volume" content="17"> 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class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/search?q=Victor%20Birikorang%20Danquah">Victor Birikorang Danquah</a> </p> <p class="card-text"><strong>Abstract:</strong></p> <p>Ghana's primary energy supply is heavily reliant on petroleum, biomass, and hydropower. Currently, Ghana gets its energy from hydropower (Akosombo and Bui), thermal power plants powered by crude oil, natural gas, and diesel, solar power, and imports from La Cote d'Ivoire. Until the early 2000s, large hydroelectric dams dominated Ghana's electricity generation. Due to the unreliable weather patterns, Ghana increased its reliance on thermal power. Thermal power contributes the highest percentage in terms of electricity generation in Ghana and is predominantly supplied by Independent Power Producers (IPPs). Ghana's electricity industry operates the corporate utility model as its business model. This model is typically 'vertically integrated', with a single corporation selling the majority of power generated by its generation assets to its retail business, which then sells the electricity to retail market consumers. The corporate utility model has a straightforward value proposition that is based on increasing the number of energy units sold. The unit volume business model drives the entire energy value chain to increase throughput, locking system users into unsustainable practices. This report uses the qualitative research approach to explore the electricity industry in Ghana. There is the need for increasing renewable energy such as wind and solar in the electricity generation. The research recommends two critical business models for the penetration of renewable energy in Ghana's power sector. The first model is the peer-to-peer electricity trading model which relies on a software platform to connect consumers and generators in order for them to trade energy directly with one another. The second model is about encouraging local energy generation, incentivizing optimal time-of-use behaviour, and allow any financial gains to be shared among the community members.</p> <iframe src="https://publications.waset.org/10013144.pdf" style="width:100%; height:400px;" frameborder="0"></iframe> <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/search?q=business%20model%20innovation" title="business model innovation">business model innovation</a>, <a href="https://publications.waset.org/search?q=electricity%20generation" title=" electricity generation"> electricity generation</a>, <a href="https://publications.waset.org/search?q=renewable%20energy" title=" renewable energy"> renewable energy</a>, <a href="https://publications.waset.org/search?q=solar%20energy" title=" solar energy"> solar energy</a>, <a href="https://publications.waset.org/search?q=sustainability" title=" sustainability"> sustainability</a>, <a href="https://publications.waset.org/search?q=wind%20energy" title=" wind energy"> wind energy</a> </p> <a href="https://publications.waset.org/10013144/evaluation-of-sustainable-business-model-innovation-in-increasing-the-penetration-of-renewable-energy-in-the-ghana-power-sector" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/10013144/apa" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">APA</a> <a href="https://publications.waset.org/10013144/bibtex" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">BibTeX</a> <a href="https://publications.waset.org/10013144/chicago" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">Chicago</a> <a href="https://publications.waset.org/10013144/endnote" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">EndNote</a> <a href="https://publications.waset.org/10013144/harvard" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">Harvard</a> <a href="https://publications.waset.org/10013144/json" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">JSON</a> <a href="https://publications.waset.org/10013144/mla" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">MLA</a> <a href="https://publications.waset.org/10013144/ris" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">RIS</a> <a href="https://publications.waset.org/10013144/xml" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">XML</a> <a href="https://publications.waset.org/10013144/iso690" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">ISO 690</a> <a href="https://publications.waset.org/10013144.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">856</span> </span> <p class="card-text"><strong>References:</strong></p> <br>[1] World Bank (2018). 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Evaluation of Sustainable Business Model Innovation in Increasing the Penetration of Renewable Energy in the Ghana Power Sector