Smart Grids and Energy Storage Systems: Powering the Future of Energy In today’s rapidly evolving energy landscape, the push towards sustainability, efficiency, and reliability is stronger than ever. Traditional power grids, though robust in their time, are no longer sufficient to meet the demands of a modern, digital, and environmentally conscious society. This is where smart grids and energy storage systems (ESS) come into play — revolutionizing how electricity is generated, distributed, and consumed. What is a Smart Grid? A smart grid is an advanced electrical network that uses digital communication, automation, and real-time monitoring to optimize the production, delivery, and consumption of electricity. Unlike conventional grids, which operate in a one-way flow (from generation to end-user), smart grids enable a two-way flow of information and energy. Key Features of Smart Grids: Real-time monitoring of power usage and quality. Automated fault detection and rapid restoration. Int...
The types of firms are classified as follows
1. Individualistic Institutions
1) Sole trading
2) Partnership
3) Joint stock company
a) public Ltd
b) private Ltd
4) Co-operative
5) Multinational Companies
2. Government Institutions
1) Public Corporation
2) Government Company
3) Government Department
Individualistic Institutions:
1. Sole trading:
If a business is owned and controlled by a single person / individual then it is sole trading business. He himself enjoys the profits and bear all losses.
2. Partnership:
Partnership is the association of two or more person's to carry on business and to share profits or losses. Partnership is created by an agreement and the partners will share the profit or loss on the basis of capital contribution.
3. Jointstock Company:
Company is an association of many persons who contribute money or money's worth and also share the profit or loss.
There are two types of joint stock companies
1) Private Limited Company
2) Public Limited Company
Private Limited Company:
The number of members required to start private company is 50 members. They are prohibited to issue prospectus to the public for issuing shares.
Public Limited Company:
The minimum number of members is 7 and maximum is unlimited. Capital is collected from the public by issuing shares. They can transfer the shares.
4. Co-operative:
It is the voluntary association of persons for mutual benefit and it's aims are accomplished through self help and collective effort. Every state Government has appointed a register of Cooperative societies for controlling and supervising societies.
5. Multinational Companies:
MNC's are companies that manufacture and market products or services in several countries. MNC's can promote quality products at lower cost. It can avail better technology used all over the world.
Government Institution:
1. Government Department:
It includes postal, railway, telegraph, radio& Television and power station etc
2. Government Companies:
It includes Indian Rare Earth(IRE), Hindustan Latex, Bharath Heavy Electricals Limited (BHEL) and Steel Authority of India LTD(SAIL).
3. Public Enterprises:
It includes State Transport Corporation, Life Insurance Corporation of India(LIC), Reserve Bank of India (RBI), Industrial Finance Corporation (IFC) and Industrial Credit Investment Corporation of India (ICICI).