The energy industry has progressed on its transition towards sustainability and away from its full dependence on fossil fuels – a process that has kicked into a higher gear in recent years as many governments worldwide are enacting legislation to incorporate sustainable energy sources and technologies, thus ushering in a new era in energy management. A buzzword on everyone’s lips has been decarbonization, which aims to transition towards a clean and carbon-free economy by integrating renewable energy sources. This transition is evident in the increasing share of electric mobility and the imposition of higher taxes on fossil fuels. By reducing carbon emissions, decarbonization supports global efforts to combat climate change. The second d-word to consider is decentralization, which involves the distribution of electricity generation across multiple, geographically diverse producers and consumers. This approach allows regions to generate electricity independently, even if they aren’t connected to the main distribution networks. Decentralization reduces energy intensity and offers opportunities for utilizing renewable sources of energy more effectively. By diversifying energy production, it enhances grid resilience and reliability, and mitigates the risks associated with centralized power systems. Digitization, or Energy 4.0, refers to the widespread use of digital technologies at all levels of the power system. Digitization leverages machine-to-machine and machine-human interactions to best implement intelligent energy and power management solutions. The Internet of Energy (IoE) addresses the challenges of traditional central power systems, offering greater efficiency and real-time monitoring capabilities. Smart meters, for instance, allow consumers to monitor and manage their energy usage in real-time, leading to more informed and efficient consumption. Now, with IoT-based predictive maintenance systems in place, it’s a lot easier and less resource heavy for power plants and grids to detect potential equipment failures. Additionally, IoT-connected renewable energy sources, such as solar panels and wind turbines, enable remote monitoring and control, thus maximizing energy production and distribution.