Discuss the principles and applications of electromagnetic induction in electrical engineering, emphasizing its role in generating electricity, transforming energy, and powering various electrical devices. Explore Faraday's law of electromagnetic induction and Lenz's law, explaining how they govern the production of electromotive force $($emf$)$ and the direction of induced currents in conductors. Additionally, delve into the significance of electromagnetic induction in power generation technologies such as generators and transformers, highlighting their importance in modern infrastructure. Finally, speculate on potential advancements in electromagnetic induction technology and its impact on renewable energy generation and electric vehicle propulsion systems, considering efficiency, scalability, and environmental sustainability.