How Utilities Companies Can Future-Proof Themselves

Rapidly changing market demands is challenging the utilities around the world. They must adapt to technological advances such as intermittent renewable power generation, rooftop solar panels, behind the meter storage, as well as an increase in customer expectations. This new market context is unpredictable and embracing it requires an overhaul of utilities’ operating and business models. Regardless of the business model selected, utilities can succeed by developing a strategy based on these pillars:

Grid modernization: Utilities’ investment plans to upgrade their grids not only need to be focused on eliminating capacity constraints but also need to embrace new technologies. The grid of the future has to handle bi-directional power flows, to incorporate smart meters and to capture and report large quantities of data. Therefore, grid investment plans will need to incorporate a wide variety of new technologies like advanced inverters, grid management and dispatch tools, and grid-level energy storage equipment.

Customer-centric evolution: Utilities of the future will have to develop a greater focus on their customers. Successful companies will be those that move from selling power as a commodity, to having a segmented value proposition centred on customer needs. Utilities will need to invest in developing customer insight to understand what drives satisfaction and to identify opportunities for new services.

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