CLEAResult has released a report providing utilities with a roadmap to navigate critical challenges and capitalise on new customer opportunities brought about by innovation disruption.
The annual 2018 Innovation Outlook Report combines key insights from CLEAResult’s annual Energy Forum utility conference with research from industry thought leaders, to offer a perspective on how to approach the fast-changing market dynamics of the US utility industry.
According to the report:
- There was a 95% uptake in electric vehicles in Q1, 2017
- Regulatory changes has helped utilities improve grid efficiency and revenue streams
- The increased share of renewable energy as a source of electricity for customers has changed the utility industry
- Energy efficiency as a tool for reducing customer demand becoming a mature market
- The proliferation of sensors everywhere, and the subsequent digitalisation of everything is improving utility operations
- AI is considered to be the next general purpose technology in terms of how it will be embedded in every technology we use
“The 2018 Innovation Outlook Report is designed to help utility leaders navigate and capture the opportunities our evolving industry landscape presents,” said Aziz Virani, CEO at CLEAResult.
“It’s our goal to empower utilities to be able to adapt from the traditional utility value proposition of delivering ‘safe, reliable and affordable’ energy to expanding their value proposition to reflect what utility customers want, which is more ‘comfort, convenience and control’ over their energy experience.”
“It’s of the utmost importance that we “shed the old way of thinking. We have to go to where the customers are.”
Noteworthy topics of the report include:
• Regulatory reconciliation – Moving towards a customer-centric model with the right regulatory treatment that can reconcile lower energy bills for consumers with utilities’ needs for revenue growth.
• Renewables and DER – Managing changes in the transmission and distribution network as more distributed generation from renewables comes online and disrupts supply and demand models.
• IoT-based Business Models – Developing strategies to embed the internet of things (IoT) such as voice-activated assistants, artificial intelligence, and digital apps in utilities’ day-to-day operations to formulate new and viable business models.
• Customer centricity – Equipping utility workers with the adaptive mindset required to meet changing consumer behaviors and preferences for comfort, convenience and control over the traditional value propositions of safety, reliability and affordability.
• Evolving with electric vehicles – Growing demand for electric vehicles will challenge utilities to seek new partnerships with automotive companies and regulatory agencies to ensure that programs and rate structures encourage load management and enable demand response and grid beneficial charging.
A full copy of the report can be downloaded here.