To have an increase in the economy it is needed to have constant production as well as consumption in the Power and Utility industry. The activities carried out in this field are utilizing the goods, transportation of goods, knowledge of running machines to generate the power resources. We can see how the world of energy is being transformed. With the digital transformation, we can see that developments such as blockchain and new participants working across industry boundaries, have the potential to change the energy sector in ways that can help the sector to upgrade itself and benefit through this transformation.
Technology and innovation are revolutionizing how the industry with the change can efficiently carry out the activities and meet the change they need right now. Power and utility companies are also going through a major change to keep up with shifting energy needs. Through the implementation of emerging technologies, including smart sensors and data analytics capabilities, they can enhance efficiency and meet customer expectations for service, personalization, and control.
Utilities are maintaining reliability and affordability while performing a difficult task as they boost variable renewables. To do it, they’re building a more flexible, modern grid and that requires investment. In addition, some utilities may face stranded costs of retiring fossil fuel-based generation earlier than planned. And it is expected that utilities will need to further transform their culture internally to manage these changes. What’s more, digital skills gaps are widening as the power sector digitizes, mirroring gaps in the broader economy and sparking fierce talent competition. Finally, as the power sector approaches 80% to 85% clean electricity in the coming years, progress could slow unless new technologies, such as long-duration energy storage and green hydrogen, have been commercialized.
Currently, the power and utility industry tackles tough challenges, made measurable progress, and received clean energy encouragement from a new administration. The future of power and utility industries expects the industry to continue forging a path to a cleaner, more reliable, and resilient grid. While today’s challenges will likely persist, the annual industry outlook explores how digital technologies, market developments, and government investment in next-generation energy technologies can help pave the way.
Path to a cleaner, more reliable, and resilient grid
Smart sensors and data analytics capabilities
Better billing systems, accuracy in calculations, accounting, and proper management systems to grow revenue
With the digital transformation, we help you to remain stronger in the crises to make the right moves in an era of new energy sources, distributed generation, smart grids, digital transformation, and more empowered customers. We can provide insight into capital resources and can help in getting opportunities to make it happen. Further helping you to connect with better billing systems, accuracy in calculations, accounting, and proper management systems to grow revenue and resolve issues faster with various products and services.