Electric utility firms are drifting towards better operational efficiency, customer service, and revenue. What keeps them going?
FREMONT, CA: The electric utility industry has celebrated the successes, and survived the severest troughs, continuing to accelerate amid the puddle of challenges. However, technology is the pillar supporting the proliferation of the industry. From intelligent grids to live chats, the electric utility firms have even more to welcome. Here is a list of trends, which are expected to influence the present utility landscape to diversify the success prospects of the future.
• DER Making Strides
With almost 50% of the US electric utility installations being distributed, DER is now the trendline. This certainly marks a competent future of the DER market. Utilities are well poised to take complete advantage of the DER, with all the tailored infrastructure, operational ecosystem, and more. Customers' inclination and preference towards distributed services also add to the reasons that make DER stay long.
• Energy Storage Becoming the Preferred Approach
The world is in need of more electricity as almost every operation is electrified; energy storage has become imperative and not merely a trend. To cradle the world's reliance on electricity, the electric utility companies are putting in efforts to integrate reliable and futuristic energy storage functionalities with the grid.
• Electrification of Amenities
Sources say that the future would see increased levels of applications that would be electrically driven. In addition, reports point to the fact that a lot of appliances which were run by fossil fuels are now shifting towards electricity. The number of electric vehicles produced each day is taking over ordinary ones. This transportation electrification is just one instance that highlights the increased reliance of various industries on the electric grid. This could be clear evidence of the amplified need for electricity to power the world, which is sure to transform into an electricity-first one in the future.