Utilities Tech Outlook Weekly Brief
Be first to read the latest tech news, Industry Leader's Insights, and CIO interviews of medium and large enterprises exclusively from Utilities Tech Outlook
With the growing trend toward performance-based regulation, utilities must trail the advantages of their investments, which may need more cultured monitoring and analysis. Moreover, the business must comply with growing cybersecurity standards and often arcane rules governing whether spendings qualify for capital asset classification.
Fremont, CA: Issues that are directing many companies to seek innovative asset management means and processes are:
Storms and Catastrophes are Becoming more Severe.
From 2015 to 2019, the US had faced double the billion-dollar disasters as it did in the 40 years from 1980 to 2019.
Infrastructure Ageing:
The mass of infrastructure in the US energy transmission and distribution networks is 70 to 80 years old, even though its initial estimated lifetime was 50 years. As a result, the infrastructure is obsolete and no longer suitable for new business cases. In addition, the intensity of natural catastrophes and outdated infrastructure has resulted in extended outages in the United States.
Increasing Public Health and Demand Challenges:
COVID-19 has highlighted the importance of more flexible decision-making skills. Utilities need innovative solutions to satisfy new and altering energy consumption patterns as employees and students remain home more frequently.
Moreover, social distancing necessitated the development of new remote asset maintenance procedures, supply chain interruptions compelled the development of new supply sources, and financial restrictions demanded the renewal of capital program evaluations.
Increasing Cyber and Physical Threats:
Power infrastructure is progressively vulnerable to cyber and physical assaults intended to cause asset damage and interrupt grid operations.
Increasing Asset Complexity:
With the rise of renewables and the infrastructure necessary to integrate them smoothly into the grid, utility asset life cycles are getting increasingly complicated. This encourages businesses to use the information and operational technology to manage assets better.
