Driven by new solutions from third-party vendors, an increasing number of large investor-owned utilities are making significant commitments to use data to change their operations despite the challenges they face.
Fremont, CA: The COVID-19 pandemic has increased the need for dependable and robust critical infrastructure. Power, water, natural gas and telecommunications services have become even more critical because of the current health crisis.
Here are three key trends that will reshape the utility investments:
Next-Level Reliability Through Resilience:
A reliable service is fundamental to every utility’s authority. But it has become more challenging to achieve this because of the legacy infrastructure and climate events. Electric utilities face the issue of extended outages from storms and wildfires. Water utilities also face extreme, unpredictable supply challenges.
Turning Data into Action:
Taking advantage of smart infrastructure to provide data-driven operations is still underworks because only a few early adopters have operationalized data. Driven by new solutions from third-party vendors, an increasing number of large investor-owned utilities are making significant commitments to use data to change their operations despite the challenges of budget constraints, competing priorities and regulatory obstacles.
C-Suite Influence on Sustainability:
Utilities have always adopted efficient and sustainable operations. Climate change has created new issues by pushing utilities to adapt faster, although they are restricted by extreme weather events and regulatory structures that follow market shifts. However, utilities continue to reveal ambitious decarbonization goals outside of regulatory directives, showing how non-traditional market drivers are leading the transition.