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Five Biggest Challenges Facing the Utilities Industry Today
The following are some of the challenges and possibilities that utility firms face, as well as the primary drivers of change in the industry
Fremont, CA: The utility industry is undergoing a fast transformation. The rise in demand for sophisticated technology, smart cities, and electric transportation is merging with the surge for renewable energy sources and sustainability.
The utility business has a large portion of the burden for this massive shift, and the decisions they make today will have far-reaching consequences for the society for future generations.
Whether a company is in charge of electricity, gas, water, or waste utilities, it must aim to create intelligent solutions and energy efficiency in its operations while also providing a safe and secure infrastructure for the environment today and in the future.
The following are some of the challenges and possibilities that utility firms face, as well as the primary drivers of change in the industry:
• Maintaining a healthy supply-and-demand balance. Significant movements from human-controlled power generation (for example, hydro, oil, coal, or gas) to weather-controlled power generation (for example, solar and wind) include more variables in predicting supply and demand models. With the worldwide requirement to decrease carbon emissions and the rising demand for renewable energy sources, energy suppliers must balance supply and demand.
• Emerging customer preferences are influencing stakeholder goals, choices, and strategies. When given the option of choosing the type of power they want to receive, an increasing number of customers prioritize greenhouse gas (GHG) reduction and refuse to receive power supplied by fossil fuels.
• The financial burden of shutdowns and extreme weather occurrences are increasing. Preparing for interruptions and severe weather occurrences is becoming increasingly expensive.
• Digital adoption & rapid technological change are forcing utility providers to rethink how they work, the services they provide, and their current business models.
• Utility firms must be agile and resilient enough to ensure transmission and distribution lines run properly to prevent or shorten outages on the grid, gas pipelines, or water or waste systems.