Future Proofing the Utility Industry
Charting a resilient way forward to keep the lights on
The utilities industry has traditionally been resilient, but COVID-19 has compelled the sector to extend this resilience beyond its operations in infrastructure to the entire value chain. The future of utility companies lies in their ability to be adaptable in the following areas:
- Financial and capital planning: Firms will need to re-plan their financial strategies and make purposeful investments.
- Stakeholder empowerment: With remote working now the norm, firms are turning to digital collaboration tools to ensure employee safety and productivity.
- Running the core: To develop an adaptive core, Utility firms will have to prioritize investments in areas like automation, cybersecurity, and the cloud.
Further, utility companies must decide on industry recovery plans, for which they need to engage with regulators to revise rates.
To summarize, building resilience in utilities during COVID-19 will make the industry more adaptable, and this transformation will be accelerated by digital technologies.