Digital technologies can help these firms reduce their impact on climate change

To address the risk they pose to the environment, electric utility firms are taking proactive steps by reducing investment in fossil fuels, improving grid resiliency, and tapping into renewable energy. To achieve this, these firms are investing heavily in renewable energies. To accelerate the shift to a de-carbonized world, power and other utility companies need to use digital technologies. Some of the different technologies that power companies are deploying are as follows:

• Bringing virtual power plants to the mainstream

• Using AI and machine vision technologies for vegetation management and wildfire prevention

• Using blockchain as an energy trading platform between producers and consumers

• Using augmented and virtual reality tools to analyze how much energy is produced

Upgrading the electric utility model requires a stepwise approach, with government support through stringent laws. This will enable utilities to offer clean energy and become advocates for climate change action.