Transforming the Power Industry with Digital Energy Economy
- Sep 24, 2020 5:10 pm GMT
This item is part of the Advances in Utility Digitalization - Fall 2020 SPECIAL ISSUE, click here for more
The power utility industry is in the middle of a major business transformation, driven by two mega trends – prosumerism/decentralization and de-carbonization of the energy supply chain. These transformative trends are urging businesses in the power sector to organize themselves around the purpose of ‘being a custodian for safe and reliable power’ with a sense of urgency, thus calling for the emergence of a ‘digital energy economy’. While this transformation is a result of new-age expectations from consumers and the subsequent proliferation of demand-side energy solutions, it is also fueled by the growth needs for industry sustenance and a requirement to create newer revenue streams. To that end, the internet of things (IoT) and other digital technologies are providing the energy industry a unique opportunity to reimagine the way end consumers in residential buildings, commercial complexes, and factories utilize supporting technology.
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