I recently had the pleasure of participating in a panel discussion at Itron’s Utility Week Knowledge Conference with several other industry colleagues to discuss what the utilities business might look like in 2025. The conversation around the inevitable changes to the utilities industry is not a new one. Capgemini recently sponsored a study authored by IDC Energy Insights that discusses the threats to the tradition utility business model and the need for change, titled Designing the New Utility Business Models.
As part of this study, a survey was conducted of European and North American utility executives and it was found that among the top 3 priorities on the strategy agenda of European utility executives, “new business models” was at the top of the list. This clearly demonstrates that European utilities are already looking closely at changing the way they do business in order to keep up with the rapidly changing market and consumers.
During the panel session, I was able to share my views on the direction I believe the industry is moving towards, the potential implications this poses to the market, and suggestions for how utility companies should adapt and evolve. With all of the technological and regulatory challenges driving change in the industry, it’s not enough for utilities to maintain the same mindset and operate as they always have. Utilities need to become the orchestrators of this change and transition from a commodity supplier to an energy services provider in order to better serve shifting consumer needs. The question I pose is: These things are happening right now. How fast can you change?
Find out more about how Capgemini is enabling utilities to go from the “U” to “ES” with u2es Transformation.