ESSENTIAL FOR UTILITIES: Unlock the Value of Data

With big global challenges come bold solutions.

For me, there has been a convergence of several challenges over the past several years, and I have always aligned my interests with customers', as utilities (regulated and unregulated) prepare to tackle them.

#Decarbonization, #Digitalization, #AI, #Customer Experience, #Data Optimization, #Revamped Business Models, #Demand Energy Resources, and #Affordability.

Any one of these, on their own, would cause a utility to re-examine their business model, but the combination, this perfect storm, is causing utilities to be extremely focused on their end state.

For example, ones that are mainly focused on using the decarbonization of the grid to grow rate base by Xs for the benefit of the enterprise and annual dividends, will find that they are running offside in the affordability and enhanced customer experience opportunities. You cannot get another kick at the can. Once rate-payers/consumers believe you have caused them pain, there is no going back. The trust is gone and they will seek behind-the-meter alternatives.

If you don't focus on unlocking data value, for the benefit of rate-payers/consumers and in your own operations, you further risk meeting affordability and enhanced customer experience requirements.

Thinking like a rate-payer/consumer and understanding their needs are paramount to pivoting your utility towards success and longevity in delivering real energy transformation.

But in my opinion, utilities continue to struggle with these challenges, and customers are waking up to reality where prices are going.

As one would expect, the larger utilities have layers of leaders but are less nimble and more hardened towards particular desired outcomes. Are those outcomes aligned with consumers? Unsure.

The smaller utilities are way more nimble, but lack the layers in leadership to strategize and oversee the required changes. They're doing their best, but will consumers care if their rates keep going up at a greater rate than inflation? Not really.

Over the years, I have held various positions, some running cleantech businesses, but always laser focused on delivering solutions to customers that deliver on these challenges.

If your utility doesn't have an AI approach yet, if your utility doesn't have a plan to optimize your data value, if your utility isn't the leading provider of customer insights of energy to your customers, and if your utility isn't partnering with third party solutions to optimize your grid, then your rates are going to be the reason why rate-payers and consumers will be second guessing you going forward. There is no going back for consumers.

Solar, batteries, hydrogen-generation, heat pumps, thermal storage, cleantech that optimizes your usage, and curtailment strategies are happening with your customers whether you're ready or not.

I want to help . I have great teams of people to support what you need, and the first discussions is really listening well and learning what your needs are, and not what we can sell you. That never works....

To learn more about you can assess your situation and ensure you're maximizing opportunities, book a meeting with me.

Frank Carnevale is President & CEO of BHC Canada , Innovations Lead at Dexterra and Member of Board of Governors at Ontario Tech University

Opinions are my own.