Utilities Need to Take a Pragmatic Approach to the Energy Transformation
New reports highlight transformational journeys of distribution networks, advise on roadmaps and strategies
Two companion reports from Navigant Research examine how the energy transformation is playing out across distribution networks, offering examples of leading business models and providing practical recommendations for network utilities to realize a successful transformation.
Few in the utilities industry have escaped the buzz around the profound changes expected to alter how energy is produced and consumed. Decentralization and renewable energy are gathering pace, disrupting the way distribution networks are managed, while new announcements for new products and services flood the market. Click to tweet: According to @NavigantRSRCH, to ensure a successful future, utilities should take a pragmatic approach to the energy transformation, creating a transformation strategy and an actionable roadmap that is backed by executives and then carefully communicated to stakeholders.
“No two markets are the same, and no two companies operating in the same market are the same,” says Stuart Ravens, principal research analyst with Navigant Research. “As a result, each utility’s transformation will be different, but having a better understanding of the conditions that have forced change and the path of each company’s transformational journey, as well as a plan, will better equip utilities when their time for change comes.”
For most network utilities, transformation is not optional, and roadblocks are to be expected during the journey. However, according to the reports, having the right strategy in place will help to navigate political uncertainty; manage market-specific regulatory policies; access project finance from skeptical and conservative shareholders; and confront legacy issues such as corporate culture, a lack of skills, and outdated technologies.
To learn more, download free executive summaries from Navigant Research’s website. Distribution Utility Transformation Strategies highlights some of the leading examples of business model transformation specifically within distribution networks, providing a practical introduction to industry transformation for the majority that have yet to make significant changes to their businesses. Digital Utility Transformation Best Practices aims to give network utilities practical recommendations to effect a successful transformation and builds on some of the recommendations provided in Navigant Consulting, Inc.’s (Navigant’s) “Energy Cloud Playbook” to offer best practices for creating an actionable roadmap for transformation.
Contact: Lindsay Funicello-Paul
* The information contained in this press release concerning the reports, Distribution Utility Transformation Strategies and Digital Utility Transformation Best Practices, is a summary and reflects Navigant Research’s current expectations based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Navigant Research nor Navigant undertakes any obligation to update any of the information contained in this press release or the report.