Utilities Tech Outlook Weekly Brief
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With the growing trend to performance-based regulation, utilities must track the benefits of their investments, which may necessitate more sophisticated monitoring and analysis. In addition, the business must comply with growing cybersecurity standards and often arcane rules governing whether expenditures qualify for capital asset categorization.
Fremont, CA: Issues that are leading many companies to seek innovative asset management methods and processes are:
Storms and Catastrophes are Becoming more Severe
From 2015 to 2019, the United States had twice as many billion-dollar disasters (14) as it did in the 40 years from 1980 to 2019.
Infrastructure Ageing:
The bulk of infrastructure in the United States' energy transmission and distribution networks is 70 to 80 years old, even though its initial estimated life lifetime was 50 years. The infrastructure is obsolete and no longer suitable for new business cases. The intensity of natural catastrophes and outdated infrastructure has resulted in protracted outages in the United States.
Increasing Public Health and Demand Challenges:
COVID-19 has underlined the importance of more flexible decision-making skills. Utilities require innovative solutions to meet new and altering energy consumption patterns as employees and students remain at home more frequently. In addition, social distancing necessitated the development of new remote asset maintenance procedures, supply chain interruptions necessitated the development of new supply sources, and financial restrictions necessitated the renewal of capital program evaluations.
Increasing Cyber and Physical Threats:
Power infrastructure is increasingly vulnerable to cyber and physical assaults aimed at causing asset damage and interrupting grid operations.
Increasing Asset Complexity:
With the increase of renewables and the infrastructure necessary to integrate them smoothly into the grid, utility asset life cycles are getting increasingly complicated. This encourages businesses to use information technology and operational technology to better asset management.
