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According to a study, a company's energy transition plan is critical to determining creditworthiness. Investors view carbon-intensive activities as a business risk and, as a result, a danger to their returns.
Fremont, CA: The electricity industry will undergo its most significant upheaval in decades. To satisfy the Biden administration's objectives, the whole sector must attain net-zero by 2035. While fears about new pollution restrictions are growing, forward-thinking utilities recognize a greater prize at stake: investor trust.
According to a study, a company's energy transition plan is critical to determining creditworthiness. Investors view carbon-intensive activities as a business risk and, as a result, a danger to their returns.
As a result, several investor-owned utilities have implemented their ESG efforts and net-zero goals. It is up to them to show that they follow through on their promises. These dynamics increase data quantity and quality, making it more difficult for utilities to store, preserve, and use emissions data. The requirement to report on these measures raises the bar for increased access to reliable, timely data.
Data collection
Many utilities' data management difficulties begin with the technology they use to gather data. A centralized environmental data management software solution will allow enterprises to gather emissions data at the source and integrate it with information from other systems, therefore adding value to the raw data and allowing them to make better strategic choices.
Data volume
A contemporary, cloud-based solution automates these operations, allowing environmental engineers to analyze massive amounts of data at the source while freeing up time for analysis.
Data visibility
The electricity industry suffers from a significant lack of data visibility. Data visibility issues can influence compliance performance and cause delays in responding to nonconformity, resulting in hefty fines and penalties. Furthermore, inadequate data accessibility might make it difficult for utilities to satisfy new mandatory and legislative requirements.
Indeed, the utility business has reached a tipping point at which a lack of data visibility is just intolerable. Moreover, as utilities invest in new programs like smart grid technologies and electric car charging, this will only worsen.
