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According to the latest study, executives in the energy and utilities industries are more likely than executives in other industries to have implemented sustainability-related changes in their operations.
Fremont, CA: Many people blame the energy & power industries for carbon emissions, but when compared to other industries, the utility sector is leading in terms of adopting sustainable practices.
According to the latest study, executives in the energy and utilities industries are more likely than executives in other industries to have implemented sustainability-related changes in their operations.
Furthermore, nearly half of the energy & power respondents (47 percent) have committed to a net-zero emissions goal, which is more than every other industry in the survey of over 1,000 respondents worldwide.
Finding a Way to Balance the Bottom Line and the Green Line
Throughout the lifecycle of a utility, such as a substation, a power plant, a wind farm, a solar array, or a gas pipeline, laws and regulations and compliance requirements must get met.
These requirements must get met while also dealing with often conflicting pressures to reduce costs, increase long-term sustainability, and meet consumer demands – all while dealing with increased system complexity. According to the survey, increased process complexity is a barrier to meeting sustainability goals for 50 percent of energy and utility executives.
As energy and utility companies transform to meet competing goals, they must find ways to balance the bottom line and the green line in the following areas:
Use of technology
According to the survey, energy and utilities organizations are more technologically advanced than other respondents, with 55 percent using Big Data (compared to only 30 percent in other industries) and 49 percent using cloud technology (versus 36 percent for all sectors).
While digitalizing systems and automating operations effectively streamline practices and monitor energy consumption, it also adds complexity and decreases security. Each new network component, such as a smart meter or an asset sensor, introduces a new entry point for potential cyber security risks.
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Prosumers
As more individuals and corporations install solar panels or wind turbines, they become both energy producers and consumers ('prosumers'). The utility industry is experiencing a massive global shift as a result of this. However, while prosumers increase the energy from renewable sources available on the grid, they also complicate energy monitoring and management, as well as the billing process.
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Balancing the bidirectional energy flow
Energy flows one way in traditional power grids – from the power plant to users. However, because of the growing number of prosumers, there is now a bidirectional energy flow. In addition, the increasing number of businesses and households consuming and producing renewable energy creates multiple entrances and exits on the grid, necessitating careful monitoring to maintain the bidirectional flow of power.
