"Itron Resourcefulness Index" Finds Global Utility Industry at a Technology Tipping Point
94 percent of utility industry executives see need for industry to be transformed; 70 percent of consumers expect industry to be more efficient
"I'm pleased to present the Itron Resourcefulness Index as a new
benchmark for the utility industry. Increasing constraints on global
resources combined with accelerated technological innovation place the
industry at a critical juncture in defining how we will successfully
manage finite resources, meet growing demand and engage consumers around
the world," said
Key Imperatives
The findings identified alignment around the need for efficiency gains across gas, water and electric utilities, key themes found were:
- Consumers want help from utilities to better manage their resources. A total of 80 percent of consumers are displeased by the current level of information they get from their utilities and the majority want more information about efficiency programs. Further, consumers rank "offering energy efficiency programs" as a top unmet need from the utility industry.
- Government policy is critical, but currently perceived as a barrier. According to 94 percent of utility executives, current regulation and lack of clarity around regulation is a top barrier to infrastructure investment. Utility executives list dealing with new regulations - or the possibility of new regulations - as the number one challenge for the industry.
- Technology is a key to transformation. More than half of utility executives said they would invest in technology if they had an increased budget, and 75 percent said effectively managing big data is critical to modernizing infrastructure.
Energy and Water Intersect
The Resourcefulness Index underscores that technology and data will be crucial to achieving transformation and improving industry operations. This, combined with increased engagement and communication from utility companies, will be vital for achieving efficient energy usage.
Closer Look at Gas,
While many themes were similar across gas, water and electric utilities, the Resourcefulness Index highlighted some important nuances:
- Consumers and industry executives are least concerned about the price and continued supply of natural gas and most concerned about electric utilities' long-term ability to meet demand.
- The major concern regarding water utilities is the impact of outdated infrastructure.
"The interconnectedness of energy and water, and the increase in demand,
makes the management of both resources more critical than ever," said
Full survey findings are available in the report "Itron Resourcefulness Index: A Report on the Current State of the Utility Industry" at www.itron.com/index.
About
Vice
President, Corporate Marketing and Public Affairs
sharelynn.moore@itron.com
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