
Utility Game-Changers: Solar, Wind, Hydro and Fintech


Adriana Karaboutis, CIO & CDO, National Grid (LON: NG)
When I joined the utility industry a year ago, I spent a great deal of time learning the ins and outs of an exciting and highly regulated industry through the lens of a multi-national utility company. In the US, federal and state authorities provide policy and guard rails around everything from safety and security measures to allowable returns for utilities. In the UK, a similar paradigm exists through their unique regulatory bodies. In both regions, regulations are clear and provide rules and guidance for energy companies, utilities and customers/ consumers via various commissions and organizations.
Nothing has changed or challenged the efforts of regulators and utilities more than the evolution of technology. I’m not just referring to the obvious technological advances of energy sources such as solar panels, wind turbines and hydro plants as alternatives to coal, oil and gas; or improved battery and storage capabilities—I’m speaking of the same technologies that have disrupted most other industries and changed the face of financial services: FinTech.
FinTech brought to financial services an unprecedented element of speed and increased accessibility. Everything from payment processing to automated investing services to cryptocurrencies have created more access, transparency and speed for merchants, customers, traders, investors, etc.
This same technology brings unprecedented opportunities to utilities.
Peer-to-Peer trading and Blockchain: As more sources of energy come about, micro-grids are evolving where neighborhoods or small communities can trade energy amongst residents and use blockchain as the immutable record of transactions and a ledger of payments. I sell my excess solar power to my neighbor or we sell to the next community. Transactions such as these were not easily managed and certainly not in real-time prior to payment processing tools.
Omni-channel and mobile payments: Online payment tools on multiple form factors (phones, tablets, PC’s) allow utility transmission and distribution customers to pay bills automatically or instantly. The opportunity to pre-pay for energy or services will also be made possible—similar to buying parking time from a meter through a mobile phone. As a customer scenario, “I have a summer cottage and want to pre-pay for service for the weekend only.” As utilities provide more and more services around the energy they transmit and/or distribute, the more options and choices consumers get. Such services will soon become an expectation instead of an exception.
Big Data, Analytics, and Cloud: Providing recommendations to consumers on when they should charge their electric vehicle based on carbon emissions on a certain day, excess supply of energy, or peak/valley time of day for a given geographic area. Or, even make the best electricity balancing decisions or energy brokering decisions based on a wealth of data available through insights on events, behaviors and weather patterns. And, all this can be done with the elasticity of the cloud through platforms-as-a-service where you pay for your usage only.
As we embrace the rapidly changing landscape of alternative energy sources and the future of battery technology, smart-meters, IoT and edge-computing, the power of FinTech in our industry should not be underestimated. It has and will continue to drive business model, customer engagement model and energy transmission and distribution service changes and opportunities. The technology will help drive improvements in already existing commercial models, and will also enable disruption as it has in other industries.
See Also:
ON THE DECK
Featured Vendors
ProStar Geocorp, Inc.: Improved Asset Management through GaaS® 'Geospatial Intelligence Software as a Service'
ServicePower: Mobile Workforce Management Technology is Key to Productivity in the Utility Field Operations
Tantalus: Manage Energy, Water, and Gas Resources Intelligently Through an Advanced Enterprise Solution
energyOrbit: Consolidating Demand Side Management Programs Operations to Create Efficiencies and Economies of Scale
Technicolor Delivery Technologies, S.A.S. (dba Virdata): Creating a world of Smart Data and Connecte
EDITOR'S PICK
Essential Technology Elements Necessary To Enable...
By Leni Kaufman, VP & CIO, Newport News Shipbuilding
Comparative Data Among Physician Peers
By George Evans, CIO, Singing River Health System
Monitoring Technologies Without Human Intervention
By John Kamin, EVP and CIO, Old National Bancorp
Unlocking the Value of Connected Cars
By Elliot Garbus, VP-IoT Solutions Group & GM-Automotive...
Digital Innovation Giving Rise to New Capabilities
By Gregory Morrison, SVP & CIO, Cox Enterprises
Staying Connected to Organizational Priorities is Vital...
By Alberto Ruocco, CIO, American Electric Power
Comprehensible Distribution of Training and Information...
By Sam Lamonica, CIO & VP Information Systems, Rosendin...
The Current Focus is On Comprehensive Solutions
By Sergey Cherkasov, CIO, PhosAgro
Big Data Analytics and Its Impact on the Supply Chain
By Pascal Becotte, MD-Global Supply Chain Practice for the...
Technology's Impact on Field Services
By Stephen Caulfield, Executive Director, Global Field...
Carmax, the Automobile Business with IT at the Core
By Shamim Mohammad, SVP & CIO, CarMax
The CIO's role in rethinking the scope of EPM for...
By Ronald Seymore, Managing Director, Enterprise Performance...
Driving Insurance Agent Productivity with Mobile and Big...
By Brad Bodell, SVP and CIO, CNO Financial Group, Inc.
Transformative Impact On The IT Landscape
By Jim Whitehurst, CEO, Red Hat
Get Ready for an IT Renaissance: Brought to You by Big...
By Clark Golestani, EVP and CIO, Merck
Four Initiatives Driving ECM Innovation
By Scott Craig, Vice President of Product Marketing, Lexmark...
Technology to Leverage and Enable
By Dave Kipe, SVP, Global Operations, Scholastic Inc.
By Meerah Rajavel, CIO, Forcepoint
AI is the New UI-AI + UX + DesignOps
By Amit Bahree, Executive, Global Technology and Innovation,...
Evolving Role of the CIO - Enabling Business Execution...
By Greg Tacchetti, CIO, State Auto Insurance
Read Also
Disrupt Your Legacy Application Portfolio to Improve Security And...
Why a Credentialing Strategy Must be Part of Your Digital Strategy
The Convergence of IT with the Internet of Things Innovation
It’s On People: The Undeniable Cultural Impact in a Digital...
A Promising Road Ahead for Insurtech
Bolloré Logistics Australia becomes a global leader in the use of...
