The pace of technology-driven change is accelerating well beyond the speed the power sector believed possible. No aspect of the energy value chain - generation, networks, retail or behind the meter - is unaffected. From a scale-driven, centralised and standardised model, the sector is set to evolve to one that is digital, distributed and personalised.
Most of this change is being driven by new technologies such as high efficiency gas turbines, distributed generation, storage, electric vehicles, microgrids and networks and behind the meter digital and data services. We estimate that these new technologies will create a new market of over $US0.5 trillion by 2020.
We’ve taken a view on five possible future looking scenarios that could unfold as technology pushes forward:
As CEOs go about considering their future positioning in a technology-driven world, they will need to think differently about how to embrace innovation as a market enabler and to:
Managing Director & CEO, ERM Power Ltd.