Utility companies have to manage the competing pressures of transitioning to a low-carbon economy, managing fluctuating energy prices, upgrading dated infrastructure and technology, and managing assets.
- Rises in the cost of living means people are finding it harder to pay utility bills, causing an increasing number of payment defaults.
- Competition is intensifying, tariffs and products are multiplying and customers are increasingly willing to switch provider to find a better deal.
- In response to green concerns around carbon emissions and renewable sources, companies are diversifying into new markets, such as renewable energies and value added services.
The UK government’s Smart Meter Implementation Programme (SMIP) will see 53 million smart meters installed across homes and industry by 2020, shifting the relationship between consumers and utility providers and creating a complex digital network of devices and interfaces.