Strategic Actions for Success
Tom Fanning is the CEO of Southern Company. Kevin C. Fitzgerald is Chief Utility Officer of Energy Impact Partners. Tom Flaherty is a Senior Advisor to companies in the global power and utilities industry for PwC Strategy&.
Utilities are amidst a technological revolution reshaping how the industry will look and thrive in the future. The industry knows it is betting its future on how it successfully positions itself to meet the changes anticipated to energy sources, financial markets, customer behaviors, and regulatory policies.
In last month's article on innovation and investment, we described the role utilities are playing in dedicating sustained capital investment to innovation that advances energy security and future market development. This innovation is directed at both solving operational challenges and creating commercial opportunities.
Success to date is laudable, but the industry needs to elevate its innovation game, particularly as competitors advance their own commercial positioning. Renewed emphasis on employee engagement, culture adaptation, solutions development, and go-to-market model design is necessary.