Top Five 2024 Utility Priorities
Image courtesy of Chris Yarzab under Attribution 2.0 Generic License, resized to 700 x 391 pixels.
January is always a great month for reflection, which is why I was happy to come across an article from Smart Energy International outlining the nation’s most pressing 2024 utility priorities. The list, which originates from West Monroe, a Chicago-based consulting company, provides a nice bird’s-eye view of the shifting landscape for the nation’s gas and electric utilities.
West Monroe’s List of America’s Top 2024 Utility Priorities
According to West Monroe’s recent report, “2024 Outlook: The Future of the Energy & Utilities Industry,” the following are the most important topics that U.S. gas and electric utilities must prioritize in 2024 and beyond:
- Decarbonization and integrated electrification and gas planning: The report concludes that more “collaboration, coordination and planning” is required across the gas and power sectors to identify the most effective energy mix to achieve the country’s aggressive decarbonization objectives.
- Decentralized and virtual power supplies: The report states that more collaboration is necessary to harness the full potential of distributed energy resources (DERs) – like virtual power plants (VPP’s) – in order to overcome low penetration and integration rates, complex enrollment processes, and a lack of standardization.
- Transmission infrastructure enhancements: Meeting the various federal and state decarbonization goals will require more transmission capacity in order to integrate renewable energy sources into the grid, reduce congestion charges on existing lines, and boost overall reliability and resiliency.
- Digitizing system operations: While some utilities are already on the road to digitization, the overall regulatory climate and level of employee knowledge makes this a challenge, requiring greater planning lead times.
- Cybersecurity enhancements: Increased digitization requires that utilities fortify their cybersecurity measures, including better management of 3rd-party risks.
So, there you have it – a fresh list of America’s top 2024 utility priorities. My guess is that this list is not a surprise because most of these issues have been pervasive for several years. But, as always, it’s great to provide a refresher…especially in January!
