The survival for utilities will depend on their ability to develop new capabilities, different business models and a mindset centred around agility and collaborations. The digital trends enhance operation throughout the electricity value network. This increases grid reliability and security and reduces the cost to generate, transmit, and deliver electricity.
Before the global pandemic (COVID-19), GoI proposed ADITYA Scheme for Discoms reform as a successor to UDAY with an outlay of INR 3 lakh crores. While the fight with COVID-19 is still ongoing, there came an announcement of “Atmanirbhar Bharat” for self-reliance. It would help India overcome the economic fight against COVID-19. Electricity is an essential commodity, even when the country was under a lockdown the service continued & sector relied upon digital means to continue operations & understood the need for a resilient and contactless utility in the future. This inspired us to imagine a fully digital “Utility of the Future”.
A “Utility of the Future” in pursuit of this journey shall adopt a series of digital initiatives that will transform the way energy is produced, delivered, and consumed across the value chain. Utilities should start progressing towards “Digital transformation” i.e. the changes in business models, processes, & organisational/cultural shift with the support of senior leadership – Chairman, MD/CMD, CIOs of the organisations instead of only adopting digital initiatives in silos.
Globally, Digital Transformation can unlock $1.3 trillion of value for Power sector (Source: reports.weforum.org1), which is ready to realise this value by leveraging the building blocks of digitalisation.
Udayan Ganguly, General Manager | CESC Ltd.
Arun Kumar, CEO | Kreate Energy
Moderator: Vinit Mishra, Digital Practice Head | EY