Recent Itron Resourcefulness Index has revealed that the utility industry is at a critical tipping point lacking customer satisfaction and efficiency.
Precisely 94 percent of utility executives believe the industry needs to be transformed and 80 percent of consumers dissatisfied with the current amount of information they are receiving from their utility.
The findings highlight the need for utilities to do more to achieve operational efficiencies and to take a more active role in educating consumers about energy and water use.
“Increasing constraints on global resources combined with accelerated technological innovation place the industry at a critical juncture in defining how we will successfully manage finite resources, meet growing demand and engage consumers around the world,” said Philip Mezey, Itron CEO.
Itron Resourcefulness Index is viewed as a new benchmark for the utility industry. The survey was conducted on more than 600 utility executives and 800 consumers across 14 countries to measure perceptions on issues critical to the operation of gas, water and electric utilities.
“The Resourcefulness Index helps identify key challenges facing the industry that we can, and must, work together to solve,” Mezey added.
A total of 80 percent of consumers are displeased by the current level of information they get from their utilities and the majority want more information about efficiency programs. Further, consumers rank “offering energy efficiency programs” as a top unmet need from the utility industry.
According to 94 percent of utility executives, current regulation and lack of clarity around regulation is a top barrier to infrastructure investment. Utility executives list dealing with new regulations – or the possibility of new regulations – as the number one challenge for the industry.
The survey also found that technology is a key to transformation. More than half of utility executives said they would invest in technology if they had an increased budget, and 75 percent said effectively managing big data is critical to modernizing infrastructure.
The Resourcefulness Index underscores that technology and data will be crucial to achieving transformation and improving industry operations. This, combined with increased engagement and communication from utility companies, will be vital for achieving efficient energy usage.
The Resourcefulness Index also highlighted that consumers and industry executives are least concerned about the price and continued supply of natural gas and most concerned about electric utilities’ long-term ability to meet demand.
The major concern regarding water utilities is the impact of outdated infrastructure.