Accenture - The New Energy Consumer – Balancing Strategic and Operational Imperatives
Around the world, energy providers are facing fundamental changes that are transforming the industry’s landscape: consumers, technology, regulatory and market forces will test every utility’s ability to innovate. New products and services, channels, data analytics and collaboration add further complexity to the already fast pace of change. Utilities that focus on their core capabilities and adapt to the evolving energy marketplace are well positioned to create value for themselves and the new energy consumer.
The energy value chain was built to deliver reliability and low-cost energy above all else and, overall, energy providers have achieved these objectives. Furthermore, where providers have successfully delivered reliable service, consumers feel entitled to reliable energy. However, providers around the world are facing fundamental changes that are transforming their landscape. Energy consumers are changing their expectations, technological advances are creating exponential step-change, and regulatory and market forces will test every utility’s ability to innovate.
Many consumers have limited interaction with their energy providers. In fact, most only interact with their provider an average of nine minutes per year; moreover, their interactions are generally neutral or negative and typically related to billing, credit or supply issues. Yet, energy consumerism is on the rise, with consumers seeking smarter solutions for home energy management and other lifestyle products and services. As consumers increasingly turn their attention to products and services created by the advancement of renewable energy and “beyond-the-meter” technologies, the evolving energy marketplace is beginning to take different shapes and forms around the world. Providers are increasingly responding to the need for differentiation with new products and services and, in some markets, unique brand propositions such as low-cost energy offered with limited customer service.