2007 Global Energy Survey

Conclusions

As energy company executives re-evaluate almost every facet of their strategies, they ought to keep in mind that the success of new approaches depends on execution as well as communications. Approximately 80 percent of energy executives surveyed believe that the global energy industry, while re-evaluating its strategies, also needs to focus on re-branding its image, and refreshing its face to the consumer. As much as a global strategy is required, a global image and consistent messages are needed to communicate the industry’s next steps to the world. As the industry dynamics fundamentally shift to higher uncertainty regarding numerous factors, energy executives recognize the need to change their approaches. The question remains: What is to be done? The answer, according to survey respondents, involves innovation and collaboration: 90 percent of executives agree that the current period of
increasing uncertainty requires greater creativity in all aspects of strategy and planning. Executives agree that creative approaches are not only needed in addressing new alternative energy supplies or investing into innovative technologies to deal with dwindling or less secure supply, rather, more cooperation and facilitation is invited globally and between private and public institutions. For example, more than half of survey respondents assert that a need exists for a global energy policy – but not, necessarily, additional regulations based on a global energy policy. Such a policy would
require exhaustive and constructive dialogue among the private sector, the public sector, consumer groups and other stakeholders. However, 40 percent of respondents remain wary of opening the door to more intense governmental involvement. This suggests a possible “third way” in the form of a “soft” public-private partnership designed to create new innovations and approaches in areas such as technology development, sustainability and supply insurance. To many, those approaches would have been unthinkable a few years ago. But times have changed. And if energy companies are to thrive in the current era of uncertainty, “there must be no taboos” (as one survey respondent declared) when it comes to crafting solutions and rethinking
strategy. “If Coal will be the new oil, what will be the new coal? Energy companies have the capacity, the capital and the intellect to think ahead. We are truly global players and as such require global strategy. This is easier said than done.” previous | next