Performing While Transforming: The Role of Transmission Companies in the Energy Transition
As the world prepares to exit from the COVID-19 crisis, the pace of the global power revolution is expected to accelerate. A new publication from the World Energy Council, in collaboration with PwC, underscores the imperative for electricity grid owners and operators to fundamentally transform themselves to secure a role in a more integrated, flexible and smarter electricity system in the energy transition to a low carbon future.
“Performing While Transforming: The Role of Transmission Companies in the Energy Transition” is based on in-depth interviews with CEOs and senior leaders from 37 transmission companies representing 35 countries and over 4 million kilometres – near global coverage - of the transmission network. While their roles will evolve, transmission companies will remain at the heart of the electricity grid and need to balance the challenges of keeping the lights on while transforming themselves for the future.
The publication explores the various challenges affecting how transmission companies prepare and re-think their operations and business models, and leverages the insights from interviewees to highlight four recommendations for transmission companies to consider in their journey:
- Focus on the future through enhanced forecasting and scenario planning
- Shape the ecosystem by collaborating with new actors and enhancing interconnectivity
- Embrace automation and technology to optimise processes and ensure digital delivery
- Transform organisation to attract new talent and maintain social licence with consumers
Further Reading: Two of the expert advisers behind the report discuss its findings and reflect on the impact of the coronavirus pandemic on the sector.
“As power shifts to a customer-centric system, transmission companies will need to play a new and increasingly active role in a wider ecosystem of energy players. They have an opportunity to drive green and clean energy transition and will need to earn their social licence to operate every day by making decisions that are in the best interest of all of their stakeholders.”
- Dr Angela Wilkinson, Secretary General & CEO, World Energy Council