Bernard Marr - Business Trends in Practice

Many sectors are coping with similar challenges, but the energy sector must contend with them all at the same time, which makes digital adoption not impossible, but certainly challenging.

In this chapter, we've learned:

It is vital that energy companies, policymakers, regulators, public bodies, city planners, and local authorities work to advance these three trends in unison. This is essential for meeting our future economic and energy needs, while mitigating the climate crisis.

Outside of the energy sector, all business leaders can learn from the opportunities and challenges faced by energy providers. Identifying emerging technologies to incorporate into your business, accelerating digital change, dealing with competition from emerging startups, and coping with market fragmentation are things that many businesses can identify with.

In particular, the need to commit to digital transformation is common to all industries. In my experience, COVID-19 provides an unprecedented window to accelerate this, as companies and their employees were forced to accelerate digital adoption in a very short space of time. The trick is to not slide back into normalcy when the pandemic is over, but to use it as a springboard to continuous change and evolution.

Finally, for business leaders looking to learn from these energy trends, perhaps the biggest takeaway is not to delay. Taking early action is a critical part of gaining a competitive advantage.

Now let's turn to another long-established sector that is undergoing rapid change driven by technology: healthcare.

1 1. 5 technologies changing the future of renewable energy; Wartsila; https://www.wartsila.com/insights/article/5-technologies-changing-the-future-of-renewable-energy

2 2. What is U.S electricity generation by energy source?; U.S. Energy Information Administration; https://www.eia.gov/tools/faqs/faq.php?id=427&t=3

3 3. Renewable energy could power the world by 2050. Here's what that future might look like; World Economic Forum; https://www.weforum.org/agenda/2020/02/renewable-energy-future-carbon-emissions/

4 4. The biggest energy challenges facing humanity; BBC; https://www.bbc.com/future/article/20170313-the-biggest-energy-challenges-facing-humanity

5 5. 5 technologies changing the future of renewable energy; Wartsila; https://www.wartsila.com/insights/article/5-technologies-changing-the-future-of-renewable-energy

6 6. Most Innovative Solar Projects Around The World; Solar Metric; https://solarmetric.com/learn/most-innovative-solar-projects-around-the-world/amp/

7 7. In Utah, Hydrogen and a Massive Salt Dome Are Winning the West for Renewable Energy; Forbes; https://www.forbes.com/sites/mitsubishiheavyindustries/2020/03/13/in-utah-hydrogen-and-a-massive-salt-dome-are-winning-the-west-for-renewable-energy/#4ee0db095c52

8 8. 5 technologies changing the future of renewable energy; Wartsila; https://www.wartsila.com/insights/article/5-technologies-changing-the-future-of-renewable-energy

9 9. These are the biggest hurdles on the path to clean energy; World Economic Forum; https://www.weforum.org/agenda/2021/02/heres-why-geopolitics-could-hamper-the-energy-transition/

10 10. What are the safest and cleanest sources of energy?; Our World in Data; https://ourworldindata.org/safest-sources-of-energy

11 11. World's largest nuclear fusion project begins assembly in France; The Guardian; https://www.theguardian.com/environment/2020/jul/28/worlds-largest-nuclear-fusion-project-under-assembly-in-france

12 12. The Alternative Energy Sources of the Future; Visual Capitalist; https://www.visualcapitalist.com/alternative-energy-sources-future/

13 13. Decentralised energy: powering a sustainable future; Carbon Trust; https://www.carbontrust.com/news-and-events/insights/decentralised-energy-powering-a-sustainable-future

14 14. Ibid.

15 15. Ibid.

16 16. Cornwall Local Energy Market reaches “flexibility breakthrough”; Energy Live news; https://www.energylivenews.com/2019/11/11/cornwall-local-energy-market-reaches-flexibility-breakthough/

17 17. GE Uses AI to Increase Responsiveness of Thermal Power; Bloomberg NEF; https://about.bnef.com/blog/ge-uses-ai-increase-responsiveness-thermal-power-qa/

18 18. Energy 4.0: Digital transformation in energy & utilities industry; Mobidev; https://mobidev.biz/blog/digital-transformation-energy-utilities-sector

19 19. TOMONI: Transforming power plants into big-data powerhouses; Mitsubishi Power; https://www.changeinpower.com/our-solutions/data-and-a-i/tomoni/

20 20. Digital transformation in energy: Achieving escape velocity; McKinsey & Company; https://www.mckinsey.com/industries/oil-and-gas/our-insights/digital-transformation-in-energy-achieving-escape-velocity

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