Electrification of Every Nation
The next 20 years in the energy industry will be remembered for the deep electrification expected to take place across a variety of sectors, particularly in the automotive industry as car manufacturers pivot rapidly to hybrid and ultimately fully electric vehicles. Power generation is also shifting more towards renewable sources, which, due to their inherent instability, presents the challenge of creating a stable output, storing energy during peaks to use during troughs.
What does this mean for energy companies? As the industry has witnessed in recent years on a global scale, sharp changes in energy supply and demand can become perilous to suppliers, creating debts that may be unrecoverable and ultimately cause collapse. Critically, the regulation and efficient use of energy will become significantly more important over time, while being able to rely on adequate technology to create long-range consumption forecasts by combining data on various meteorological, political and economic trends will be necessary for long-term resilience.
Companies that can collect, compile and apply all the data they are collecting will rise to the top among their peers.
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