Utilities should prepare for energy transition being caused by batteries and EVs

Utilities should prepare for energy transition being caused by batteries and EVs

With an increasing use of electric vehicles (EVs) and battery storage systems at home in the recent times leading to creation of new energy business models, it is pertinent for Canadian utility companies to adapt to the ongoing energy transitions. If utilities do not keep pace with the disruptions within the energy industry from batteries and EVs, they are likely to be left behind.

The key pointer of changes within the energy industry is the rise in the popularity of EVs, especially since batteries are becoming more affordable. Moreover, the convenience of battery and charging technology, along with the rise in gas prices and a lower price-tag of EVs, are also changing the energy industry.

Canadian utilities should study the worldwide scenario, and should be aware of the fact that the energy and utility industry are bound to be hugely affected by battery technology, which is already disrupting transportation.

Since the future of energy management is expected to be led by businesses that own batteries and the charging infrastructure, Canadian utility executives should ensure that utility companies are poised to play a proactive part in developing the infrastructure of the future, or else utility companies will simply have to react to the energy-industry disruptions.

With utility companies already well-positioned to be part of innovative and positive solutions, it is important that the government and regulators should play a guiding role in making energy transition easier for utilities.