New Revenue Opportunities For Utilities

In 2020, India has moved up from 76 to 74th positions on a Global 'Energy Transition Index (ETI)' with improvements on all key parameters of economic growth, energy security and environmental sustainability. With solar panels getting cheaper and its efficiency getting higher, renewable energy is playing a major role in energy transition. Alongside renewable energy, battery technologies are showing tremendous growth in terms of higher efficiency, longer life and cheaper price with compact form factor. This would accelerate the transition and also opens a window for introduction of vehicle to grid technology to play a vital role, where electric vehicle’s batteries would act as virtual power plants. With constantly declining prices and increasing efficiencies of solar panels and batteries, a large section of customers could generate, store and consume their own electricity. Today, the primary revenue for electric utilities is from the sale of energy (kWh) to their customers which is going to be seriously impacted in the near future. Since these changes are already on the horizon, it is important for utilities to consider New Revenue Streams for growth and sustainability. This White Paper suggests various opportunities for revenue generation for utilities from the Digitalization of the Power Sector and Unlocking Existing Infrastructure and Services.