How women leaders are changing the energy industry

Today, there are dynamic women playing bigger roles in the male-dominated energy industry, and energy as a service offers more potential than ever. Women like Amy Farrell, a former policy maker at the American Petroleum Institute, worked hard to encourage the demand for natural gas across the power generation and transpiration sectors. Then there’s Chris LaFleur, D.Eng, who is changing the way maintenance facilitates structure and operate natural gas to reduce fossil fuel emissions and focus on renewable energy solutions.

The world of business is constantly changing due to the emergence of new technology. The change in business models for a variety of businesses has been directly related to trying to please a more energy-conscious consumer. The modern-day business wants to combine savings while combining this with a reduced carbon footprint. Investing in companies that promote certain positive social changes has become far more common. Energy as a service looks to shake up the way the companies view the electric/energy providers. Below will delve into what you need to know about working with businesses that offer energy as a service, and how those progressive companies will change the business landscape—and earth—as we know it.

Technology incorporation/integration

Technology has improved immensely over the last few decades with a focus now being on automation and AI which provide ultimate convenience. Energy companies want to sell more than just electricity to help maximize income. Technology has led various companies in the television industry to launch their own streaming services. Creating products like that of meters with AI the use of electricity can be done with convenience and reduced waste. The reduced waste of both electric and money provides the ultimate balance between shopping in an ecofriendly way while remaining budget-aware. Energy juggernauts have started absorbing other companies to diversify their income.

Overall impact on the energy sector

The predictions are all over the map with this new type of business model making it difficult to pinpoint exactly how it will change the energy sector. The large utility companies are going to see vast changes in the next decade due to the emergence of newer ideas and integrations of technology. The new providers are going to be entering the market at lower prices than established energy giants. The shift to green energy will make it far easier to compete for smaller companies. The trend is growing with larger numbers of energy companies investing in startups that offer home monitoring, for example. Startups and businesses expanding their portfolio of products will find that home marketing is becoming an increasingly lucrative segment. On the other hand, those companies can leverage this technology in their own offices, cutting costs without cutting corners.

The challenges will still be present for startups in this sector as technology giants could try their hand. The integration of technology could lead some of the top tech companies in the world to partner with energy providers at more rapid rates than ever. Technology companies have an advantage over most large energy providers as many decisions are made off of data in the tech sector. The Amazon Alexa and Google Nest could be the first infiltration of energy as a service before business owners realize it. Without a partnership, a juggernaut like Google or Amazon could enter the energy sector which could spell trouble for major energy and utility companies alike.

The energy sector will have far more options which could point the market in the direction of being more customer-friendly. Utility companies can lack customer service as a person in a particular area is forced to use their service or live without electricity. Cable companies have started to see a loss in business due to streaming companies offering a plethora of options. The cable companies in the future held a huge piece of the market, especially if only one type of cable company line ran to a property.

The change comes with pros and cons

The colliding of various industries with the energy sector can present quite a few business prospects. This integration of industries that have previously had no interaction does present growing pains. Current utility companies are going to encounter a severe hindrance due to not working with more current business models. Those companies that adapt at a rapid rate will have a direct advantage over current companies resisting the change. Smart cities that are full of electric vehicles could be the future but even experts admit it will take an immense commitment coupled with expenses to match. Time will tell if the investments pointing towards smart cities pays off or not.

Impacts on the overall cost of energy

The main concern of many businesses is how this new trend in energy is going to impact their carbon footprint and bottom line. The increase in competition could see prices drop to attract customers. The addition of technology could see the rise of some costs at a company while this technology is implemented/optimized. Market research is necessary for business owners to determine how the combination of so many industries will yield cost-wise. The potential for major savings exists if multiple companies merge/are acquired that create bundle packages much like cable, phone, and internet in the cable sector.

Energy as a service will begin to gain more media attention as the energy sector slowly begins to adopt newer business models. Look for integration between large tech brands and energy companies’ products.