Political and regulatory pressures are shifting the priorities of the electric power market toward new metrics such as adoption of renewable energy resources to meet stricter environmental expectations, achieving greater cost reductions, and improving resiliency and security. The business environment in which the electric power industry operates is undergoing change, facing among other things, regulatory reforms that involve retail deregulation, the separation of generation and transmission assets, and the establishment of a balanced energy market. These solutions will make use of Hitachi’s own comprehensive capabilities.Īdopting Digital Technology in the Electric Power Industry In North America, a market where electric utilities number more than 3,000 companies, Hitachi is engaging in collaborative creation with customers in order to incorporate digital solutions that address the challenges facing customers. For example, greater integration and compatibility between in-house systems incorporating field data from the grid can use that data for improving performance measures. With this as a backdrop, electric utilities are starting to recognize that the use of digital technologies will result in superior operating decisions that are based on effective data management.
The traditional model is evolving toward a system of supply and demand, away from the tightly regulated systems and practices that once governed the main grid. The changing nature of this industry is driving the value chain towards more sophisticated ways of operating power plants, maintaining equipment, realigning roles, and reordering the relationships between suppliers and consumers. This trend is occurring throughout the global market and in the electric power industry in particular.
The deregulation of electricity retailing, combined with greater adoption of renewable energy sources and distributed generation have produced advances in digital technologies that are bringing major changes to the energy industry.
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