Energy Utility Trends Update from Asian Utility Week 2019
20,000 miles travelled, three speeches given, 11,000 attendees mingled with, dozens of interesting industry people met and a small dash of jetlag. We’ve just come back from Asian Utility Week 2019 with our heads full of insights from the many people we spoke with.
An Energy Sector at tipping Point
As the Asian economy continues to grow, its energy sector is at a tipping point. In the past, the region’s strong economic growth has relied on relatively inexpensive fossil fuels. Today, as with the rest of the world, there is an urgent need for a transition to a more sustainable future. The region’s utilities face a paradigm shift as the industry strives to balance the energy trilemma of affordability, sustainability and security.
What’s more the region’s energy demand is set to increase dramatically. According to the International Energy Agency, Southeast Asia’s energy demand is set to grow by almost two thirds by 2040, representing a tenth of the rise in total global demand. With these factors in mind, it’s no surprise that the delegates at ASUW19 were discussing how utilities could succeed in this rapidly transforming energy market. As a startup based in Europe, it was fascinating for us to hear the up-to-the-minute take on utility trends from an Asian perspective.
As well as chatting with the many delegates who visited our stand, we were fortunate to be joined by colleagues from Tenaga (TNB), China Light and Power (CLP) and our partner network. They sat down and gave us their views on the direction of travel for utilities in Asia.
Some of the trends they spoke to us about are similar to those we’re seeing in Europe, but there are differences too. As our colleagues pointed out, the two regions have taken different paths in their energy sector development. Many countries in Asia have not undergone the liberalization that has been common in European markets. This has advantages for utilities in Asia who take advantage of leap-frogging some of the challenges that their European counterparts have had to negotiate. They can take a different and exciting route to the next generation of utilities.
Digital Transformation comes into Sharp Focus
For us at the Greenbird stand, it felt that it all came down to digital transformation. We had many conversations around this topic; what it means and how to go about it. Digital transformation determines how utilities can effectively react to the changes in the environment they operate in, whether that’s understanding consumers, harnessing new technologies or leading the way to a more sustainable future. It also determines the role utilities can play in tomorrow’s energy landscape. Get the digital transformation right, get the future utility right.
So, hot from ASUW19, would you like to take a look at the key utility trends in Asia? Click here to review the report.
