December 2023 | Report
2024 Outlook: The Future of the Energy & Utilities Industry
As the industry grapples with net-zero targets, leveraging investments for climate action, decentralized power, and digital operations lead the push toward a sustainable, resilient future
2024 Outlook: The Future of the Energy & Utilities Industry
Utilities will face continued complexity and challenges in 2024, requiring them to think and plan differently.
This report will cover five key areas where utilities should be focused in 2024. Each section of the report delves into each of these areas, offering insights and projections for the year ahead.
2-Minute Takedown
Decarbonization and integrated electrification and gas planning
The industry faces mounting pressure to meet ambitious net-zero targets, but the concurrent surge in investments presents a golden opportunity to make meaningful progress in combating climate change.
Decentralized and virtual power supplies
Harnessing the potential of distributed energy resources will enhance the efficiency and responsiveness of utilities in 2024, but realizing this potential hinges on enhanced coordination to ensure a seamless and demand-responsive energy ecosystem.
Transmission infrastructure needs
Meeting decarbonization goals means the U.S. needs significantly more power transmission capacity to move renewables into load centers where they can be used, reduce congestion charges on existing lines, and strengthen the grid.
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Resiliency and security objectives
Incorporating digital advancements strengthens grid resilience and reduces costs, but it also exacerbates cybersecurity risks, demanding a multifaceted approach that encompasses skilled labor, robust third-party vendor protections, and business partnerships.
Digitizing system operations
Progressive utilities are digitizing operations and adopting a product-centric approach to drive savings, foster employee and customer engagement, and pave the way for future decarbonization and electrification endeavors.
2024 Outlook: The Future of the Energy & Utilities Industry
The challenges, trends, and actions that will define the year in energy & utilities. Download our 2024 Outlook.
Previous Energy & Utilities Outlooks
West Monroe’s 2024 Outlooks
2024 will bring both challenges and opportunities for businesses. The common language across industries? Efficiency and optimized workforce management. Above all, a collective dedication to digital innovation will steer the course to success in the coming year.
