We recently held our first New Energy Summit, in Amsterdam, on the 28-29th of May 2019.
The event brought together over 100 industry stakeholders ranging from energy suppliers, hardware manufacturers, data specialists, retailers, to insurance providers across Europe and beyond.
The companies that had representatives attend the event are highlighted below. They came from all over Europe, as well as Japan, Canada, New Zealand and Chile.
There are many aspects of the transition from ‘old’ to ‘new’ energy. Three stand out as the key battlegrounds.
- The battle for the customer relationship
- The shift of value to timing
Those that successfully fight these battles will succeed, benefiting from the disruption that the transition is bringing. Those that fail will struggle to capture opportunities and are likely to see their core businesses eroded.
Battle for the customer relationship
Collisions between different industry verticals are already occurring. Incumbent utilities are seeing oil majors and telcos moving into their markets. New entrants, often seeing themselves as much as tech companies than energy companies, are springing up across Europe. All are fighting for the customer relationship.
Coupled with this, product manufacturers are seeking to move beyond shifting products and boxes and develop businesses based on services and outcomes. And new entrants are seeking to own platforms connecting customers and installers / retailers / service providers.
A customer-centric mindset is critical to success.
Shift of value to timing
The value in electricity markets is moving from how much is sold, to the timing of what is generated, stored and used. Coupled with this, the growth of distributed assets (such as EVs, electric heating and batteries) and the rise of connectivity, machine learning and AI is driving much more flexibility around when electricity is used.
Companies are already starting to capture values around timing: particularly with electric vehicles, electric heating, and batteries. It’s a complex and new ecosystem with many players, which is still being established and still evolving.
In some ways, digitalisation is a horrible buzz word. But it’s there for a reason. Digitalisation is a key enabler to win the above two battles. It enables customer engagement to be taken to a new level, flexibility to be secured, cost bases to be reduced, and new business models and propositions to be developed.
Leading ‘digital’ capability is a must-have ingredient to succeeding in New Energy.
Watch the summit summary video below: