Transformation on the Energy Market
Digitalization, deregulation, and decarbonization are the forces impacting the energy market and changing the basic conditions for the generation, distribution, and utilization of energy. Political and technological developments under the banner of the energy transition and digitalization confront the electricity, gas, and oil industries to an equal degree with significant challenges. Energy providers are struggling with declining profit margins and significant cost pressures as well as changes in consumer behavior. They face the task of driving forward with their reorientation – a situation similar to that for media and telecommunications companies in the recent past.
Current Challenges
The energy industry is facing a two-pronged challenge: not only must it deal with the energy transition, but at the same time go through the process of digitalization. Energy providers are feeling pressure on two fronts; while their core business is changing radically, new players from outside the industry are entering the market.
How can energy providers themselves actively direct transformation and take advantage of digitalization as an opportunity in their three core issues: better interaction with customers, new business models, and process improvement and transformation in the core business? Changes in the work culture are always a prerequisite for success as well.
