The journey to a new, better energy economyOur energy systems are changing on an unprecedented scale. Although the reasons for this change and the impact may vary from region to region, there are still some overarching, key trends that are driving market dynamics the world over.
The global shift towards decarbonization, for example, is making electricity an increasingly important source of energy across many industries and areas of life. In addition to this, previously centralized energy structures are changing as key assets are becoming increasingly distributed. This started with power generation and is now spreading to areas such as storage solutions and microgrids. The growing importance of the consumer in the energy economy is playing a crucial role here, with customers demanding much more active engagement with and from energy companies.
At the same time, in an increasingly digital world, change is happening at a pace that requires all players to act quickly and decisively. Ultimately, all of these factors mean that all market players face much greater technological and commercial challenges. But they are also opening up a raft of new opportunities, giving companies the chance to strengthen their role in the market or to completely redefine it.
Navigating the energy market – with speed and focusTo master change in the energy world, today’s players must embrace a new mindset and way of doing business at every step of the value chain, from generation to consumption. Innovative technologies, software solutions and business models are make-or-break factors for both market players and the energy system as a whole.
Driving success through agility
There are still many unanswered questions and challenges on the road to tomorrow’s energy system, and they can only be resolved if all players collaborate closely and transparently. At the same time, providers must ensure secure, reliable power supplies at all times and still manage to run a profitable business. For energy companies, the ability to dynamically embrace continuous change and constantly adapt to new market dynamics is a key success factor. These organizations need to develop open, customer-centric corporate cultures where new ideas can be developed with speed and focus. Maintaining active dialog with partners is becoming increasingly important here as it enables companies to bundle and leverage innovative drive, and also ensure that new solutions can be seamlessly integrated into existing systems. Above all, modern, data-enabled technologies have the ability to empower companies with the flexibility they need to manage and expand their grids as they position themselves for success on tomorrow’s market.
There are many ways of embedding an agile mindset and approach to business as a core value within an entire organization. An agile culture allows companies to smoothly handle day-to-day operations while keeping a firm focus on the future so they can identify strategic growth opportunities early on and seize them.
Our energy systems are becoming increasingly complex. It is therefore essential that we anticipate future trends and respond rapidly to them as that is the only way to secure the stability of the entire system and our business success going forward.Prof. Dr. Michael Weinhold, CTO Siemens Energy Management