Energy efficiency is more than just LED light bulbs and remembering to turn the lights off when you leave a room. Energy efficiency stretches across multiple industries, from building and construction, to automotive, to retail appliances and beyond. It’s become a staple in homes with devices like voice-activated personal assistants to help manage and control electricity usage, battery storage to charge electric vehicles (EVs) or save energy generated from solar panels, and automatic sensors to reduce unnecessary energy usage.
What began in the early 1970’s as a way to circumvent the energy supply disruptions stemming from the Arab oil embargo, energy efficiency has since evolved with the help of policies and regulations, new technology and increasing customer empowerment to leverage that technology for comfort, convenience and control. These market transformations have caused seismic shifts in the utility business model, forcing the industry to take a fresh look at the way people use energy, devise innovative and integrated solutions to meet the needs of more engaged, tech-savvy customers, and address profitability challenges within the current business model.
Today's Energy Market Dynamics
At a utility conference in Austin, Texas, last fall, Chuck Caisley, vice president of marketing and public affairs at Kansas City Power & Lighting, set the tone for the day's discussions with one colloquial statement....
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