By Josh Matthews | Fri Apr 08 2022
The energy and utilities industries are merging. The global energy transition is shaping new industries and influencing all others. To find their place in the new world, energy and utilities firms (and all those affected) must collaborate and align their strategies to this global context.
The energy transition dominated the conversations in our recent energy and utilities Top 10 studies. Under the global context of decarbonizing to avoid the worst effects of climate change and addressing all 17 UN goals covering environmental, social, and governance (ESG) factors, organizations worldwide are abandoning fossil fuels for renewable energy sources. But the transition so far is nowhere near fast enough.
Oil and gas firms are widely rebranding into the “energy” industry. Shell, bp, and TotalEnergies (formerly Total) are major European examples. This new energy industry is moving into the traditional utilities industry market, providing electricity and sometimes other utilities en masse to consumers, including broadband in Shell’s case. New industries are forming from the energy transition, including battery and energy storage, electric mobility, and all the associated supply chain, marketing, and retail operations that emerge with them.