COVID-19 has had a major impact on many sectors of the economy, including energy and utilities. Among the top concerns for the industry identified by PricewaterhouseCoopers are financial consequences (71%) of COVID-19 and its effect on workforce and productivity (41%). Let’s take a look at these challenges in more detail.

Power demand has slumped significantly across much of the world thanks to the shutdown of many industrial and commercial facilities. This led to a decline in wholesale prices, with some European countries even seeing prices turn negative.

At the same time, operating costs may have increased as providers pay to cover sick employees and deploy computing equipment to support the shift to remote working. Extra costs may also come from investments in personal protective equipment (PPE) to protect staff not working from home. A temporary end to disconnections, late fees and debt collection has decreased revenues further still.

All of these factors could reduce the availability of capital for a period of time; however capital that is available may be directed to smart infrastructure projects that could help reduce costs going forward.

The crisis has also created greater pressure to enhance worker safety and maintain social distancing while at the same time maximizing productivity. Smart systems can help with both by supporting remote access to data and systems, meaning less time spent on the road for engineers and more accurate information on the precise location of faults. The ability to carry out more work remotely can also help reduce “windshield time” where most accidents occur, according to McKinsey.

While energy consumption dropped during the first part of 2020, economic recovery will drive demand back up. This will likely put the financial and reputational pressure to enhance sustainability initiatives back on. Customers, shareholders and institutional investors are paying increasing attention to the green agenda.

IoT devices such as smart metering and intelligent lighting can help your business maintain productivity, control costs, drive profitability and improve customer service. IoT can also add a new layer of visibility and operational insight that was not possible before, helping to save energy, increase cost efficiency and safety. 

Smart meter systems include connected devices that collect data on consumption and supply of energy and water and send it to back-end management systems for analysis. Data can also be accessed on mobile devices by field engineers. Such systems enable utilities firms to:

• Manage operations remotely to reduce operational expenditure.
• Enhance worker productivity and improve safety via remote management.
• Collect and analyze smart data to pinpoint outages and restore service more quickly.
• Personalize customer service with automated alerts on energy consumption.
• Enhance forecasting and power supply efficiencies with detailed consumption data.
• Create new services and suggest new pricing models for customers.

Verizon’s Grid Wide technology provides energy, gas and water grid modernization through smart metering and analytics for increased efficiency and cost control.

Smart lighting systems augment traditional street lights with connected sensors that collect and transmit data on lighting levels, energy consumption and potential faults. This enables real-time remote management of lights. Intelligent lighting systems allow organizations to:

• Get real-time information on lighting which helps reduce maintenance costs by minimizing unnecessary truck rolls.
• Adjust lighting levels depending on time of day and area, enhancing public safety.
• Remotely monitor energy usage to control costs.

Verizon’s Intelligent Lighting offers remote control of city lighting systems to help save energy, reduce costs and improve operational efficiency, while streamlining maintenance and enhancing safety.