The key smart energy insights from European Utility Week day 1
Wednesday, 16 October 2013
Yesterday was the first day of European Utility Week (EUW) – a huge event taking place in Amsterdam covering everything in the smart energy world and gathering the players in the utility industry together.
The Telefónica M2M team is at the show and we’ve gathered some of the key insight around smart meters and smart homes from the first day. For live updates of the event follow @m2mtelefonica and #EUW13.
Smart meter’s appeal
For consumers, having a smart meter is the first step towards a smarter home and reduced energy bills. Smart meters will immediately provide consumers with more visibility and control over their energy usage resulting in cost savings, accurate bills, and access to new products and services.
These benefits have been recognised by customers of a Dutch utility company which said that almost all (97-98%) of its customers wanted a smart meter installed in their homes (via Siemens).
Smart energy data deluge
The utility industry is currently going through its digital disruption as smart energy systems are generating vast amounts of customer data. Smart meters can provide utility companies more insight into individual and overall energy usage but they need to be able to manage and work with the data.
Half of utility companies are now using smart grid data to increase customer satisfaction through forecasting, data management and improved reliability. However, only 17% say they are prepared for the impending data influx. This is up from 9% last year (via Oracle).
If established energy suppliers can manage this imminent burst of smart energy data and use it to generate insights they have a huge opportunity to innovate their products, services and tariffs in order to develop greater customer loyalty. If utility companies do not make this shift they will instead by disrupted by new market entrants.
Craving a connected life
The smart meter is the foundation of a smarter life. They will enable innovation in the smart and connected home creating new opportunities with remote and automatic climate control, enhanced security and intelligent purchasing.
It is the promise of the smart home that is getting consumers excited. A huge 87% want additional connected services with a smart meter and this demand will see connected devices in the home rise from four today to 16 in 2015 (via Accenture). It will also vault the global smart home market skywards with it jumping to $51 billion by 2020 (via Markets and Markets).
For us at Telefónica, M2M is a great opportunity to play a major role in this transformation by becoming global leaders of this thriving, fascinating and dynamic industry. We feel privileged to have the opportunity to work on it.
So, besides providing flexible, global solutions to M2M necessities, we also have created this space for sharing. We want to bring this new reality of a connected world to our millions of clients around the world. It is our vocation and the main purpose of Telefónica to improve the life or the people we care the most. And so, as part of this task, we believe it is of utmost importance to have a place to get the feedback from our customers.
In this blog, we hope to share our knowledge and experiences with clients, partners, suppliers and specialists, as well as this spirit of building the better world we want.
We trust this common knowledge will allow us to continue developing solutions and systems that improve the living quality of our cities, our life, our work and our spare time in them.
M2M technology gives us the chance of doing things better. Would you like to join us in our journey?