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In this year’s report, more than 90 percent of government and municipal respondents said they view smart city initiatives as transformational with the potential for long-term positive impacts on cities globally. Yet, more than half of respondents say their organization does not really understand the smart city concept. What makes a smart city, how are they planned, and perhaps most importantly, how are they funded?
The modern electric distribution system is dramatically evolving towards an intelligent integrated system-of-systems. The capability for the common utility to monitor and control the electric grids at sub-second intervals using intelligent feedback loops, increases the reliability of the electric system while generating value. Utilities and third parties must determine how their business model can adapt, extract value, and still provide the reliability, security, and empowerment that the customer expects, if not requires.
Connected customers play active roles in the connected grid. From customer engagement tools to a growing adoption of renewable energy sources, utility consumers have an unprecedented level of influence over utility planning and growth. What is propelling the role of end users and how can utilities maintain their partnership role?
World markets are taking different approaches to building smart cities, but the goal is the same: efficiency of power, water and communication. From India, to the UK to South Africa, government and utility leaders are taking active steps to cope with burgeoning populations and the subsequent need for smarter systems.
Just as cities will change, utilities face many of the same hurdles. In their efforts to transform while performing, many are seeking to transition to knowledge-based business models leveraging automation, cloud technology and data analytics. While physical assets will always be required to manage service territories and execute projects, preserving knowledge, automating business processes and embracing data-driven decision making are key mileposts on the journey towards Utility 2.0.
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