There are many advantages of the transformation currently taking place in the electricity industry, but Roberto Bocca can sum them up in one staggering figure: US$ 2.4 trillion. That is the value creation the Head of Energy and Basic Industry at the World Economic Forum (WEF) predicts through the adoption of grid edge technologies in OECD countries over the next ten years. “This transformation enables industry, utilities and citizens to really extract more value,” says Bocca. “At the same time, there will be more security in the system, an improved asset utilization and also an opportunity for companies like Siemens and other providers to offer more services.”
A recent study the WEF conducted in collaboration with Bain & Company states that new jobs will add to the massive value to society. That’s on top of huge benefits to the environment and reduced carbon dioxide emissions. “Electrification, decentralization and digitalization act in a virtuous circle,” Kristen Panerali, the WEF’s Head of Electricity Industry’ explains. “They are enabling and reinforcing each other and foster developments far beyond their individual contributions.” A real game changer, Panerali believes, and one with huge potential for everyone. However, it requires the willingness to change speedily, and a close collaboration between private and public players, she emphasizes.