A majority of utility CEOs feel confident in growth opportunities for the industry over the next three years, according to a study by KPMG.
KPMG surveyed 41 U.S. utility CEOs in the 2016 KPMG CEO Study and found that 87 percent indicated that growth opportunities are abundant for their companies. They rank new markets and customers as the most important sources of the growth, and say their companies plan to use a mix of inorganic (68 percent), collaborative (63 percent) and organic (59 percent) growth to drive shareholder value.
“It’s an exciting time for the utility industry as companies look to accelerate investments in infrastructure, a more diverse energy generation mix, and improved services for their customers” said Regina Mayor, National Sector Leader, Energy, Natural Resources and Chemicals. “This has meant that companies are focusing more strongly on next generation talent, technology investment, and innovation while they shift their organizational and asset portfolios.”
CEOs’ top priorities will be to devote significant investments or resources to cyber security solutions over the next three years, the study found. Respondents also believe that automation and machine learning will likely replace at least 5 percent of their workforce in the next three years in manufacturing/operations, engineering and technology.