The power sector is undergoing transformation driven by urgent decarbonization goals, falling costs of technologies, data storage and processing capabilities. The combination of these factors has converged in a transformation that is fundamentally changing the environment for electricity utilities.
This poses both opportunities and challenges. On the one hand, utilities are having to navigate an unfamiliar environment characterized by rapidly evolving technologies and an increasing number of decentralized actors. On the other hand, smart grids and other digital technologies are enabling greater operational efficiency, enhanced customer engagement, and making new business models possible.
The Utility Knowledge Exchange (UKEP) Platform
The Utility Knowledge Exchange Platform (UKEP) is a new World Bank initiative that aims to facilitate partnerships and knowledge exchange between power utilities. This collaboration helps utility experts and management in power generation, transmission, and distribution, to harness the technologies and business innovations that are changing the power sector landscape and are critical to energy transition.