The energy transition is happening—there’s no doubt about that. And utility companies are at the forefront, tasked with providing ample services while cutting costs and keeping the end consumer rate as low as possible. Clearly, this is no easy undertaking, as utility providers are faced with rising costs, aging infrastructure and continuously increased demands. They’re already struggling to keep the pace, let alone prepared to make drastic improvements in delivery.
Can Utilities Survive the Transition?
A new policy paper from the Edison Electric Institute (EEI) suggests a shadow of doubt that utility companies can withstand and survive the transition, yet it’s this very industry that stands to have the biggest impact on both reductions in energy consumption and the delivery of alternative forms of energy. The delivery of utilities other than electricity, such as water, contributes in large part to the consumption of traditional forms of energy—a necessary evil in order to efficiently provide consumers with the conveniences modern society offers.
“The challenge does not lie in the rapid deployment of distributed energy resources per se, but in aligning the regulatory structures that govern the industry with the changes in technological and economic conditions in which it operates,” says Paul Kind, who authored the EEI paper and comments on the current landscape at GreenTech Media.
The EPA offers recommendations, and some states have implemented strict regulations, on energy consumption by utility companies and other businesses. These recommendations encourage “the use of renewable energy and clean distributed generation, such as combined heat and power.” State regulations support reductions in greenhouse gas emissions by encouraging the use of clean energy alternatives.
It’s no easy feat for organizations faced with crippling costs and aging equipment that operates at less than ideal efficiency. When every dollar is spent maintaining existing equipment and ensuring continuous services to the masses, it seems nearly impossible to make investments necessary to reduce consumption or implement alternative energy sources.
Asset Tracking Aids Compliance, Boosts Efficiency
But asset tracking can be the first step in changing that. Proper asset management can help utility companies make the most efficient use of their existing resources, allowing for reductions in energy consumption and advanced analysis that makes it possible to implement process changes and infrastructure investments that will further efficiency.
Asset tracking also enables utility companies to produce detailed reports that clearly demonstrate the effectiveness of measures that have been taken to reduce consumption, ensuring compliance with federal and state regulations. Existing infrastructures can be maximized by operating equipment at maximum efficiency, getting the most out of existing assets through regular maintenance and speedy repairs, reducing demands on manpower and enhancing scheduling to reduce downtimes.
The cost of implementing an asset tracking and management system may at first seem like an unnecessary expense. But the cost savings realized through asset tracking can far outweigh the initial investment, freeing up much-needed funds to move your organization forward in the face of seemingly insurmountable challenges.
For more information on how Camcode’s utility bar code and label solutions can help your organization implement the technology necessary to successfully navigate the energy transition, contact us today.