According to Citron, “Smart cities represent a significant opportunity for utilities to exploit their skillsets and expand their footprint into additional markets.”
For utilities looking for a good entry point into this market, Citron suggests:
Shifting to distributed energy resources
Developing and operating electric vehicle charging infrastructure needed for the global transition
Deploying smart street lighting
Offering additional services to create smart buildings
While utilities are becoming more interested in smart cities, several key barriers still remain including, regulatory challenges, utility business culture and organizational structure, technical and operational challenges, and more.
“The configuration of these challenges is unique to each utility given its history, location, culture and current asset base, but there are many lessons to learn from the early leaders who are already establishing their footprint in the smart cities market,” says Citron.