92% of power and utilities to invest in digital grid in next 12 months
This is according to a new EY report, Digital grid: powering the future of utilities. In the next 5 to 7 years, investment in digital grid is expected to be in the region of US$500b.
Forty-six percent of respondents confirmed that digital grid – the digitization of electricity, gas and water networks – is a top strategic program or a target for investment over the next year.
Growth in renewables (72%), improvement in infrastructure operations and performance (72%) and cybersecurity risks (60%) were cited as the primary drivers for investment in this area.
An equal number of survey respondents (48%) identified difficulty making a business case, immature technologies and supplier inexperience, and a lack of understanding of the implications as the top barriers to digital grid adoption. ■