The global utilities sector, which has a market capitalization of US$2.1 trillion, is at the front end of a dramatic energy transition that will radically alter future market strategies, business models, and customer interactions. As we noted in our 2019 Global power strategies report on the world’s 40 largest utilities (which we call the Global Top 40, or GT40), long-held hypotheses about market direction, pace, impacts, and requirements have been overturned. Companies are acutely focused on devising market responses to the challenges of that transition by decarbonizing the generation mix, embedding grid intelligence, redefining customer value propositions, and elevating technology’s role in enabling energy supply, delivery, and consumption.
As our colleagues Blair Sheppard, Daria Zarubina, and Alexis Jenkins have written, industries — including utilities — were already facing a need to reconfigure their businesses to deal with the impact of forces such as digitization. But the COVID-19 pandemic has