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Future corporate utilities

Explore how utilities can shift to a performance-based mindset and operating model.

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Future corporate utilities

  1. 1. Future corporate utilities models Shifting to a “performance-based” mindset and operating model Copyright © 2021 Accenture. All rights reserved.
  2. 2. 2 Shifting to a “performance-based” mindset and operating model Are your back-office capabilities optimized to adapt to a new, performance-based structure? The transition to low-carbon energy is well underway in the utility market. Yet, in all markets, “prosumers” are increasingly fulfilling their own needs, geopolitical volatility is creating regulatory uncertainty, and global events, like COVID-19, are rerouting the supply chains and customer channels. These new forces encountered in recent years will continue to drive utilities to adapt their grid and business models as well as for emerging disruptors to come. Copyright © 2021 Accenture. All rights reserved.
  3. 3. 3 The utility market has seen a variety of emerging trends breakthrough, impacting traditional regulated models; • Large-scale low-carbon electricity generator • Energy-as-a-service provider • Local low-carbon energy access provider • Increased services as energy generation and storage moves behind the meter • More states moving from cost-of-service to performance-based • Oil and gas players entering the integrated energy space But even these reshaped models may still fall short in a new market structure that required significant changes across ways of working, technology, and regulatory impacts. Rather than being receivers of regulatory constraints, utilities must now shift towards being performance-based. Copyright © 2021 Accenture. All rights reserved.
  4. 4. 4 What does it mean to be “performance-based”? Historically, utilities have developed their corporate structures in reaction to the regulatory environment. Investing in infrastructure implied better, more reliable gas and electric service for the consumer, and increased revenues for the utility. Utilities were incentivized to spend capital dollars and reduce operations and maintenance costs in the name of customer affordability and shareholder value. There was, however, little incentive to innovate products and services, or build and deliver more efficiently. Now, several U.S. states are considering or have completed a shift towards performance-based regulatory models. If a utility can prove dollars have been spent not only to improve infrastructure but also to do so in the most cost-efficient way, additional revenue may be allowed while also reducing the impact to customers. 4 Copyright © 2021 Accenture. All rights reserved.
  5. 5. 5 Both strategic objectives and the organization’s mindset shift from defense towards growth. A regulated business model creates structure but can also cause complacency to satisfy minimum requirements with an increased level of automation of core processes, utilities can shift in focus to growth and competition. In order to successfully shift, a performance-based mindset must be adopted with a focus on the outcomes of invested capital. As the COVID pandemic, the emergence of oil and gas players in the utility space, and increasing polarization of U.S. politics have demonstrated, planning must consider more than regulators and the weather. Scenario-based planning capabilities are necessary to navigate the modern landscape. Codeblock is a language, answering operational questions in addition to meeting accounting requirements. Typically, codeblock structures have been developed in order to defend regulatory requests and to facilitate cost allocation breakdown. They also may have residual complexities from mergers and acquisitions. However, when multiple blocks provide the same information or when value sets are not clearly defined and purposeful, the regulatory and allocation story can be overly verbose. Modern codeblocks are leaner and designed for growth, telling stories with more brevity. Processes are designed end-to-end with a focus on shared outcomes. Processes have typically been designed to serve the function rather than the desired outcome of the enterprise. For example, the asset accounting function may be focused on regulatory compliance and enforce stringent work order approval policies. Inadvertently, a lengthy financial approval process may delay work execution. By focusing on the shared outcome, that is, performing projects that improve service to customers, Finance can work to remove obstacles from the business process through better data models and appropriate thresholds, rather than adding them. What are the characteristics of a “performance-based” operating model? 5 Copyright © 2021 Accenture. All rights reserved.
  6. 6. 6 6 Are your back-office capabilities optimized to adapt to a new, performance-based structure? • Are your people ready to shift their mindset to compete with the most innovative industries? • Does your codeblock tell the full story of each transaction? • Do your finance processes maximize efficiency by focusing on business outcomes rather than solely financial objectives? Copyright © 2021 Accenture. All rights reserved.
  7. 7. 7 About Accenture Accenture is a global professional services company with leading capabilities in digital, cloud and security. Combining unmatched experience and specialized skills across more than 40 industries, we offer Strategy and Consulting, Interactive, Technology and Operations services — all powered by the world’s largest network of Advanced Technology and Intelligent Operations centers. Our 537,000 people deliver on the promise of technology and human ingenuity every day, serving clients in more than 120 countries. We embrace the power of change to create value and shared success for our clients, people, shareholders, partners and communities. Visit us at www.accenture.com This document makes descriptive reference to trademarks that may be owned by others. The use of such trademarks herein is not an assertion of ownership of such trademarks by Accenture and is not intended to represent or imply the existence of an association between Accenture and the lawful owners of such trademarks. Copyright © 2021 Accenture. All rights reserved. Accenture and its logo are trademarks of Accenture. Contacts Craig Richey Senior Managing Director, Consulting, Global Utilities, CFO & Enterprise Value Lead Nick Farwig Managing Director, Consulting, Utilities, CFO & Enterprise Value Jignesh Amin Principal Director, Consulting, Utilities, CFO & Enterprise Value Regina Tollinchi Manager, Consulting, Utilities, CFO & Enterprise Value LinkedIn LinkedIn LinkedIn LinkedIn

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Explore how utilities can shift to a performance-based mindset and operating model.

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