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    Decarbonization Investments – A Huge Challenge For Utilities

    Westinghouse Targets Coal Plants With Emissions-Free AP300

    Water-Based Zinc Batteries Are Safer And More Sustainable

    Korea Makes Carbon Porous Electrode For H2 Creation Possible

    US DoE Funds Hydrogen Hub Development With $8 Billion Budget

    North Americas Hydrogen Projects Threaten European Lead

    Clean Energy Groups Slam Votes For The Solar Tariff Repeal

    Early coal power plants retirement in Kazakhstan, Says ADB

    Modine Launches New EVantage  Fuel Cell Stack Cooling Package for Commercial Zero-Emission Vehicles

    Modine Launches New EVantage Fuel Cell Stack Cooling Package for Commercial Zero-Emission Vehicles

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    Refiners Should Not Be Making Above Normal Profits- Biden

    Refiners Should Not Be Making Above Normal Profits- Biden

    Cluster of Businesses Want The EU To Improve Energy Security

    Cluster of Businesses Want The EU To Improve Energy Security

    Enel plans to expand power distribution business into US

    In A Move To Avert Blackouts Australia Halts Power Market

    Central American Development Bank commits $800 million toward the fuel relief effort

    Central American Development Bank commits $800 million toward the fuel relief effort

    A New 500-MW Supercritical Coal-Fired Power Plant Going into Operationa in Philippines

    EU Reduces Plans of Fossil-Fueled Electricity By One-Third

    BP to invest up to £18 billion in UK energy system by 2030

    Array Technologies increased revenue 35% to US$872.7 million in 2020

    Array Technologies increased revenue 35% to US$872.7 million in 2020

    Nordex Group: half-year sales rise to EUR 2 billion, earnings impacted by COVID-19

    Nordex Group: half-year sales rise to EUR 2 billion, earnings impacted by COVID-19

    GE Renewable Energy connects the world's most powerful hydro unit to the grid in Wudongde, China

    GE Renewable Energy connects the world’s most powerful hydro unit to the grid in Wudongde, China

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    Introducing the CWIEME Advisory Board for 2023

    Toyota granted Zero Emission CARB Executive Order for heavy-duty fuel cell electric powertrain kit

    Toyota granted Zero Emission CARB Executive Order for heavy-duty fuel cell electric powertrain kit

    SFC Energy AG Strengthens North American Business and Opens Competence Center for Hydrogen Fuel Cells in Canada

    SFC Energy AG Strengthens North American Business and Opens Competence Center for Hydrogen Fuel Cells in Canada

    TECO 2030 Starts Manual Production of Fuel Cell Stacks

    TECO 2030 Starts Manual Production of Fuel Cell Stacks

    Sustainable energy: industry get-together at hy-fcell

    India achieved a solar share of 10.69 percent of installed power capacity

    Altea Green Power inks deal with Aer Soleir to build 300MW projects in Italy

    Intersolar Europe 2022: Solar Energy in Germany Takes Center Stage

    TotalEnergies starts up its fourth solar power plant in Japan

    ACCIONA Wind Energy

    ACCIONA Energia to supply 100% renewable energy to Grupo Violas in Portugal

    Fermi Energia Selects GE Hitachi Nuclear Energy BWRX-300 Small Modular Reactor for Deployment in Estonia

    Fermi Energia Selects GE Hitachi Nuclear Energy BWRX-300 Small Modular Reactor for Deployment in Estonia

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Decarbonization Investments – A Huge Challenge For Utilities

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The energy transition happens to be many things. It is a fundamental change in how utilities generate, transmit, and distribute electricity. It happens to be an embrace of new technologies as well as digital capabilities that are advanced. But at its core, the energy transition ultimately happens to meet the demands of the customer, especially as far as environmental sustainability and decarbonization are concerned.

For instance, in a recent international survey, 34,000 consumers were put up a question on how important is sustainability to them when it comes to selecting a service provider? Around 65% of the respondents suggested it as a top priority, with many in fact claiming that they look for evidence that the companies are actually serious about sustainability.

The customers’ prioritising sustainability also reflects in public policy; for example, in Minnesota, there was legislation passed requiring its utilities to make use of 100% carbon-free electricity by 2040, therefore joining more than 20 other states that have already gone on to embrace similar objectives.

It is well to be noted that the prospective workers also go on to demand climate action that looks meaningful. One in every five UK adults has gone on to reject a job offer as they were not satisfied with a company’s policy pertaining to ESG commitments, as per a survey from KPMG. Numerous American workers were more likely to offer their consent for a job with an employer with a strong environmental record, according to the survey. More than 10% of the millennial respondents to the survey revealed that they would be willing to take a pay cut so as to work in an environmentally sustainable setup.

Utilities have been tasked with the hard work required to build a decarbonized and sustainable future. They must make, monitor, and report the critical investments when it comes to delivering what the customers have always sought, which is the safety and reliability of the grid at reasonable rates. Making these essential investments depends on justifying rates that are charged to customers in regulated utilities. Delivering on decarbonization depends on the business model linked to sustainable utility that one has built around transparent and real-time data that can be shared across stakeholders that include regulators, auditors, employees, investors, and customers.

Most utilities have not elevated their tools as yet to proactively account for sustainability investments as well as operations, safety, and reliability. According to Chief Growth Officer at Utegration, Maureen Bolen, many organisations rely on a third-party system that’s expensive, use tedious Excel spreadsheets, or a combination of both. This means that while performing the work in the field, whether it is related to capital, operations, or maintenance that was approved a long time ago, there is absolutely no idea whether one is in the lifecycle of that financial asset.

The lack of transparency when it comes to utility investment costs does have ramifications. Various regulated utilities cannot communicate the costs associated with the infrastructure investments that support decarbonization, which in turn exposes them to the risk of not being able to monetize the investments. As per Bolen, when the utilities defend their rates to the public utilities commission, they will obviously go on to get challenged to get the nod without being able to communicate the benefits of decarbonization that are measurable.

At present, the data pertaining to investments is spread across numerous systems that are poorly integrated and suffer from loads of data lag. As a matter of fact, they cannot get the information that they need in real-time, thereby threatening their rate recovery.

Notably, there is an alternative solution that eradicates the reason to rely on Excel spreadsheets as well as a range of disparate systems. For example, Finance4U from Utegration goes on to create a single truth source for financial as well as regulatory reporting inside the system. Instead of this effort, which is time-consuming, labour-intensive, and prone to errors, Finance4U utilities go on to do everything within the ERP.

Just imagine, for instance, that a utility goes on to invest in an energy storage system so as to integrate further variable renewable generation such as wind as well as solar. Energy storage is a physical and also a financial asset, which has a cost linked with its development and construction. According to Bolen, that financial asset happens to be within the ERP construct that communicates everything that’s done to the asset physically, thereby collecting costs. Bolen added that they create the financial asset as well as manage it within Finance4U. This means that one is able to monetize the entire work that’s been done at a rapid pace and, hence, can get into the rate base rapidly and begin returning the cash to the business.

Finance4u goes on to track in real time the assets that are under construction, including the allowance for use during construction, thereby moving that construction cost to the plant more efficiently in less time. This helps enable the utilities to shift from reactive to proactive accounting. For example, the month-end batch posting as well as reconciliation are replaced by transactions that happen to be in real time.

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