| Google bought device maker Nest Labs for $3.2 billion in January, 2014
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Special Report: State of Change Co-op experts identify top technology and business trends Part 1 of 3 It is no secret the electric utility industry is undergoing significant change. Technology is driving a number of trends that have potential to transform portions of the industry. In all my years in the electric industry, I've never seen this much churn coming from this many directions," says Jim Spiers, NRECA vice president of business and technology strategies. "It can be daunting, but it is also exciting." RE Magazine polled experts within the co-op community to identify the top trends impacting the business. Part one of this series examines an increasing ability for consumers to monitor and control energy use. "Smartphone and tablets are now a staple of modern society," reads the report. "And applications developers are always finding new ways these devices can simplify and enhance users' lives." "Until recently, these were niche applications," says Brian Sloboda, senior program manager for consumer energy solutions at NRECA. "But now, some large, mainstream companies are getting into this market." Last January, Google invested more than $3 billion to acquire Nest, a company that developed a "smart" thermostat that learns the users' schedule, programs itself and can be controlled by a smartphone. The proprietary nature of these third-party applications might challenge co-ops "because they will impact the way consumers experience their electric service," says Sloboda. The speed of change is going to accelerate as younger people begin to be a larger portion of a co-ops consumer base. "The Millennials think about their technology in a totally different way. It's a seamless experience, fully integrated," says Steve McBee of the utility NRG. "You don't win with a single product or service but by developing a platform for products and services that can be integrated that make their lives work."
Editor's note: Part 2 of this special report will examine the shifting resource portfolio for electricity generation. |