Survey-driven report presses for proactiveness amid headwinds of electrification, climate change and cyber threats
Submitted by Black & Veatch
OVERLAND PARK, Kan., September 13, 2023 /CSRwire/ – As megatrends such as decarbonization, electrification and climate adaptation continue to transform the U.S. energy ecosystem, the sector acknowledges the pressing needs to modernize the grid, bolster its resilience and accommodate the acceleration of renewable energy, a new Black & Veatch industry report shows.
The company’s 17th- annual 2023 Electric Report – based on a survey of more than 650 U.S. electric industry stakeholders – details the complex sector’s headwinds. Power-disrupting weather events and wildfires fueled by climate change are testing the aging infrastructure’s reliability, amplifying the case for grid hardening. Growing electric vehicle (EV) adoption is raising legitimate questions about whether this grid system will meet the rising charging demand. Investment and regulatory uncertainties linger, and cyber threats that exploit vulnerabilities aren’t relenting.
Such challenges come against the backdrop of immense opportunities, chiefly including the availability of a generational influx of federal funding for infrastructure upgrades as external demands intensify for lower carbon footprints through renewables.
Laszlo von Lazar, president of Black & Veatch’s energy and process Industries business, said the report illustrates the pressure on utilities in the evolving energy ecosystem – and the need to invest in grid modernization and new transmission to meet tomorrow’s decarbonization challenges.
“As more and more companies and communities pursue clean energy and transportation solutions to serve their near-term decarbonization goals, the need is growing for practical, tactical plans with intensifying scope and ambitions,” he writes in the report’s executive summary.
“What does it all mean? In the interest of electric system resilience and reliability, it may be merely the fact that the industry is at an inflection point with an infrastructure in need of upgrades, if not reinvention,” he added.
The report offers key survey insights, including:
About Black & Veatch
Black & Veatch is a 100-percent employee-owned global engineering, procurement, consulting and construction company with a more than 100-year track record of innovation in sustainable infrastructure. Since 1915, we have helped our clients improve the lives of people around the world by addressing the resilience and reliability of our most important infrastructure assets. Follow us on www.bv.com and on social media.
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Black & Veatch is an employee-owned engineering, procurement, consulting and construction company with a more than 100-year track record of innovation in sustainable infrastructure. Since 1915, we have helped our clients improve the lives of people in over 100 countries through consulting, engineering, construction, operations and program management. Our revenues in 2018 were US$3.5 billion. Follow us on www.bv.com and in social media.
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