The Pacific storms known as atmospheric rivers cost California more than $30 billion in early 2023. Europe got hit by about $1 trillion from surging energy costs due to Russia’s war in Ukraine, and the geopolitical crisis is only getting started. Organizations in the United States saw their energy-related costs increase by $41.4 billion in 2022. These are just a few tangible business impacts of the trends we see shaping the North American energy space and energy markets.
The energy landscape in North America has shifted over the last few years in response to several major pressures, including climate change, the global COVID-19 pandemic, the conflict in Ukraine, and regulatory developments in the United States. Climate change impacts and energy market volatility have prompted government and corporate actions that are creating unique new opportunities and catalyzing clean energy growth across the region.
How can organizations identify these opportunities and prepare for the impacts of these pressures? Our experts at Enel North America have defined the top trends that will shape the energy space in 2023 and beyond. In our new eBook, Top 5 Energy Trends for 2023, we have distilled these future developments into 5 critical themes that will inform how organizations address their energy costs, flexibility, resilience, and sustainability in their 2023 energy strategy and beyond. Among the topics we analyze are:
- Global climate change, energy market volatility, and the growing need for resilience
- The increasing demand for renewable energy and storage – and the obstacles on the path forward
- The growing stakeholder pressure on the private sector to make operations more sustainable and decarbonize value chains
- The Inflation Reduction Act of 2022 and the new opportunities catalyzing clean energy growth in the United States
- And more
As a consequence of the trends we discuss in the eBook, we see a clear shift toward organizations becoming prosumers (producer + consumer). They are generating energy to participate in multiple value streams, such as powering their operations with cleaner, more efficient energy, building a more secure energy supply, and earning revenue by supporting the grid. Organizations are using and demanding more from innovative technologies like wind, solar, and energy storage, while increasingly customizing energy partnerships like virtual power purchase agreements. They are quickly adopting EVs and driving the build-out of critical infrastructure.
Since there is no one-size-fits-all approach, organizations are beginning to think holistically and develop energy portfolios to meet their unique goals. They are diversifying these portfolios and including a variety of solutions, from on-site renewables and energy storage to physical and virtual power purchase agreements and green retail supply. Organizations are also incorporating their needs for reliability and flexibility into their sustainable energy strategies.
With many strong currents and moving parts, the clean energy landscape and available technologies are evolving and getting more complex. It can be challenging to determine the energy solutions required to achieve organizations’ unique energy goals. As a result, organizations are looking for expert partners with an integrated approach to solving energy challenges, who can step in to design and execute their energy and decarbonization strategies.
To learn more about these themes and get a full analysis of how they’ll impact and inform energy strategies in the coming years, read our full eBook, Top 5 Energy Trends for 2023.