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2. Create a future planning and proofing
team
The unpredictability and convolution of a global
pandemic makes responding more complex than
a typical natural disaster like the run-of-the-mill
thunderstorm, earthquake, wildfires, or tornado
(despite them being no-nonsense tragedies in
their own right). As a result, utilities ought to model
different scenarios focused on the impact that
the current and potentially worsening operating
conditions will have on the business over the next
1-2 years. The gaps identified in the scenarios will
help to notify key considerations when developing
both short-term and long-term strategies.
3. Identify opportunities to partner with
stakeholders
At a time when governments are progressively
limiting (albeit, in most regions, failingly) the
movement of individuals in an attempt to halt the
spread of the coronavirus, utilities like power and
water can expect a shift in the demand for electric
power. Residential consumption and demands on
water infrastructure will increase as families are at
home for longer periods of time. This checks out,
since the presence of a full family in the house
for longer hours equates to more water usage.
State and local legislators will shoulder response
priorities in the different communities they serve.
Regulators may introduce newly developed
mandates that don’t support the typical business
model. As a result, there is an opportunity for
utilities to actively form partnerships with varying
stakeholder groups to understand their needs and
properly set expectations accordingly.
Truly, utility figureheads can seize this opportunity
by taking swift action to cautiously navigate this
worldwide medical crisis and learn from their
colleagues. Applying these recommendations can
soften the blow to the businesses and potentially
decelerate revenue loss. It can also forge new
levels of trust with employees, and position their
businesses for greater resiliency and productivity
in the future.
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