POWER INDUSTRY IN MODERN ERA: DRIVE FACTORS & INNOVATIVE STRATEGIES

This book has the objective of introducing new strategies to understand, analyze and reorient management initiatives of power industries for better performance and success. This book is organized with innovative strategies for predominant performance management aspects such as Technical efficiency, Operational performance, Employee productivity, Customer satisfaction and Financial Management. Strategies for improving drive factors and controlling brake factors in accordance with corporate strategies are discussed in detail. The power industry believe that they are delivering what the customer need. But the actual fact is that they are delivering what they have. It is known fact that, in power industry business, profit limits have eroded and attractiveness of the business banks on customer experience. Consumer experience is becoming a business authoritative as large Electric Utilities are proving with the success of their e-commerce marketplace. Bench marking parameters for best practices are elaborated with key performance indices of corporate governance measures such as timely decision-making capacity and effectiveness in executing the decisions.Power industry should have a power full and reliable digital platform capable of collecting business operation (O)data and insight from business(X) experience data. The advantage of new technologies like artificial intelligence (AI) and knowledge data bank can be effectively implemented.Increasing demand side elasticity and innovative solutions of decentralized power generation which leads to the higher integration of renewable energy in utility grid. The transition from power consumers to prosumers is a new trend seen among high end consumers. Peer-to-peer (p2p) energy trading, built on power ledger's platform can be helpful for further growth in this sector. Power ledger focusing on blockchain technology that supports P2P trading projects is a success story in modern era.