Nine out of ten US utility CEOs are confident of industry growth in the next three years.

According to a study by KPMG, a similar proportion also said opportunities for their own business were abundant and nearly half said the industry is currently at a cyclic peak.

The survey of 41 CEOs found that they are more optimistic about growth than their peers in other industries and that they think it will come from new markets and customers.

Nearly half plan to devote significant resources to cyber security over the next three years. This is important as only 10% of the utility CEOs believe their companies are fully prepared for a cyber attack.

The possible introduction of regulations inhibiting growth worried 93% of those surveyed.

They think automation and machine learning will replace at least 5% of their workforce in the next three years in manufacturing, engineering and technology jobs.

Over three quarters see innovation as one of the top three issues on their personal agenda.

Regina Mayor, National Sector Leader of Energy, Natural Resources and Chemicals said: “Despite consumers’ perception that utilities are a less nimble, more regulated type of business, savvy executives are realizing the importance of innovation and the need to develop leading-edge products that are responsive to customer needs.”

In contrast, a UK survey has revealed businesses believe that the government has failed to deliver secure and affordable energy.