Around 90% of energy companies are actively seeking a smart technology joint venture or acquisition.
That’s according to law firm Pinsent Masons, which suggests these firms want to adapt their business models to keep up with changing consumer behaviours, shifting government policies and to improve security of supply for the future.
The survey of 250 senior executives at energy and investment companies shows smart meters, new methods of harnessing surplus power and in-depth data analytics are going to be popular investments within the next two years.
Looking further to six years away, the firm says cloud management systems and virtual power plants are likely to see a surge of investment.
As many as 62% say they will not opt for in-house development of smart energy solutions due to high start-up costs and a lack of expertise and will instead pursue merging with or acquiring a suitable business.