Utility Analytics Spending Nears $2 Billion by 2016

AURORA, Colo., Dec. 7, 2011 /PRNewswire/ -- North American investment in utility analytics is expected to grow about 29% per year from $552 million in 2011 to nearly $2 billion in 2016. Key drivers include performance improvement, identifying and implementing cost savings and improving customer service.

The Utility Analytics Institute, a division of Energy Central, released new market data compiled through a series of surveys and interviews completed with utility executives across North America.  The research, encompassing 148 utilities of various sizes, was conducted in preparation of the Institute's first report, the Annual Market Outlook & Forecast. This comprehensive report is the first of the new Executive Insights Series of reports and features technical market information and projections, analytical insights, supporting data and interviews with industry decision makers.  

Key findings of the research include:

• Over 80% of analytics initiatives are being driven by C- or VP-level executives, indicating the strategic nature of analytics.
• 57% of utilities are currently working through an analytics initiative, and another 17% of utilities will undertake an initiative in the next 12 months. Approximately 33% of utilities haven't moved forward, citing a lack of support, systems, budget and staff skill set.
• Grid and customer analytics have the fastest growth rates, with a 33% average growth rate per year for grid analytics and 32% for customer analytics.

"The energy industry is experiencing rapid evolution due to new technologies, regulation and infrastructure challenges," says Energy Central's CEO Steve Dragza. "The Utility Analytics Institute's quarterly reports deliver highly relevant, carefully analyzed, up-to-the-minute information that utility executives can utilize immediately."  To order a copy of the Annual Market Outlook and Forecast Report, call 800-459-2233 or visit:

http://www.energycentral.com/UAIreport

About Utility Analytics Institute
Utility Analytics Institute, a division of Energy Central, provides unparalleled, in-depth information and authoritative insights on the management and application of data analytics within utilities to improve grid and customer operations.

For more information, visit: http://www.utilityanalytics.com/

SOURCE Energy Central