Business
Tantalus Releases Results of its Second Annual Utility of the Future Survey
Utilities highlight grid data management and cybersecurity as their top two concerns for 2024 Bu...
About this update from Tantalus Systems Holding Inc
[{"type":"text","content":"Tantalus Releases Results of its Second Annual Utility of the Future SurveyUtilities highlight grid data management and cybersecurity as their top two concerns for 2024Burnaby, British Columbia--(Newsfile Corp. - May 2, 2024) - Tantalus Systems (TSX: GRID) (\"Tantalus\" or the \"Company\"), a technology company dedicated to helping utilities modernize their distribution grids by harnessing the power of data, is pleased to announce the findings of its second annual Utility of the Future Survey. The survey was fielded between January and April 2024 and included responses from 160 respondents across Tantalus' user community. It reflects utilities' concerns, priorities and levels of preparedness to meet the challenges ahead. According to the survey, the top two concerns for utilities centered around the management of data being collected across the grid and how to manage an increasing number of cybersecurity threats. The survey also highlighted concerns around hiring and retaining staff, as well as efforts to decarbonize the grid. In addition, the survey found that utilities feel least prepared to address the impact of electric vehicles on the distribution grid, efforts to decarbonize the grid and staffing challenges as an increasing number of employees approach retirement. To address these concerns, the survey confirmed that the majority of utilities are working to modernize their grid, with more than three out of four (76%) utilities saying that grid modernization is a high or mid-level priority. However, only 5% said they felt completely prepared for their grid modernization efforts, with a majority (67%) saying they only feel somewhat prepared, and 27% saying they felt only a little or not at all prepared for grid modernization.Over half (56%) of utilities said grid data management is a top priority for them, with the vast majority (95%) of utilities saying they feel somewhat prepared or not prepared to support the management and integration of an increasing amount of data. Further, almost all (91%) of utilities said that having a single view of their data to better understand what is unfolding across their entire operation is very important.\"Grid modernization continues to be a top priority for utilities, but utilities are quickly learning that they cannot modernize the grid without truly interoperable data across any device, ...