Exploring the potential of the metaverse for utilities

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Cristina Teba

Inbound Manager

1423 Last modified by the author on 20/03/2023 - 10:32
Exploring the potential of the metaverse for utilities

With the growth of artificial intelligence technologies, new innovations are continuously emerging and surprising us. Recently, ChatGPT, an intelligent language and text generation AI, has raised questions about its use and deployment in our society. What about the metaverse? Will it become a permanent feature of our lives, and what impact will it have on the energy sector, specifically on utilities?

Although the use of metaverses is still in its early stages, it is interesting to observe how Utilities could adopt this technology and support their customers in the near future. In this article, we highlight the potential of metaverses and some of the opportunities that utilities could seize to better distinguish themselves and be adaptable in an ever-changing energy and digital world.

Definition of the Metaverse

 With the technology innovation sector forging ahead, the metaverse is gradually becoming a prominent feature of the virtual digital world. In fact, some have gone so far as to call it a "virtual universe." However, the metaverse is more specifically associated with immersive experiences. It is typically used for video games and provides the opportunity to interact in real time within a 3D virtual world with people, objects, or digital environments. This is accomplished by creating an avatar and using devices like virtual reality headsets.

Metaverse Opportunities for Utilities?

McKinsey's report forecasts that the metaverse market will expand significantly in the coming years, reaching a value of $5,000 billion by 2030, which would make it the third-largest economy in the world. Consequently, utilities ought to accelerate their digitalisation efforts and rethink their business strategy and model to keep up with the forthcoming digital and technological transformations. If you are employed by a utility, we urge you to read on to discover how you can leverage the metaverse to your advantage.

Optimise your customers' Energy Management

Enabling your users to interact with real-time energy consumption data can enhance their comprehension of energy usage patterns, allowing them to make informed choices regarding their energy consumption.

Let's take the example of the industrial metaverse, already tested within the Renault group, which provides a complete visualisation of the processes and consumption of an industry. This visualisation can, among other things, help to identify potential savings areas in the production circuit or measures to be taken to improve energy efficiency.

"Every day, a billion of data are collected within the Renault Group's industrial sites. The Metaverse provides real-time supervision that increases the agility and adaptability of industrial operations as well as the quality of production and the Supply Chain. Renault Group is becoming a pioneer in the sector.” Jose Vicente de los Mozos, EVP, Industry Group and Head of country Iberia

The Renault project is just one example of how companies can use this technology to improve efficiency and reduce costs. And it applies to many other departments of a company or its operating systems in general.

As an energy company, and through the metaverse, you would have the potential to offer innovative and immersive solutions such as the creation of simulations and virtual spaces in which your customers could interact with their electricity, water or gas consumption data.

Artificial intelligence-powered virtual energy data management has been around for a while, and leading-edge utilities are already providing their customers with intelligent and inventive solutions. The metaverse represents the logical progression in the evolution of digital energy management, given its interactive and varied immersive experience. This technology is the natural next step for digital management projects like BIM or digital twins.

Utilities have a significant responsibility in this field and should capitalise on the opportunity to lead the way in providing their customers with access to their energy data. This will not only aid them in distinguishing themselves from their competitors but also allow them to enhance their relationship with their customers, which is imperative in today's challenging energy climate.

Adapting the Energy Offer and Improving the Customer Experience

As previously mentioned, prioritising customer relationships should be a central component of your business development strategy. Given the energy crisis and the current market climate for utilities, there has been an uptick in customers switching to other utilities. Therefore, it is critical to adjust your energy service offerings to persuade potential customers effectively.

In what ways can the metaverse help you? Consider the possibility of encountering your customers in the metaverse and having the ability to examine and analyse their energy consumption data in an engaging and personalised manner. This could be a means of showcasing and modifying your energy service offerings and could present an opportunity to experiment with tangible solutions in a virtual/alternate realm. Additionally, it could allow for a blend of immersive and imaginative experiences by enabling you to offer sensory-rich presentations of your services to better cater to your customers' energy endeavours.

Raising awareness of the Energy Transition

Once more, with the aim of accommodating and continually enhancing your services, the metaverse can serve as a communication platform to....

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