How to grow your utility business with an EV charging platform
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Plug into success:
Growing your utility business
As the world moves away from gas-powered cars and towards electric vehicles (EVs), the EV charging market is experiencing exponential growth. This shift towards EVs is being driven by a variety of factors, including the global effort to reduce our dependence on fossil fuels. What’s more, automakers are developing new EV models and governments are offering financial incentives to encourage consumers to make the switch.
Despite these promising developments, there are still necessary structural investments that need to be made to support a global shift to EVs. This is where utility companies come in - they have a real chance to become an integral part of the EV ecosystem and capitalise on the numerous revenue opportunities the market offers.
A Charge Point Management System (CPMS) provides utilities with the flexibility, efficiency, and innovation required to become the go-to EV charging solution provider.
Electricity consumption is on the rise
Countries within the European Union generated 2’664(TWh) of electricity in 2020. With Europe's electricity consumption expected to grow by 1.8% annually until 2030, the transport sector is set to drive 11% of this increase due to rising EV adoption.
The electricity consumption linked to the transport sector is forecasted to jump from 59 TWh in 2017 to 200-260 TWh in 2030, which creates a new market of around 140-200 TWh waiting to be served.
With an average price of 0.25€ per kWh, this market development translates to a potential €35.35 to €50.5 billion in new revenue for European utility companies.
The race to electrify:
Keeping up with the EV revolution
Utility companies need to enter the market quickly and establish a strong presence while the market is still growing. However, with intense competition and rapid technological advancements, staying ahead of the curve can be challenging. Additionally, regulatory, infrastructure and logistical barriers can make it difficult to provide a seamless and reliable charging experience for customers.
To succeed, a proactive approach by investing early and building a network of partnerships with other industry players is needed. It is crucial to have a comprehensive understanding of customer needs and expectations and to have a clear, adaptable strategy to remain relevant in this constantly evolving market.
Winning the EV race:
Why utility companies need to act fast and stay agile
The electric vehicle (EV) revolution is already underway, and as a utility company, it's important to act quickly and effectively in offering EV-related products and services to avoid losing market share to your competitors.
For example, if your competitor offers an attractive bundle of EV charging and electricity services that your customers find irresistible, they may switch providers, resulting in high churn rates and missed revenue opportunities for your business.
By being proactive and investing in EV-related products and services, you can secure your position in the market and stay ahead of the competition, providing your customers with the best experience possible.
Adapt or be left behind
Utility companies face a crucial decision - either adapt to the growing EV charging market or risk losing out to competitors. By being proactive, you can not only save costs but also generate new streams of revenue by catering to the growing needs of EV users.
However, two significant challenges must be addressed: managing the load increase on the grid infrastructure and finding an all-in-one solution for different charging needs.
Challenge #1: The grid
With more people using electric vehicles, there will be more demand for electricity, which will put pressure on utility companies like yours to manage the increased load on their electrical network.
Fortunately, there are solutions available to help balance the electrical grid, ensuring reliable access to electricity for everyone who needs it.
Boost profits with intelligent pricing management
Utility companies can attract more EV drivers and maximise revenue opportunities by offering flexible pricing options. This means setting different prices based on factors like the time of day, amount of energy used (kWh), or duration of the charge, to meet the unique charging needs of different customer segments.
For instance, offering lower rates during off-peak hours or discounts for longer charging sessions could be an incentive for EV drivers to choose your charging services.
These flexible pricing options can also help mitigate the risk of overloading the grid by encouraging EV drivers to charge their vehicles during off-peak hours when demand for electricity is lower.
Monta, an all-in-one charge point management platform, has a flexible pricing feature, known as Dynamic Pricing, which allows utilities to set kWh prices based on real-time electricity costs rather than static rates. This is achieved through spot pricing, which reflects the hourly electricity price for a specific location, combined with customizable premiums (fixed, percentage, or both).
Maximise power efficiency with Load Balancing
Effective energy management is crucial for maximising the potential of limited power availability in buildings and locations. Load balancing is a smart tool for power consumption and distribution that plays a vital role in ensuring optimal distribution of power and avoiding the risk of overloading, even during peak demand. With the rapid growth of electric vehicles, load balancing has become even more critical to maintaining stability in the electricity grid and individual electrical installations.
By implementing load balancing, you can maximise your electrical installation's potential without sacrificing performance or incurring additional costs. Load balancing also ensures scalability for future load requirements, such as adding new charge points
Monta's load balancing feature for example, provides a seamless solution for balancing power consumption, automatically distributing available power across all connected charging vehicles. Monta uses smart electronics to manage the power supply based on the maximum capacity of the connection and available amps, ensuring that electric vehicles can always be charged without requiring costly installations or upgrades.
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Our customers were asking for a more flexible set-up...
Claus Holm Andersen, CCO, SEF A/S
Challenge #2: Serving the needs of all your different customers
Revolutionise your business operations
An all-in-one solution with integrated accounting, invoicing, and payment offers complete control over pricing, access, and utilization. This becomes a game-changer for utilities aiming to streamline operations and reduce costs.
Manage RFID charging cards with a user friendly app
It is also very important to put emphasis on delegating tasks to users where possible. For example, with Monta, activating, blocking and deleting RFID charging cards can simply be done from the end-user charging app.
This saves utilities around 5-10€ per card tagged and sent to customers plus support effort around lost or stolen cards.
Enhance the user experience with RFID tagging system and bulk upload feature
For utility providers, it is crucial to enhance the user experience with smart and intuitive features which streamline operations and improves customer satisfaction.
One of the most impressive features of an EV charging platform like Monta, is the user-led RFID tagging system, which allows for quick and easy identification of charging points and users.
Moreover, Monta also includes a bulk upload feature which greatly simplifies the process of adding multiple charge points, saving you time and effort.
Find reliable installers and optimize resource allocation with a consolidated platform
For energy utilities entering the EV space, finding the right partners is crucial for success, with installers playing a key role. Access to reliable contractors and an established partner network is one of the scarcest resources needed to roll out vital charging infrastructure at scale.
Through Monta, besides a world-class EV charging platform, you also get access to a public page for installer jobs, making it easier to connect with reliable partners and contractors.
By consolidating all your needs in one place, you ensure that your operations are efficient and cost-effective, giving you the competitive edge in the EV market.
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Our goal at NRGi is to be transparent and offer a great service to our customers.
Trine Gisselbæk, Business Development Manager, NRGi
How utility giant Norlys is taking over the Danish EV charging market
Energy giant Norlys, with its billion-dollar investment and ambitions to acquire 300,000 customers, has plunged into the competition in the charging infrastructure market. Norlys is consolidating their e-mobility unit and has chosen Monta as their e-mobility partner.
