Even though many U.S. utilities operate in a regulated environment where their customers aren't offered the ability to seek out alternative power providers, that doesn't mean that the business operations in these utilities lack motivation to outperform their peers. In fact, the business development opportunities to lure new major customers into a service area is a paramount priority for utilities, as well is providing services that allow a local community to grow and prosper.
This week's guest on the Power Perspectives Podcast was Patrick Smith, the VP of Economic, Community, and Business Development at Ameren Missouri. Patrick is a career-long utility employee, and he's seen first hand the importance of the work done by every professional at a power company. In his latest challenge at the VP level, Patrick now takes that experience and knowledge to bolster Ameren Missouri as a leading utility in the region. During this conversation, Patrick shares what he's learned and highlights what others in the economic, community, and business development departments at utilities can and should be doing to ensure success. When asked to define success, for example, Patrick noted:
The core mission is to generate new net revenue to offset the expense, and we have a great deal of grid modernization investment, and that basically the way people live, work and play now is to the benefit of the folks in Missouri and even in Illinois, but we have to offset this type of investment so that we don't have rates that can increase beyond what our customers can afford, so we're generating revenue that we take to the top line on the income statement and help drive down these costs, and our target, for myself and our team, by 2025 we have a goal of achieving 75 million dollars in recurring new net revenue, and that increases every year, and the 2026 goal is 86.6 million dollars. That's how we're measured on being successful.
This entry into the podcast, like all of the series episodes, can be found on all major podcast outlets, including iTunes and Spotify, or it can be listened to directly on the Energy Central platform. Give it a listen and share your reaction in the comments.
Episode #83: 'Embracing The Utility Role Of Community & Economic Development' With Patrick Smith [an Energy Central Power Perspectives™ Podcast]
About Energy Central Podcast Series:
The ‘Energy Central Power Perspectives™ Podcast’ features conversations with thought leaders in the utility sector. At least twice monthly, we connect with an Energy Central Power Industry Network community member to discuss compelling topics that impact professionals who work in the power industry. Some podcasts may be a continuation of thought-provoking posts or discussions started in the community or with an industry leader that is interested in sharing their expertise and doing a deeper dive into hot topics or issues relevant to the industry.
The ‘Energy Central Power Perspectives™ Podcast’ is the premiere podcast series from Energy Central, a Power Industry Network of Communities built specifically for professionals in the electric power industry and a place where professionals can share, learn, and connect in a collaborative environment. Supported by leading industry organizations, our mission is to help global power industry professionals work better. Since 1995, we’ve been a trusted news and information source for professionals working in the power industry, and today our managed communities are a place for lively discussions, debates, and analysis to take place. If you’re not yet a member, visit www.EnergyCentral.com to register for free and join over 200,000 of your peers working in the power industry.
The Energy Central Power Perspectives™ Podcast is hosted by Jason Price, Community Ambassador of Energy Central. Jason is a Business Development Executive at West Monroe, working in the East Coast Energy and Utilities Group. Jason is joined in the podcast booth by the producer of the podcast, Matt Chester, who is also the Community Manager of Energy Central and energy analyst/independent consultant in energy policy, markets, and technology.
If you want to be a guest on a future episode of the Energy Central Power Perspectives™ Podcast, let us know! We'll be pulling guests from our community members who submit engaging content that gets our community talking, and perhaps that next guest will be you! Likewise, if you see an article submitted by a fellow Energy Central community member that you'd like to hear about in more detail, feel free to send us a note to nominate them. To contact us, email email@example.com. Podcast interviews are free for Expert Members and professionals who work for a utility. We have package offers available for solution providers and vendors.