Speed Wins: Why Energy Innovation Matters for Your Community
An energy innovation panel, hosted by Women’s Energy Network Carolinas, E2, NCSEA, and The Joules Accelerator in Charlotte on November 15, delivered what chambers and economic development organizations need right now: clear-eyed analysis of where our energy sector is headed and what it means for attracting and retaining business.
President and Founder of Recall Strategies Jonathan Callaway candidly shared with the audience of approximately 70 people the realities ahead: expect challenges for onshore and offshore wind, a resurgence in solar deployment, and a regulatory fast-track for small modular nuclear reactors. Even if federal tax incentives are not reintroduced (and they probably won’t return), economics and energy demand will continue to drive growth and investment, according to Callaway.
Brita Formato, President at Heimdall Power, shared a sobering reality check: less than 1% of our electrical grid is digitized. Most of the power lines that Edison invented more than a century ago remain incapable of signaling when a line goes down or any other kind of issues.
“We’re essentially operating the grid blind,” she said.
Meanwhile, China builds as much transmission capacity every 18 months as the entire United States has built to date, according to Formato.
Duke Energy's deployment of AI for predictive maintenance, however, has already saved customers $500 million, according to Taylor Meredith, director, federal government affairs. Cameras and sensors now proactively identify issues with trees and power lines before they become outages.
Meredith emphasized that North Carolina continues to be attractive for business, with more than 100 large-load customers currently in their queue, although she added that not all of those projects will move forward to completion.
Collaboration will be critical to both innovation and project completions, according to several of the speakers. As tax and energy consultant Randy Lucas put it:
"We're up against a lot and a lot is changing. It's going to require good partnerships."
The experts agreed on three imperatives:
Speed to deployment is everything. If we want to compete globally and keep hyperscale investment here rather than watching it move to Canada or China, we need to accelerate project timelines.
Energy efficiency remains our best immediate solution. As former Duke Energy CEO Jim Rogers said, energy efficiency is the "fifth fuel."
Innovation is inevitable. The question isn't whether we'll adapt, but how quickly.
The guidance given for communities that are pursuing economic development and good-paying jobs: champion partnerships, advocate for transmission infrastructure, and position your communities for the massive wave of energy investment that's coming.