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BY Greg Player and Mike Rutkowski
The utility sector is standing at a critical crossroads. The future of energy is unfolding rapidly — driven by reliance on aging infrastructure, the need for resiliency, the rise in large loads from data centers and the growth of distributed energy resources. This transformation requires utilities to deploy capital at an unprecedented scale and pace.
Utilities today face a daunting list of internal and external constraints that are slowing the flow of critical capital investments. Internally, many grapple with ineffective prioritization, siloed processes, outdated or fragmented tools, and a workforce under strain from change fatigue and a looming talent gap due to retirements. Externally, supply chain volatility, regulatory scrutiny, and increasing expectations for transparency and return on investment (ROI) add further complexity.
The result is often missed project deadlines, financial shortfalls and delayed progress on critical infrastructure investments. Utilities risk not just reputational harm and missed shareholder returns but also regulatory consequences and lost customer trust.
At the heart of capital deployment is a balance between timely, prudent investment and the delivery of measurable benefits to customers. Prudent investments form the utility’s rate base — the foundation upon which regulated utilities earn a return. But that return depends on demonstrating that the investments serve customers well, are justified by the outcomes and are executed effectively.
When utilities can clearly communicate the benefits of their investments, everyone benefits. Customers see improved reliability, cleaner energy and long-term value. Regulators find alignment with policy goals. Utilities maintain financial health and the ability to pursue future investments.
Regulators now want the justification for investments quantified and realization of benefits tracked through project delivery, standardization and new tools support the ability to meet regulators requirements, in addition to delivering at scale.
Utilities that move beyond traditional project-by-project management and embrace integrated portfolio governance are better positioned to meet modern demands. These organizations are more likely to deliver programs at scale — faster, more reliably, and with greater control over costs and risks. Effective capital execution isn’t just about planning the right projects — it’s about moving them from concept to commissioning with precision.
The shift depends on five key enablers:
The pace and scale of capital deployment is rapidly changing and utilities must act now to stay ahead of the curve. Meeting the moment requires moving from reactive project management to a proactive, integrated approach to capital delivery. With the right capabilities in place — governance, tools, talent and adaptability — utilities can keep projects on track, stay aligned with policy and customer needs, and lay the groundwork for future investment and innovation.
Now is the time to lead — with vision, focus and the ability to deliver.
Managing Director, Business Strategy & Transformation
Managing Director, Great Lakes Region
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