AEP, Ameren, Entergy, Exelon, Southern
Tom Flaherty is a Senior Advisor to companies in the global power and utilities industry for Strategy&, part of the PwC network.
Utilities recognize that successfully addressing market externalities requires advancing internal capabilities for technology scanning, customer behavior, solutions development, platform interoperability, and business model design. These challenges necessitate innovative thinking and creative approaches to business execution.
At the June 2019 Edison Electric Institute Annual Convention in Philadelphia, Nick Akins from AEP, Warner Baxter from Ameren, Chris Crane from Exelon, Leo Denault from Entergy, and Tom Fanning from Southern Company, joined Strategy& and Public Utilities Fortnightly for our third virtual innovation roundtable.
As is typical when leading CEOs discuss industry challenges and strategies, some common themes emerged.
Embedding a Culture
A common theme addresses culture — not just individual emphases, but step-change in enterprise attitudes. The CEOs collectively focus on creating a workplace where employees feel comfortable embracing innovation and believe they individually thrive in this environment.
The CEOs recognize embedding a culture of innovation takes years and employees look for signals of commitment. Employees want to see innovative thinking is appreciated and celebrated rather than devalued and penalized.