Imagine it’s your first day on the job as Chief Technology Officer (CTO) for one of the largest electric and natural gas utilities in North America, and suddenly, one of your core systems goes down, leading to a loss of revenue every hour when 5 million customers cannot pay their bills. This is what happened to Tim Peterson when he joined Xcel Energy in late 2019 as CTO. Upgrading the utility’s technology offered a clear opportunity for more efficient and resilient operations.
Moreover, Xcel Energy had become the first major utility in the country to announce a goal of reaching net-zero by 2050 and an 80 percent reduction below 2005 levels by 2030. In this ambitious endeavor, technology was considered a key ingredient to enable the energy transition in a highly regulated environment. Tim Peterson and Xcel Energy leaders looked to embrace the organization’s purpose: responsibly reducing carbon emissions and producing and delivering clean energy solutions from a variety of renewable sources economically. With its technology-driven clean energy transition, Xcel Energy aimed to be the inspiration not only for utility companies but for heavy assets industries as well.
Delivering a tech-enabled, sustainable future in a highly regulated environment
We transformed data into valuable insights, enabling us to make informed decisions regarding safety. Additionally, we significantly improved efficiency by automating processes that were in place for decades. These breakthroughs set us apart as leaders and exemplify the continuous innovation required for exceptional performance in the utility sector.”
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The opportunity
Aspirations behind the digital transformation
Biggest reflections from the transformation
—Tim O’Connor, Chief Operations Officer, Xcel Energy