Utility Week

7 ISSUE 02 FEB/2019 SUN IN A BOX E X P E R T V I E W 7 ISSUE 02 FEB/2019 HERE'S AN IDEA... www.customerminds.com D ebt is a growing problem for customers and suppliers within the utility industry. As energy prices continue to rise and we experience large fluctuations in weather conditions, an increasing number of customers are falling into arrears. In fact, a GoCompare survey estimated that 1.4 million people in the UK have utility bill debts. To compound the problem, only 11 per cent of those customers have contacted their supplier to discuss the situation. Of those who did contact their supplier, 15 per cent felt pressured to pay more than they could afford. Debt owed to suppliers in October 2018 hit £393 million, which was an increase of a quarter on the same period in 2017. e customer experience collection conundrum Suppliers face the challenge of complying with stricter regulations, price caps, and rising customer demands – while also ensuring they deliver a customer experience that is engaging, compliant, and takes account of a person's situation in every interaction. erefore, it is key to have a well-thought-out customer journey. Visibility on issues earlier in the arrears process provides more control, making it easier for the customer to resolve. In this early phase, debt is typically small, so the ability to repay is higher. If we leverage digital channels to engage with the customer early on, we can alleviate embarrassment by allowing the customer to have control over what payment options they can manage, while reducing the impact on operational costs. e benefits of a digital approach Mapping customer journeys with the correct digital solution for arrears and collections can enable your business to deliver a great customer experience even in a difficult situation. And there are benefits for utilities: Reduce the cost to collect by digitally enabling your customer and removing the need for collection letters. Build customer loyalty and drive retention by providing two-way communication to debt resolution. Decrease outstanding days as a result of creating alternative digital payment options. Increase brand reputation by identifying vulnerable customers early and targeting them with support. For more information on how you can approach digital transformation across your business, contact Amy Keith akeith@versari.com or call +44 117 313 8240. Versari is working on behalf of PSI Mobile and CustomerMinds. Leveraging digital customer journeys to improve arrears and collection processes Amy Keith, business development, Versari Engineers at the Massachusetts Institute of Technology (MIT) in Boston have discovered a way to store enough renewable energy to power a small city of 100,000 people. e new method stores heat generated by excess electricity from solar or wind power in large tanks of white-hot molten silicon, and then converts the light from the glowing metal back into electricity. e team behind it are calling it "sun in a box". MIT claims the system is far cheaper than lithium-ion batteries, which have been seen as the leading method to date for storing renewable energy. It also estimates that the system would cost about half as much as pumped hydroelectric storage – the cheapest form of grid-scale energy storage discovered so far. e new storage concept stems from a project in which the researchers looked for ways to increase the efficiency of a form of renewable energy known as concentrated solar power. Unlike conventional solar plants that use solar panels to convert light directly into electricity, concentrated solar power requires vast fields of huge mirrors that concentrate sunlight onto a central tower, where the light is converted into heat that is eventually turned into electricity. "By focusing the light to get heat, you can store heat much more cheaply than you can store electricity," says Professor Asegun Henry of the MIT Department of Mechanical Engineering. " e technology has been around for a while, but its cost could never compete with natural gas." Concentrated solar plants store solar heat in large tanks filled with molten salt, which is heated to high temperatures of about 1,000 degrees Fahrenheit. When electricity is needed, the hot salt is pumped through a heat exchanger, which transfers the salt's heat into steam. A turbine then turns that steam into electricity. e system could be paired with existing renewable energy systems, such as solar cells, to capture excess electricity during the day and store it for later use. " is is geographically unlimited, and is cheaper than pumped hydro, which is very exciting," says Henry. "In theory, it is the linchpin to enabling renewable energy to power the entire grid."

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