a few thoughts on utility price increases
TRANSCRIPT
A Few Thoughts on Utility Price Increases
EUCI 13th Annual Rate Design Conference
John EganSeptember 28, 2015
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RoadmapWe’re all in this together
Terrific industry-wide learning opportunityDo the right thingSay the right thingShow the right thingRinse, lather, repeat
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Electric Utility Capital Projects
Big electric capital spend planned.1,010 capital projects valued at $150 billionTX, CA, BC, NY, AZ, NY, ND, IL and NM have the largest planned spend.
Customers are expected to pay for all of that, plus riders and ROE (for IOUs).
Source: Industrial Info Resources
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Source: Egan Energy Communications
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Do the Right Things ─ OpsFix operational shortfalls.Continue efforts to lower costs before asking customers to pay more. Know your customer.
Understand what they value and where you fall short.
Practice integrated issues management.
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Do the Right Thing ─ CommsTest all aspects of your communications.
Art, colors, messages, design, channels, etc.Align words, deeds and art to ensure transparency.Use easy-to-understand words and concepts.Art is more powerful than words.
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Do the Right Thing
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Source: Albert Mehrabian
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Focus on ValueNumerous examples of utilities with rising CSAT despite multiple price increases.
If Pepco can do it, so can you!“If the perceived value of what we provide is rising faster than the perceived cost, we’ll be OK.”
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Say the Right ThingYou are cursed – with knowledge!SUCCESful messagingThe danger of detail
Use words an 8th grader can understand Less effective and more effective words
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SUCCESful MessagingSimpleUnexpectedConcreteCredibleEmotionalStories
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The Danger of Detail
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Show the Right ThingCreate MPG graphics for electric use.Make employees the face of the utility.Ask employees to become ambassadors.Don’t hide, don’t go dark.
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Thank You!For more information:
John EganPresident
Egan Energy Communications, Inc.720-949-4906