Three Steps to Capitalize on the Electrification Opportunity
By Nelson Squires | March 1, 2023
Read Time: 5 Minutes
Affordable, reliable, and safe electricity is fundamental to modern life. Dating back to the 1880s, Thomas Edison’s light bulb was one of the first applications of electricity — it radically challenged the status quo by introducing people to an entirely new type of energy. This new energy fostered many industries required to generate, transmit, and use the electricity fueling the economy and our livelihoods for the decades that followed.
The latest trend toward electrification — a shift in spending from high- to low-emissions assets — could create one of the largest reallocations of capital in a century and present massive opportunities for the electrical industry. As the Inflation Reduction Act (recognized as the largest investment in climate action in United States history) gains momentum, pressure mounts to better understand how to take advantage of new capital to effectively compete. Electrification in this era will demand new power generation, transmission, and distribution to support the growth of various trends like transportation electrification, onshoring and the requirements for more reliable and renewable energy.
Preparing for this shift and meeting the demands of this latest trend is causing the electrical community uncertainty at a time when it’s already facing pressures from continued labor shortages and supply chain disruptions.
This article was originally published in March 2023 by EC&M. Reprinted with permission of the publisher.
ABOUT THE AUTHOR
Executive Vice President and General Manager – Electrical & Electronic Solutions. Nelson Squires was named Wesco’s Executive VP and GM of Electrical & Electronic Solutions in 2020. Previously, he held the roles of Senior VP and Chief Operating Officer, Group VP and GM for Canada and International, and Group VP and GM of Wesco’s Canadian operations. Squires served as a Captain in the U.S. Army and holds a BSc degree from Wake Forest University.