Verizon has launched Grid Wide Utility Solutions, an Internet of Things (IoT) platform service for utility companies for their grid modernization.
Grid Wide, now available in the U.S., offers solution for smart metering, demand response, meter data management and distribution monitoring and control to electric utility companies.
The U.S. has 147 million electric meters. Verizon’s Grid Wide aims to transform the delivery and consumption of energy for utilities and their customers.
The IoT solution comes with a range of cloud-based applications to assist utility companies to drive incremental revenue, reduce operating costs, increase efficiency and improve customer experience, said Verizon.
According to industry estimates, at least 60 percent of utility companies only become aware of outages as a result of customer notifications. The solution’s pre-configured data and analytics dashboards provide timely information regarding outages and abnormal usage patterns while also helping utilities drive revenue.
Verizon’s revenue from the IoT and telematics totaled approximately $165 million in second-quarter 2015 and $320 million year to date.
