However, the precise nature of future requirements remains unclear as regulators continue to assess both what is needed and what may be possible to deliver to address concerns, and there remains considerable variance in attitudes and approaches from jurisdiction to jurisdiction. This combination of ongoing change and increased volume of requirements is why 84% of respondents ranked this in their top three compliance risks.
No. 2: Health and safety
According to the US Bureau of Labor Statistics, electrical power line installers and repairers suffered fatal work injuries at a rate of 19 per 100,000 full-time equivalent workers in 2014. This was over five times the US fatal work injury rate that year.
Even though occupational injuries have mostly been in long-term decline, whether it’s in a plant or in the field, P&U workers continue to put themselves at risk on a regular basis to provide customers access to safe and reliable power, gas and water.
The public can also be affected by health and safety issues, and incidents can drive increased scrutiny and action from governments and regulators that can have wide-reaching, cross-border implications. Despite improvements in safety, this is why 80% of respondents ranked this in their top three compliance risks.
No. 1: Energy and environmental regulation
Legislators around the world are increasing their efforts to develop and implement ever more rigorous environmental regulations designed to mitigate climate change, control pollution and improve energy efficiency.
As a result, utilities are having to navigate increasingly complex and ever-changing policy and regulatory environments with global (e.g., GOP21), regional (e.g., the EU Emissions Trading System), national (e.g., the UK’s RIIO), and state or local (e.g., public utility commissions) dimensions.
With 88% of respondents ranking this rapidly changing regulatory environment in their top three compliance risks, it also emerged as the number four risk overall in our survey.