Leading utility companies are racing to deploy AI across their operations, with some investing $150M+ in AI startups over the past couple of years — signaling a fundamental shift in how the sector will compete.
In fact, generative AI could create a $13.3B market for utilities by 2033, up from $713M in 2023. That projected jump signals a necessary step change in AI adoption for this historically risk-averse industry.
AI is already enabling utilities to boost efficiency, enhance reliability, and improve customer experience, including grid optimization of distributed energy resources, asset health management for wind turbines, and customer service automation.
We analyzed the activity of the top 50 global utility companies by market cap, together with their subsidiaries, and selected the 25 with the highest score. Using CB Insights data, including investments, acquisitions, partnerships, and earnings transcripts, we examined each entity’s AI activity and then ranked them based on their preparedness to evolve with the rapidly changing AI landscape.
