Key Points From the Monticello 2023 Utilities Credit & Collections Symposium
1. Economic Outlook
A recession is looming and while it may not be as impactful as the one in 2008, it will have an impact on residential and commercial utility customers, making it increasingly hard for bills to be paid on time.
2. Utility Costs
Rates are on the rise and the shortage of natural gas will lead to higher energy prices in the U.S.
3. Changing Customer Behavior
While it may be impossible to have every utility customer pay on time and in full, using strategies like the manner of payment and the timing of payments (even if partial) are resulting in reducing delinquencies.
4. Technology Updates
Remote Process Automation, Smart Meters, and new payment channels (Venmo, GooglePay, etc.) are on the rise. Customers of all ages are seeing a wave of new technology, whether electric or gas customers.
