Review of the changing electricity industry value chain in the ICT convergence era

We examine the changing aspects of the electricity industry and requirements for the industry development in the information and communications technology (ICT) convergence era based on the framework of value chain change in terms of the counter-flow, multi-dimensionalization, insertion, and removal of a value chain, away from the existing 'value chain elements'-centric approach. As a result, we confirmed various value chain changes and directions for the development of the electricity industry. Energy consumers are turning into prosumers and influential stakeholders. In addition, the importance of data has been highlighted and the influence of platforms has been expanded. With the changes come along, various market participants appear, and at the same time businesses that do not adapt to the changes are at risk in terms of their market power. It can be seen that the changes demand efforts to encourage consumer participation into the energy market, rational mechanism of energy data sharing, and setting up of an efficient regulatory system. This study contributes to the understanding of the new changes and the demands resulting from ICT convergence in the electricity sector. (C) 2020 Elsevier Ltd. All rights reserved.