Volatile energy prices causing a new form of energy management

With energy prices rising 40% since 2010, energy management has never been more crucial to a company’s utility costs which impacts on their bottom line particularly companies with high energy consumptions, so how do businesses achieve this? While some companies view energy management strategies as an added bonus, most UK businesses wish to improve their carbon footprint and strive to improve their energy management as they struggle to deal with the volatility of energy prices.

Companies need to ensure that they take a realistic approach when attempting to reduce their carbon footprint, whilst also saving money and using energy effectively. Energy usage and cost reduction should be addressed regularly to ensure that businesses are not left vulnerable during times of volatile energy prices. Companies are applying a “price-based” demand management scheme that enforces a cut back on energy consumptions when prices rise in the energy sector.

Mike Hogg, Managing Director at DONG Energy Sales (UK) provided useful energy efficiency advice and suggested that the next step for businesses is to be “proactive” about the data collection aspect of energy management which will help to establish beneficial “purchasing and usage strategies”.

Advances in technology such as smart automated metering systems, that Comverge, the energy efficient solutions company have adopted and provide in the US have proved effective. In order to manage the energy efficiency, companies must first understand the usage of energy and monitor its developments.

If these advances are adopted then companies will ultimately be able to manage and understand their energy usage resulting in simple ways to save money.