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What is happening in the energy market and how will it affect your business?

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Due to several factors – the most significant being Russia’s ongoing invasion of Ukraine – the past year has seen some of the most volatile energy markets ever recorded. Businesses and individuals are finding it increasingly difficult to navigate rising prices and depleting resources. But what exactly is going on?

The energy market has been incredibly volatile over recent years, to say the least. With fluctuating prices reaching all-time highs, countries, businesses and tenants have been left wondering why this is happening, and what to do next. To put it in context, wholesale gas prices have increased by 250% since January 2021. The situation has worsened further in 2022, as a result of significant geopolitical developments.

The soaring wholesale prices have already seen several energy suppliers go out of business. The crisis has also prompted warnings of food shortages across the country. These peaks are the highest they’ve been in a decade.

So, what does it mean for your business? And how can you best prepare for rising prices?

How can businesses manage energy efficiently?

Businesses across the country are having to adapt to the rapidly changing energy market. So, it is important that they understand how to effectively mitigate rising energy prices. And this is only possible by getting their individual energy management plans in check.

There are a few ways to kick off your energy management process:

energy managing

How can businesses manage energy efficiently?

  1. Speak to one of our Account Managers

Keeping an eye on the markets while deciding what is best for your business can be stressful and confusing. But managing your energy doesn’t have to be.

To reduce further financial risk, businesses need to have a good understanding of the energy market; including its ups and downs. We are here to take this off your hands.

At National Utility Hub, we are dedicated to making energy management as painless as possible. Our wide range of services make finding the perfect contract for you, simple and stress-free. We take care of your energy management so that you can focus on your business.

  1. Audit and monitor

Energy audits make this process simple. By collecting your energy data and looking at factors such as lighting, heating and air conditioning, audits can suggest where to reduce your energy usage. By uncovering these insights, businesses could receive social, environmental and financial benefits.

SMEs are facing a number of obstacles as energy prices reach record heights, and this is only set to increase over the winter period. Meaning that getting ahead of the auditing game will only bring benefits and ease to said companies.

At National Utility Hub, we start by identifying the areas of inefficiency and waste that are driving up your energy costs. This tells us what changes need to be made to lower your bills and reduce risks.

  1. Reduce consumption and increase efficiency

Energy supplies are low, and prices are increasingly high. So, it is imperative that businesses reduce consumption where possible. To do this they must first understand their current consumption and areas of high energy usage. This will give a clear picture of where energy is being used unnecessarily.

Energy efficiency within your organisations can bring numerous environmental and financial benefits. Against a backdrop of diminishing energy supplies and increasing prices, it is fast-becoming essential that businesses do what is best for them and the environment. Transparency surrounding energy efficiency could also increase a business’s standing, in a market where consumers are becoming increasingly aware of the environment. Making energy efficiency an essential part of an organisation’s path towards net zero.

Consider encouraging employees to incorporate efficiency into their daily lives. Such as switching off appliances when they leave the building, closing windows when HVAC systems are in use, and making the most of any natural light. These measures can go some way towards reducing your energy consumption and subsequent costs.

Get in touch to find out how we can help you manage your energy efficiently and avoid sky-rocketing prices.

 

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