Wholesale gas prices skyrocketed following Russia’s invasion of Ukraine in February 2022, reaching a peak in August due to worries about the winter gas supply. Although gas prices have gone down recently, because suppliers purchased their energy in advance, significant economic savings for businesses are still a long way away.
As businesses face uncertainty, innovative technology, and in particular the Internet of Things can help identify potential energy waste. This makes it possible to use energy more effectively and lowers energy costs.
Energy management hardware and software
Energy management hardware and software such as ClearVUE.Zero offer real-time energy data to companies, enabling them to quickly identify inefficient trends and anomalies in their energy profile. By implementing cost and energy saving measures, businesses can optimise production efficiency and improve their bottom line.
ClearVUE.Zero empowers businesses to monitor, target, and mitigate energy waste for both gas and electricity across their sites. The system provides data at minimum 15-minute intervals for energy, carbon emissions, costs, business gas volume, and business gas calorific value. With this technology, businesses gain total control and insights into their global energy consumption profile.
ClearVUE.Zero also includes the Gas Analysis module, which provides high-resolution data on business gas consumption, gas costs, and carbon footprint analysis. With real-time insights into and in-depth reporting of their energy consumption data, businesses can better navigate the volatile energy market.
Smart energy procurement and management
You can also save on energy costs through smart energy procurement and portfolio management.
Procuring energy contracts that align with their situation and needs can provide businesses with a good starting point for reducing energy costs. Opting for a long-term fixed contract can be an effective method of power purchasing, which is also known as “cost averaging”, if there is a need to procure energy contracts sooner.
According to Latif Faiyaz, Head of Flexible Purchasing at Northern Gas and Power, choosing a three- or five-year deal can result in significantly lower average unit rates compared to a one-year deal.
Northern Gas and Power offers a complete range of energy procurement solutions, including market tracking, energy portfolio management, and energy budgeting consultancy services. Their flexible energy procurement solutions enable organisations to take advantage of the wholesale market’s fluctuations by purchasing energy in smaller quantities throughout the contract term. Moreover, businesses can lower their energy bills by implementing energy management and monitoring practices.
Take control of your business energy today
If you have any further questions about business energy contracts, business energy management, or energy management software solutions, give us a call on +44 (0)3 300 300 200.