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The Growing Focus on Energy Management

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It's no secret: smarter energy management can lower costs and boost your business's financial performance.

But saving energy requires time and expertise. How many businesses can sacrifice core activities to focus on energy?

Today’s businesses understand the value of energy management, as evidenced by a survey we recently completed of 300+ energy decision makers from across a range of industries: commercial real estate, healthcare, hospitality, manufacturing, restaurants/retail grocery and retail.

However, while the survey respondents overwhelmingly indicated that energy management is critical or very critical to financial performance of their business, only 6 percent currently have a comprehensive energy strategy in place.

With so many benefits at stake – and so little time to focus on it – the importance of having a a trusted energy supplier has never been greater. Here are a few ways that a trusted supplier and strategic services can help boost your business's energy management. 

1. Fixed or variable rate planning

This option gives you the flexibility to diversify your electricity purchases to meet your business needs. For example, you may want stable, predictable energy prices, or you may want to take advantage of discounted pricing options to save money by modifying your energy usage schedule.

Strategic energy services can help you decide what mix of fixed or variable rate plans best suit your business needs. According to the survey, 92 percent of respondents that explored a wide range of energy products cut costs for their business. In fact, one-fourth of respondents reduced costs by more than 25 percent. 

2. A range of energy options

A trusted energy supplier can give you access to a range of different energy options. Beyond electricity and natural gas, they can help equip your business with solar powerdemand response programs and the latest cutting-edge technology. Panoramic Power — which analyzes 8 billion data points per month and counting — can help you better manage your energy use, equipment performance and overall business operations.  

Despite the clear wins that come with energy monitoring technology, 50 percent of survey respondents said their businesses do not currently use it. Additionally, only 32 percent of respondents are using enhanced data analytics capabilities to optimize energy plans.

3. Monitor energy markets

Energy markets can be very volatile. Companies often don’t have the expertise to monitor energy markets to find the best prices. An energy advisory service helps businesses track market pricing and follow trends. Understanding the market help guides business decision on energy contracts, and may even help with energy management and equipment purchases.

From our survey, 96 percent of businesses that monitored markets cut costs. One-third of the respondents reduced energy costs by 11-20 percent. 

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4. Manage consumption schedules

When energy demand is high, prices are also often high. How much, when and where your business uses energy can have a huge impact on your bottom line. Curtailing and optimizing energy usage schedules can be a key tactic for managing energy costs — and even potentially generating new revenue.

49 percent of survey respondents indicated that their business has shifted consumption to off-peak hours and more than one-fourth have cut energy costs by more than 20 percent. 

Taking a more strategic approach to energy management is a worthwhile investment for your business. A trusted energy supplier and strategic services can help your business identify some of the most effective ways to potentially save on energy costs. 

Learn how businesses are boosting their bottom line through energy management. 

Download the 2017 Energy Decision Makers Survey Report

Posted: February 09, 2017