More than 70% of businesses plan to increase their focus on electrification, managing energy costs and emissions over the next three years, while 64% say that rising energy costs are already impacting their profitability, a new study by EY has found.
Some 66% of businesses are concerned about accessing the reliable energy needed to grow their operations, the study, produced as part of EY’s Navigating the Energy Transition research programme, found.
The study surveyed more than 2,400 decision-makers at large and mid-sized businesses across eight global markets. It highlights the ‘urgent need for providers to reinvent the business energy experience’, EY noted, adding that electricity demand is expected to double by 2050.
‘A competitive asset’
“Energy is no longer just a commodity, it’s a competitive asset — and providers that offer the right mix of expertise, insight, and collaboration will be the ones that help businesses unlock long-term value,” commented Serge Colle, EY global power and utilities leader.
When it comes to sustainability, meanwhile, businesses continue to see it as a priority – ‘but not at the expense of growth’, EY noted.
Energy strategies
According to the study, 71% of businesses currently have defined energy strategies in place, with most actively looking to build, buy, or partner in order to strengthen their energy capabilities.
More than two fifths (42%) say that they want their energy providers to act as ‘energy advocates’, rather than just suppliers, while a third are open to providers taking on more advanced roles such as platform orchestrators or solution providers.
In addition, 70% of businesses plan to invest in on-site generation and battery storage, in order to drive greater self-sufficiency. A similar percentage (71%) are looking for AI technologies to be integrated into their energy management structure.
“The stakes are high,” Colle added. “But so is the opportunity. Providers that act now — by engaging with business customers in new ways and rethinking their role in the energy ecosystem — will not only unlock new growth, but help shape a more resilient, sustainable, and prosperous energy future.” Read more here and here.
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