A lot is happening in the energy industry and the coronavirus crisis has not done anything to dampen the enthusiasm for change.
But first things first, an update on the markets
Since the pandemic lockdown energy prices have begun to rise despite the destruction of demand. This reflects in part that energy prices were already at an artificially low level, so though the crisis delayed the recovery, inevitably prices have begun to increase, albeit at a lower rate than expected.
As the global economy has begun to recover then electricity prices too have started to edge upwards. Though the fear of a resurgence of the virus continues to over-shadow the markets and act as a counter-balance to increases, prices remain relatively low and therefore making it a good time to lock in your prices for the future.
A word about sustainability
For many organisations, simply staying afloat in these terrible times is the only sustainable action that they can focus on. However, it is becoming clear that organisations that took steps towards being sustainable have had greater resilience to survive the storm.
Many organisations are now seeing the space created by the pandemic as an opportunity to re-think their way forwards and head towards a sustainable future.
Organisations are and will continue to come under pressure to adopt sustainable practices from:
Regulation: Already, larger businesses are mandated to undertake audits to identify energy efficiency opportunities and to quantify their emissions. These schemes and others are likely to be extended and tightened as the government seeks to achieve its net-zero 2050 aims.
Shareholders: Increasingly both private individuals and funds are looking to invest in businesses which demonstrate sustainable practices and will leave behind those that do not adopt suitable practices to mitigate their impact on the environment.
Customers: As the ultimate stakeholders, customers are becoming increasingly engaged in choosing suppliers which demonstrate good environmental stewardship. Increasingly brands are voicing their efforts in the media to demonstrate their credibility to the market-place. In a world where ‘researching’ businesses is becoming increasingly accessible to the public it is becoming ever more important to demonstrate your credentials publicly.
Employees: The job market is changing. New talent has a completely different set of aspirations to the previous generation, this includes their employees having a shared vision around sustainability. To attract and retain the best, businesses will need to demonstrate they meet these demanding stakeholders requirements.
Also, as we move to zero emissions from vehicles, employees and customers alike will begin to demand access to charging infrastructure for their vehicles. Have you got your EV strategy mapped out?
So, what to do?
Businesses need to construct a road map of their journey towards their goals. This can be complex and overwhelming and needs specialist knowledge. The solution will be different for every business and this is where Auditel can help.
With over 25 years operating across all cost areas we have the depth and range of skills to help businesses develop their journey towards a sustainable future, no matter your sector or size.
Contact us to discuss your aspirations.
Article by: Chris Barrett