The COVID-19 pandemic has caused significant problems for many people, and they are only recently restoring hope and willpower to rise above the extreme disruption. Amid the pandemic, energy suppliers underwent a severe reduction in energy demand, and businesses were unable to collect timely payments from customers due to their reduced income. But to think it would flawlessly improve as the pandemic eases, is an overstatement. In the last winter season, many have experienced soaring energy prices which have been further exacerbated due to:
- Russia’s invasion in Ukraine which remains a growing market uncertainty.
- A lack of gas storage which should pick up in the upcoming winter as vastly increased LNG flows will be diverted to Europe to mitigate winter risks and help replenish gas storage.
- Low wind generation output.
- JKM Japan Korea Marker which is used as a reliable benchmark for LNG prices.
Currently, the UK wholesale electricity and gas prices are around £300/MWh, when in retrospect it was around £60/MWh last year. This is expected to quadruple the pre-Russian invasion prices for the next 3-4 years, which will become a growing concern for energy customers as they will continue to incur more costs. However, many businesses have already fallen victim to the energy crisis as rising energy costs are eating into their profit margins. Fortunately, there is an effective approach to reducing costs, along with providing energy independence and protecting businesses from any unforeseeable energy crises.
Smart energy management
Smart Energy Management is comprised of many technologically advanced solutions that can optimize the energy performance of a business’s assets and operations. It utilizes real-time data insight and control to efficiently use resources and energy, whilst creating a comfortable and safe environment to either live or work in.
Businesses can integrate and connect legacy systems such as Internet of Things (IoT) sensors, building management systems (BMS) and artificial intelligence (AI) to help control and optimize the energy and operational performance of the business. Such systems can provide a holistic, real-time data insight of a business and find areas for improvements, using enhanced connectivity and automation or proposing strategies to reduce energy consumption and costs.
How can ETS help?
At ETS, we take a data-driven and technological approach to help you reduce your energy consumption and energy costs. With the use of legacy systems and tailored smart solutions, we ensure that your business can become efficient, sustainable, environmentally sound, and profitable for many years.
To discuss your requirements, get in touch. You can contact us by calling 0117 205 0542 or drop us an email at firstname.lastname@example.org.