Business energy

Gas and electricity prices fall after strong supply

During May the price of gas and electricity fell despite oil and coal rising. Day-ahead electricity contracts were down from an average of £43.9/MWh in April to £41.9/MWh in May due to an increase in supply and a lower demand than usual. A healthy supply also pushed gas prices down with day-ahead prices falling by 5.6% from April to average 44.2p/th.

Ikea hits target to use 100% renewable energy

Ikea has announced that it has hit its target to use 100% renewable energy across all of their Nordic operations by 2015, and remain on course to produce as much renewable energy as they use worldwide by 2020.

9 in 10 small companies want to be more energy efficient

A recent study by the Federation of Small Businesses has found that 90% of small businesses want to be more energy efficient. Two reason came on top for wanting to save the energy with making savings leading the way and saving the environment coming second.

Almost two thirds of companies have not budgeted for ESOS

A recent study has found that 60% of companies have not budgeted for ESOS, this comes five months after a report found that a majority of companies who needed to comply had not even heard of the scheme. The ESOS scheme requires companies that have more than 250 employees or a revenue greater than £42.5 million a year to complete an energy audit by December this year. It is expected to apply to around 7,000 businesses across the UK.

UK leading the way for energy policies

The UK has peen praised by the Colombian Vice Minster of Finance for it energy policies, who stated that they have based their energy policy model on the UK’s. This comes in the same week that David Cameron declared the UK’s Green Investment bank as a world leader.

25 years ago the Colombians took the UK model and made it work for the South American country whose energy make-up was a lot different to the UK’s. Colombia produces 85% of its electricity from water, which is a lot different to the UK’s.

UK’s Green Investment Bank ‘leading the world’

The UK’s Green Investment Bank has been praised by David Cameron who stated that it is ‘leading the world’. The bank was the first of its kind, which offers funding to green projects through the UK. It was set up by the coalition government in 2012, with £3.8 billion in funding from the government.

The Green Investment Bank has its headquarters in Edinburgh, which came out on top of a number a other cities, and has backed over 45 new green projects since 2012 including onshore and offshore wind.

The UK’s commercial vehicles could be saving £2.6 billion on fuel costs

With the UK’s commercial fleet show on at the NEC Birmingham this week, fleet managers will be heading there in their thousands. They will be assessing the benefits of using ultra-low emission vehicles and research has shown that they will be very impressed.

A figure of £1,459 has been given as the potential annual saving for each vehicle that makes the switch to ultra-low emission. That accumulates to a figure of £2.6 billion of potential fuel savings for the UK’s commercial vehicles.

Rising energy costs in the pipeline

The energy sector, throughout 2014, maintained its importance to the political agenda, with the parties continuing to debate the cost of the government’s energy and climate policies.

While policy mechanisms intended to drive decarbonisation and ensure security of supply add costs to households’ energy bills, the government expects that by 2020 its interventions will mean that domestic consumers are paying less than would otherwise have been the case.