The transformation of how businesses manage their energy needs
of businesses have an energy strategy in 2019, up from 65% in 2017
Only a third of industrial businesses expect to be fully reliant on the grid for all their supply within five years
Of businesses last switched energy supplier because they were offered an innovative product or hardware
Two years on from our first survey exploring the energy investment choices in the UK business sector, we have found that how businesses manage their energy choices continues to transform, but the drivers behind this are evolving.
To make sense of the latest trends, we surveyed over 500 businesses; from the smallest energy consumers up to the largest industrial manufacturers right across the United Kingdom. The questions we posed covered a diverse range of topics including relationships with energy suppliers, energy investment choices, investment intentions, who businesses trust, and all the main factors that were driving these decisions.
“As a country, we need to make energy efficiency a top priority for business and the UK energy industry has a key role in working to achieve this.”
Explore our infographic to see that while energy efficiency, and the saving in energy costs it can bring, remains critical to UK business, our survey shows a stark contrast in the main factors influencing energy investment decisions in comparison to PwC’s previous analysis in 2017.
The appetite among businesses to invest in smart and sustainable energy technology is stronger than ever. However, businesses are also more aware of what outcomes they want from this investment.
Suppliers helping to meet the aims of energy consumers need to act quickly to understand the changing procurement habits. Businesses now have the knowledge to choose the best sustainable sources or providers of energy for their unique needs. There is significant pressure on all suppliers to evolve alongside to meet these ever more specialist demands.
“Only two years ago, energy price was the main game in town - but that’s certainly not always the case now. Suppliers – from traditional to disruptive, new entrants – will need to adapt their approaches as the fight for market share within the energy transformation heats up.”
The key foundation of this transformation are the businesses themselves. Across the country, they are becoming more sophisticated in respect to their energy choices and with more businesses than ever becoming engaged, a growing opportunity exists for companies aiming to supply, install, maintain or optimize the energy technologies that they are employing to execute their strategies.
However our survey has found that it is a fast moving market with priorities significantly different from just two years ago to now. If a supplier into this market is not able to adapt this changing landscape then businesses have the power to find those who can.