Navigating Energy Challenges: Insights into UK Business with Brands Journal

Understanding the Power Needed to Succeed

Check out the latest article from Brands Journal where we discusses the challenges faced by UK businesses in recent years, including the impact of the global pandemic, inflation, geopolitical tensions, and rising energy prices. Despite energy price caps introduced to alleviate the burden, recent increases by Ofgem are feared to exacerbate financial pressures, particularly during the coldest months.

Insight into the Energy Barometer Report

The POWWR Quarterly Energy Barometer analyzed over 300,000 data points, revealing that despite advice on energy conservation, the average UK business has increased energy consumption by 6.5%. However, very small businesses have reduced usage by approximately 9% since 2020.

The POWWR Quarterly Energy Barometer analyzed over 300,000 data points, revealing that despite advice on energy conservation, the average UK business has increased energy consumption by 6.5%. However, very small businesses have reduced usage by approximately 9% since 2020.

There is significant regional variation in energy consumption, with businesses in the South West using the least energy and those in North Wales using around 20% more.

Our article with Brands Journal also highlights fluctuations in energy spending, influenced by various factors such as supply and demand, regulatory changes, and weather patterns. Energy bills spiked in 2022 but decreased in 2023, remaining significantly higher than in 2021.

With market uncertainty, the average energy contract length has reduced to 22 months, down from 29 months in 2020. However, there's a gradual increase in contract lengths as suppliers offer longer-term deals.

Despite the complexities of the energy sector, there's optimism for UK businesses with the expectation of declining prices. Increased competition among brokers and suppliers, along with technological improvements, are cited as reasons for this optimism. Nevertheless, it's emphasized that energy suppliers must continue assisting businesses in reducing consumption for both environmental and financial benefits.