Resilience is a growing concern for businesses in the UK. When it comes to energy resilience, the two factors to consider are your ability to withstand power supply interruptions and volatile power prices. Here we explore how sustainable solutions could help your organisation overcome the challenge of disruptions to your energy supply and the associated costs.
Recent research by Barclays shows that a significant number of UK businesses in the manufacturing sector are seriously concerned about energy resilience. For example, more than 50% of all respondents could foresee energy disruption in the UK within the next 10 years. 25% were even more pessimistic, fearing it would happen within the next 12 months; and nearly 50% also expected significant increases in energy prices within the same time-frame.
Of course, any major disruption to supply could also cost your business money in lost production, lost orders or wasted stock. And sudden increases to the price of energy could reduce your profitability. Clearly then, it makes sense to minimise the risk of these scenarios materialising.
Boosting resilience through renewables
Producing your own renewable energy reduces your dependency on the Grid – and, in some cases, can allow you to become completely independent of it. Self-generation can also give your business the opportunity to avoid paying for your electricity at peak period prices – especially when you combine generation with battery storage.
It’s also worth noting that, with the price of batteries continuing to fall, the storage of energy could become a more practical option for an increasing number of businesses. Indeed, some companies are replacing their fossil-fuel powered vehicle fleets with electric vehicles (EVs) that the business may use as portable battery storage.
Carbon down, income up
Of course, EVs also cut the carbon emissions associated with transportation. This reduction in air pollutants allows businesses to close in on their environmental and corporate social responsibility targets.
Self-generation can even generate extra revenue for your business. If you generate surplus power (i.e. an amount that exceeds your own requirements), you can sell it to the Grid and boost your bottom line and your sustainability.
Planning for the future
When it comes to your resilience against volatile energy prices, forecasting is key. But given the complexities of the market – wholesale energy prices could rise; Third Party Costs could change – how can your predictions be precise?
As well as affecting your bottom line, this volatility could make it more difficult to calculate your energy budget, even in the relatively short term. And even if your business manages its energy use very efficiently, increased volatility could lead to unexpected variations within elements of your electricity bill.
This is why Haven Power has developed a cost modelling tool – Haven Forecast – to help you predict your future energy spending. By using this robust model and the support of our expert trading desk, Haven Forecast can help boost your resilience to sudden price increases.
Clearly then, combining renewable energy with market expertise and a willingness to take action can increase your energy resilience – and be good for your business as a whole.
You don’t have to be a massive multinational business to benefit from sustainability. As a sustainable power partner, we can transform the way you see sustainable energy – from a simple source of power to a powerful resource, capable of increasing revenue for your business. To find out how we can help you with any aspect of sustainability, get in touch using our contact form.