Rising cost of energy still a concern for businesses
12/07/2012 12:02:35
The rising cost of gas and electricity is still a key concern for consumers and businesses, according to the results of a survey conducted by the Department of Energy and Climate Change (DECC).
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Although figures from the quarterly survey show that just 3% feel that energy supply is a major issue, more than half of this group are worried about rising energy prices.
Public backing on a focus for renewable energy was also highlighted by the survey, with 79% of those surveyed saying they supported renewable energy and 69% saying it has economic benefits for Britain.
Research by industry regulator Ofgem also supports the idea that energy bills will have been lowered by the government green initiatives.
Mirroring the statistics revealed in the DECC survey, a poll conducted by research group OnePoll found that 51% of companies were concerned about the soaring cost of business energy bills. Despite this fact, less than a quarter admitted to monitoring and managing these costs via their finance teams.
In addition, just 14% of businesses stated that they had no one responsible for tracking or monitoring energy usage.
In May, proposals in the government’s draft Energy Bill suggested that an overhaul of energy initiatives could hike up average energy bills by £160 by 2030, though the DECCC argues that this is under the forecasted figure of £200 if the changes don’t take place.
The increase in costs has been attributed to reforms which aim to generate a cash injection of £110 billion – more than twice the current rate of investment – to fund the development of the energy grid, power plants and wind farms in an effort to close the gap in the UK’s energy needs.
To secure the best deal on gas and electricity prices for your business, you can compare business energy prices with Money Expert.