Five things your boss wants you to know about energy.

Being responsible for managing business energy can be tough: there’s an endless amount of acronyms to remember, an ever changing energy market to keep track of and, potentially, multiple contracts running simultaneously. So whether you’re a dedicated energy specialist, or it’s just one of a million different hats you wear (you need a pay rise), there are a few key things that your boss will be expecting you to know, have a read below if you don’t know them already (but really, you should).

• Current wholesale market rates

Like many markets, the energy market is subject to big changes that can sometimes happen seemingly overnight. For example, this year life has been dominated by the COVID-19 pandemic, which forced many businesses to close temporarily or otherwise, leading to an energy consumption decrease of around 20% during the lockdown period (IEA, 2020). Lower demand should equate to lower prices right? Well, that’s what your boss should have been asking, so keeping on top of market trends is key. Pro tip: we’ve got a handy energy market snapshot that updates weekly that can keep you in the know. Click here to subscribe.

• Current consumption & costs

OK, let’s set the scene; you’re sat in a meeting, (and it’s 2020, so probably over zoom) and someone asks what the business’s current energy costs are, the room stops, turns (virtually of course) and looks directly at your lonely tile, do you know the answer? Google certainly won’t (for once)! Well, this is reality for those that have responsibility for energy, the expectation to know at the drop of a hat what their current position is from not just cost and consumption, but now also carbon perspectives. Getting to grips with the energy DNA of your business and knowing the numbers is a great move for increasing efficiency, and Businesswise Solutions software solution can put the power of knowledge at your fingertips. Read more about our digital energy management platform.

• Upcoming legislation

Quickfire question!! When has the CCA scheme been extended to? That’s right (or wrong), March 2025 – did you get it? Your boss definitely wants you keeping track of new energy laws and guidelines. Legislation is a huge part of energy management, with the government incentivising businesses with a lower emissions output. Net-Zero is a huge priority for the government, so expect more tricky legislation, reporting requirements, and taxes to be added in the future, you’d be silly to not keep up with them.

• How energy impacts your carbon footprint

A carbon footprint is the amount of CO2 emissions you or your business are responsible for, so far so obvious. But your boss won’t be too in awe of that, to really impress them you need to get down to the nitty gritty of your business’s energy consumption and carbon output. Getting the complete picture of your business’s carbon footprint, and how that relates to its energy usage, is fundamental to starting to bring the carbon footprint figure down. Which brings us on to….

• Reassessing your suppliers

We are moving towards a world that has an ever increasing focus on being greener and more eco-friendly. With global temperatures rising, everyone has a responsibility to try and make changes to make this possible, and businesses are no different. You need to know just how well your business is performing environmentally speaking, and how much of that is down to your energy purchasing. In recent years, more and more businesses have been assessing their energy supply chains to ensure maximum efficiency and eco-friendliness, and you really need to do it too (if you haven’t already).

So there you have it, 5 things your boss expects you to know about energy. Maybe this was a light refresher to your already vast knowledge of energy, or maybe it’s all completely new. Either way, follow these 5 steps and your boss will be your biggest fan!

References:

https://www.iea.org/reports/covid-19-impact-on-electricity