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Rising energy costs to hit businesses | 15 December 2011

Energy costs look set to soar over the coming decade, with businesses warned to put measures in place to reduce their usage, fm-world.co.uk reports.

Since 2004, energy costs have risen by 77 per cent, with forecasters predicting a further increase of 81 per cent within a decade.

The report, by Power Efficiency, found that rising costs will soon become a major budgetary issue for businesses and that firms who already have high energy usage need to “face up to a new reality”.

Forecasters claimed in the report that the 2010 price of energy at 7.8 pence per kWh will rise to 14.7 pence by 2012, a growth of 88 per cent. Putting this into perspective for businesses who consumer 2.5 million kWh annually, their costs will rise to £147,000 from 2010’s rate of £78,000.

Speaking to fmxmagazine.co.uk, energy markets director at Power Efficiency Mark Calloway explained: “The policy framework being put in place by government to cut emissions and improve energy supply security will also pose major challenges for UK businesses and the public sector.

“It is critical that organisations have energy management strategies in place now for the next decade to protect profitability and defend budget cuts through a period of rising energy inflation.”

Written by Elizabeth Smythe on behalf of Qube Global Software

While posted by Qube Global Software all views expressed are not necessarily those of the company. All facts are verified where possible directly by the author.

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