Vicky Case
With competitors blooming across domains of the business, energy management and efficieny is gaining importance for a business to improve operational efficieny, find new channels of growth and gain an edge over it’s competitors. Hence the main theme of my resarch revolves around developing a framework and strategy that a business with huge energy consumption will require for better energy management.
Energy Management Strategy:
The continuing volatility in the energy prices has made the energy management necessary for a business to sustain in the market. In today’s industries among all the variable costs involved in operating them , the energy cost is outpacing all of them. The cost of natural gas has increased over 300 percent from 1993 to 2010 and the cost of power has increased over 100 percent during the same period with the majority of the increase happening in the last four years. Hence to run a successful business the questions that needs to be answered are “What should be done to counter this price volatility?” and “What should be the strategic course of action of the business to counter the energy needs? The main components that needs to be addressed to strategize energy management are supply security, price security, energy effieciency and enviroinmental stewardship.
Dwindling energy resources, global climatic changes, volatility in prices are the major concerns that doesn’t guarantee uninterrupted supply. Hence the time has come to research the new prospects of non-renewable energy sources, in-house energy production and energy storage to ensure uninterrupted supply.
The huge price swings in case of catastrophic events can be addressed if the industries develop contigency plans. Moreover, it will prudent for industries to move into the practice of non-traditional energy purchases to prevent the company’s obligations from being pushed into the stage of risk.
A major cost cut can happen if the companies utilize their energy with an eye on maximizing energy efficiency. Various measures like energy efficeint machineries, preventing unwanted energy wastage, automating the industry operations can help attaining the maximum energy efficiency.
High oil prices has brought the price point of alternate energy sources into economic balance. Energy management strategy can be designed to explore the prospects of fuel diversity, fuel storage and alternative energy sources that are enviroinmental friendly because social responsibility is part and parcel of a business.
Requirements