Energy prices continued to fall by a further 1% in the third quarter of 2013, latest data from the Lorien Energy Index (LEI) has revealed. It still shows an overall increase however, of 8% over the past 12 months.
The Lorien Energy Index, which is produced by Lorien Engineering Solutions, monitors the overall cost of energy for business users. It enables companies of all sizes to make sense of their current energy consumption and look at ways they can make savings in the future, by being energy efficient and utilising low carbon and renewable technologies to boost energy security.
Current industry expectations are that energy costs will continue to rise, putting the spotlight on energy managers to act now to first conserve and then decarbonise, using technologies such as renewables, which are often regarded as a “hidden fuel”.
The International Energy Agency (IEA) recently published a market report showing that member nations’ efficiency savings now exceed the energy they get from fossil oil, leading the IEA to designate energy efficiency as not just the ‘hidden fuel’, but rather the ‘first fuel’ on the shopping list.
Lorien’s engineering director Steve Turner said that investment in “first fuel” low carbon, efficient and renewable technologies, and not an expectation that technologies such as fracking will significantly bring prices down, would help to future-proof businesses against further increases.
“The industry expectation is that fracking will not see a reduction in gas prices in the UK, especially as export prices to Europe will remain lucrative,” he said.
Lorien Engineering Solutions has recently become part of GP Strategies Corporation, a global performance improvement solutions provider of training, eLearning solutions, and management consulting and engineering services. The acquisition of Lorien Engineering Solutions adds to GP Strategies’ growing coverage of the sustainability sector.
Lorien Engineering Solutions