Connect with us

General

Energy Management: Key Strategies for Companies to Stay Competitive in a Volatile Market

Published

on

Energy Management Utility Bidder

Managing resources efficiently is essential for businesses aiming to maintain a competitive edge. Rising energy costs, fluctuating commercial gas prices, and increasing business electricity tariffs can significantly impact profitability. A successful energy management strategy helps companies control business energy bills, optimise usage, and implement energy-efficient measures.

Utility Bidder has shown how proactive energy management can support businesses in achieving financial stability and sustainability. This article explores the significance of energy management and shares actionable strategies to help businesses improve energy efficiency and reduce energy costs.

Why Energy Management is Crucial for Business Success

Energy management is central in determining how businesses perform in the long run. With energy supply becoming more unpredictable and energy costs rising, organisations that fail to adopt effective energy-saving measures risk falling behind.

Efficient energy usage impacts financial health and aligns with growing consumer demand for sustainable practices. Implementing efficient appliances and equipment allows companies to cut operational costs and demonstrate their commitment to reducing environmental footprints.

Consider the challenges businesses face with rising business gas and business water prices. For example, the recent increase in electricity tariffs has forced many companies to reevaluate their energy consumption patterns.

According to a report, nearly 40% of manufacturing firms’ operating costs stem from energy usage. Implementing strategies like switching to renewable energy sources, utilising energy-efficient equipment, and monitoring air conditioning systems has helped such businesses significantly reduce energy bills.

Key Energy Management Strategies

Conduct Regular Energy Audits

An energy audit provides a comprehensive view of energy consumption and identifies inefficiencies. For instance, a retail chain conducted a detailed audit and discovered that outdated lighting consumed 20% more energy than modern LED alternatives. After implementing energy-efficient measures, the company saved over $15,000 annually.

Upgrade to Energy-Efficient Appliances and Equipment

Investing in efficient equipment is a proven way to reduce energy costs. Appliances with high energy efficiency ratings, such as ENERGY STAR-certified air conditioning units, can lower energy bills while enhancing performance. Upgrading HVAC systems can save businesses up to 25% on energy costs annually.

Monitor and Optimise Energy Usage

Advanced monitoring systems allow businesses to track energy consumption in real-time. Companies can identify peak usage periods by analysing patterns and adjusting operations to save money. For example, a manufacturing plant reduced energy consumption during non-peak hours and cut costs by 15%.

Embrace Renewable Energy Sources

Adopting renewable energy can shield businesses from volatile commercial gas prices. Solar panels, wind turbines, and geothermal systems are excellent options for companies looking to reduce dependency on traditional energy supply sources. A logistics firm, for instance, reported a 30% reduction in energy bills after installing rooftop solar panels.

Train Employees on Energy-Saving Practices

Encouraging employees to adopt energy-saving habits is another effective strategy. Turning off equipment when not in use and maintaining optimal thermostat settings are simple yet impactful steps. A case study showed that such practices saved a company over $10,000 in annual energy costs.

Negotiate Competitive Energy Contracts

Collaborating with suppliers to secure favourable rates can help businesses manage energy spending effectively. For example, businesses that actively compare commercial gas prices can often secure deals that align with their energy needs and budget. As highlighted here, the impact of rising electricity tariffs on businesses underscores the importance of such proactive measures.

Energy-Saving Practices

Use Technology for Automation

Automation tools such as smart thermostats and motion-activated lighting systems improve energy efficiency by adjusting settings based on real-time data. Companies using such tools report significant cost savings while maintaining operational efficiency.

Practical Insights

Strategy Potential Savings Example
Upgrade Lighting 20-30% reduction in costs LED replacements for offices
Renewable Energy Adoption 25-40% savings Solar panels for warehouses
Real-Time Monitoring 15% reduction Smart meters in retail stores
Negotiated Energy Contracts 10-20% cost reduction Customised deals for business electricity
Employee Training $5,000-$10,000 savings Awareness campaigns for energy efficiency

To further cut costs, businesses can explore additional opportunities as described here.

Benefits of a Successful Energy Management Strategy

  1. Cost Savings: Improved energy efficiency measures lower operational costs and helps businesses reinvest savings in growth opportunities.
  2. Environmental Impact: Embracing renewable energy sources reduces carbon footprints and meets sustainability goals.
  3. Operational Resilience: Optimised energy usage ensures businesses can handle market fluctuations without compromising performance.

Final Words

Energy management is no longer optional for businesses thriving in a volatile market. A thoughtful approach to energy usage, from conducting audits to investing in energy-efficient equipment, can help companies reduce energy spending and achieve long-term sustainability.

FAQs

  1. How can small businesses benefit from energy management?

Small businesses can lower energy bills by adopting energy-efficient appliances and negotiating cost-effective contracts. These practices improve operational efficiency and reduce overheads.

  1. Are renewable energy sources viable for all industries?

Yes, industries like retail and manufacturing benefit greatly from solar panels and wind turbines. They are scalable and can be customised to meet energy needs effectively.

  1. What tools help in monitoring energy consumption?

Smart meters, energy management software, and IoT-enabled devices provide real-time data, enabling companies to adjust usage patterns and save money effectively.

Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

General

ANLCA Airport Chapter Scores Salamatu High on Stakeholder Engagement, Trade Facilitation

Published

on

ANLCA Airport Chapter

By Bon Peters

The Airport Chapter of the Association of Nigerian Licensed Customs Agents (ANLCA) at Omagwa Rivers State has praised the Customs Area Controller for Customs Area 1 Command, Comptroller Salamatu Atuluku.

At the end-of-the-year party attended by stakeholders, including the leader of the association’s chapter, Mr Charles Onyema, said the customs officer has done well in stakeholder engagement and trade facilitation.

At the event held last Friday, he said his association has been enjoying a very cordial relationship with other organisation in the ecosystem.

“You can see what is happening today, everybody is working together and our operations here are seamless,” he noted.

He stated that apart from creating a very robust business environment for his members and other stakeholders to operate, he has taken a decision to build and commission a befitting ANLCA Secretariat which would be completed soon and be commissioned by the ANLCA national president, Mr Emenike Nwokeoji.

The ANLCA chapter chief said since “Comptroller Salamatu Atuluku assumed office at Customs Area 1, Port Harcourt Command, it has been a different ball game, facilitating  trade and increasing Revenue generation.”

“I remember I told her she was a mother during her maiden visit to the airport.

“You know when you have a woman in charge of an affair, food will not lack, compassion will not lack and motherly love will not lack.

“She is very wonderful in stakeholder engagement, revenue generation and trade facilitation,” Mr Onyema enthused.

Projecting into the future, Mr. Onyema said the year 2026 would be better for his members, adding that he has advised them on financial discipline which he said would help them during the trying period.

Continue Reading

General

FG Declares Holidays for Christmas, New Year Celebrations

Published

on

as public holidays

By Adedapo Adesanya

The federal government has declared Thursday, December 25, and Friday, December 26, 2025, as public holidays to mark Christmas and Boxing Day respectively.

The government also declared Thursday, January 1, 2026, for the New Year celebration.

The declaration was contained in a statement issued on Monday by the Permanent Secretary of the Ministry of Interior, Mrs Magdalene Ajani, on behalf of the Minister of Interior, Mr Olubunmi Tunji-Ojo.

According to the statement, the Minister urged Nigerians to reflect on the values of love, peace, humility and sacrifice associated with the birth of Jesus Christ.

Mr Tunji-Ojo also called on citizens, irrespective of faith or ethnicity, to use the festive season to pray for peace, improved security and national progress.

He further advised Nigerians to remain law-abiding and security-conscious during the celebrations, while wishing them a Merry Christmas and a prosperous New Year.

Business Post reports that on these public holidays – the foreign exchange market, the Nigerian Exchange (NGX), as well as the NASD Over-the-Counter (OTC) Securities Exchange will not open to trade.

Continue Reading

General

Dangote Refinery Warns Against Artificial Petrol Scarcity

Published

on

petrol scarcity

By Modupe Gbadeyanka

Local crude oil refiner, Dangote Petroleum Refinery, has kicked against attempts to put consumers of premium motor spirit (PMS), otherwise known as petrol, under untold hardship in the country.

The company, which commenced nationwide sales of the product at a pump price of N739 per litre across all MRS Oil Nigeria Plc filling stations, appealed to Nigerians to report any of its marketers who sell above this price.

“Any attempt to create artificial scarcity or manipulate supply to frustrate recent price reductions is unpatriotic and unacceptable.

“We urge regulatory authorities to remain vigilant and take firm action against such practices, especially during this critical festive period,” the Lagos-based refinery said in a statement.

It noted that the significant price reduction was part of its mission to deliver affordable fuel to consumers and stabilize the downstream petroleum market.

With over 2,000 MRS stations nationwide, the new pricing is expected to be implemented across all outlets, ensuring that the benefits of this reduction reach consumers nationwide.

Dangote Refinery applauded marketers who have embraced the new pricing regime and urged others to follow suit in the interest of national economic recovery.

“We commend MRS and other marketers who have demonstrated patriotism by reflecting the reduced price at the pump. We call on others to join this effort as a show of support for Nigeria’s economic recovery,” the refinery stated.

Historically, the festive season has been associated with fuel scarcity and sharp price hikes. However, Dangote Refinery has delivered a decisive market intervention—crashing pump prices at a time when Nigerians typically brace for hardship. Backed by a guaranteed daily supply of 50 million litres, this initiative fundamentally alters the supply dynamics during the holiday period.

By refining locally at scale, the refinery is reducing Nigeria’s exposure to volatile global markets, conserving foreign exchange, stabilizing the Naira, and strengthening energy security. This sustained price cut and steady supply are providing relief to households, businesses, and transport operators nationwide.

Consumers were advised to resist purchasing fuel at inflated prices when cheaper, high-quality alternatives are readily available.

“We encourage Nigerians to avoid buying PMS at excessively high prices when they can access locally refined fuel at N739 per litre from over 2,000 MRS stations nationwide. Report any MRS station selling above N739 per litre by calling 0800 123 5264,” the refinery said.

“We also call on other petrol station operators to patronize our products so that the benefits of this price reduction can be passed on to Nigerians across all outlets, ensuring broad-based relief and a more stable downstream market,” it added, reaffirming its commitment to steady supply, price moderation, and energy security, emphasizing that its operations are anchored on long-term national interest rather than short-term market pressures.

“Our objective remains clear: to ensure consistent supply of high-quality petroleum products at affordable prices for Nigerians, while supporting economic stability and reducing dependence on imports,” the refinery concluded.

Continue Reading

Trending