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Rising energy prices are threatening growth say businesses

New research published by Energy Works PLC has shown that UK businesses are being threatened by the recent rise in energy prices.

According to the findings, 83 per cent of UK businesses have said that they will not meet their growth targets due to the current rising energy costs, with 60 per cent stating they would now consider reducing staff count as a way to save money.

The study also revealed that almost three quarters (74%) are concerned about the increase in energy prices, with just under a half (43%) expecting to miss their growth targets by 10 per cent this year.

Lighting now accounts for one fifth of all electricity used in the UK[2] and while 53 per cent of companies are aware that energy efficient LEDs could save them money in the long-term, 88 per cent are yet to make the transition.

Derek Duffill, CEO, Energy Works PLC, commented: “The UK is facing an energy deficit which makes it more susceptible to wholesale price rises on the international market. It is therefore absolutely vital that the UK looks at ways in which it can reduce its energy consumption and demand.

“Cost effective technology that allows businesses to make this change is readily available. For example any organisation can take advantage of a completely free of charge LED re-fit in return for a percentage of the energy savings made over a typical period of five years. This allows them to reduce their energy costs without any immediate capital outlay. Unless we take urgent action it is clear that the economic prosperity the country is at risk.”

This was posted in Bdaily's Members' News section by Energy Works PLC .