Recent reports suggest that UK business electricity costs are set to double, in order to fund the building of new nuclear reactors. To achieve this, prices per megawatt-hour are expected to rise from the current rate to £100. Such an increase, which equates to more than double the current price, is considered essential to cover the expenses of nuclear plant construction.
The economic burden, which is already significant for many businesses, could intensify due to these developments. Authorities assert that these nuclear power stations are crucial to guarantee a steadfast and low-carbon energy supply in future years for the UK. The costs of erecting these nuclear power plants have escalated from the initial estimated price, with an additional £3 billion attributed to fallout from last year’s earthquake in Japan.
Companies have been forewarned that their energy bills may experience a noticeable hike in 2022, owing to necessary upgrades to the electricity and gas networks. With consistently escalating costs, some businesses are left pondering how to maintain their electricity supply without suffering financial setbacks.
However, businesses can adopt a few strategies to manage their energy costs amid these increasing official rates. Now might be the optimum time to foster energy efficiency within the business by replacing non-efficient appliances and electronics with their more energy-friendly counterparts. A potential upfront investment could result in substantial long-term savings by reducing overall energy consumption and consequently, lowering your energy bills.
Furthermore, businesses can ensure they’re getting the most for their money by comparing rates from various electricity suppliers. Turning off equipment when not in use can also lead to substantial savings. Proactive energy management can help stave off some of the impending price surge.
This article is brought to you by Business Electric. Visit our website to learn more about how you can reduce your company’s energy costs.
