The energy sector has seen much volatility in recent years, for many reasons. Some of the reasons include increasing natural gas prices, economic uncertainty during the global pandemic, and supply issues as a result of the Ukraine war. During a time of increasingly volatile energy prices, the need for stability has become crucial for companies and businesses that are striving to grow.
Volatile Energy Prices
Volatility, by its nature, introduces a fair amount of financial uncertainty, especially when it comes to corporate energy costs, making it a formidable challenge for businesses to control their finances. In such cases, the ability to reduce and control energy costs is key, as it allows companies to plan and allocate resources effectively. With stable energy prices, businesses can redirect their focus towards core business expenditures to thrive and grow.
It is clear to all businesses: volatility does not provide stability. With energy prices set to increase in the coming year, companies need to work to adopt measures that empower them to take control of their energy costs. By doing so, businesses will gain the financial flexibility to allocate resources strategically, ensuring that their core operations remain unaffected even during continued energy price fluctuations.
Striving for Stability in Energy Prices
Amidst this drive for stability, the global community is also uniting to address the larger issue of climate change. The Conference of the Parties (COP28) frameworks have been aimed at enhancing countries’ adaptability and resilience while reducing vulnerability to climate change, including such volatility in energy prices.
By encouraging greener energy sources, such as renewable energy, governments can reduce their reliance on natural gas and fossil fuels for energy. This not only reduces the volatility of energy prices but also reduces carbon emissions and encourages environmental sustainability.
The urgency to address climate change is further emphasised by local initiatives by the Irish government, in a new comprehensive strategy for energy security. This new strategy, Energy Security in Ireland to 2030, looks to ensure not only energy security in the country but also a sustainable transition to a carbon-neutral energy system.
The comprehensive energy strategy report includes a technical review of the energy security of Ireland’s electricity and gas networks, over 450 consultation responses to this analysis, as well as strategic risks for Ireland within an evolving global energy context.
By setting clear strategies and goals, the Irish government not only showcases its dedication to environmental responsibility and energy security. Irish companies can also plan their long-term strategies with confidence, knowing that the government is committed to creating a stable energy landscape.
How Vivid Edge Can Help Businesses
In a time of increasing volatility in the energy business, companies need stability more than ever. With volatile energy prices, financial uncertainty can hinder business growth and innovation. The key message for businesses is clear — having the ability to reduce and control your energy costs will enable a focus on core business expenditures and continue to build and grow.
Here at Vivid Edge, we work with businesses across the country as a strategic partner, offering comprehensive energy solutions such as turnkey-funded energy efficiency updates, decarbonisation roadmaps, and property portfolio upgrades. By helping businesses lower their carbon emissions and energy costs, we empower businesses to start their sustainability journey and regain control of their energy expenditure.