A recent survey of European businesses has shown that organisations who are confident in their energy data and invested in onsite energy generation have better quality energy management, improving investment decisions, energy costs and carbon emissions.
The research from Centrica Business Solutions included a survey of 500 organisations across Europe and was designed to explore the challenges they face when trying to manage and control their energy.
Quality data improves energy management
The survey uncovered that 58 per cent of respondents will not feel in control of their energy use until they have access to high quality data. 67 per cent of respondents responsible for energy management agree with this sentiment, highlighting the importance of high quality data analytics tools for businesses.
Overall, of the organisations identified as being in control of their energy data, which the report refers to as “Data Leaders,” 43 per cent claim to be confident in managing how much energy their business consumes, compared to 16 per cent for other respondents, and 36 per cent are confident in their ability to decarbonise the business, compared to 16 per cent for other respondents. This means that Data Leaders are 20 per cent more likely to feel in control when making decarbonisation decisions.
Interestingly, the report explores Artificial Intelligence (AI) as a solution to energy data management woes. AI could be used to make faster and more accurate decisions and predictions regarding energy supply, energy inefficiencies, and unhealthy energy patterns. The report reveals that Data Leaders are more involved with AI as a tool for data management, and identified the pharmaceutical and biomedical manufacturing industries as best acquainted with AI tools for data management.
Hydrogen identified as an onsite energy opportunity
The report highlights that 78 per cent of Data Leaders have made “significant progress” extracting meaningful insights from their usage data, and 66 per cent towards improving cost predictability of data. These insights instil greater confidence in organisations to invest in onsite renewable energy solutions.
40 per cent of survey respondents said they see the appeal of onsite generation in terms of its ability to overcome market volatility. Almost a third of respondents saw onsite generation as a means of controlling and lowering energy costs. Finally, 37 per cent of respondents believe onsite generation will improve their image and meet customer expectations for sustainable goods and services.
Of the energy sources available, hydrogen appears to have caught the attention of organisations who responded to the survey. An impressive 85 per cent of survey respondents say they have made “at least some progress” towards adopting hydrogen into their business in the past 12 months. Of the Data Leaders, 95 per cent claimed to have developed a business plan for adopting hydrogen.
However, cost implications are a major barrier to hydrogen uptake, with a lack of relevant technologies and reliable, far-reaching hydrogen supply chains hindering its progress.
Find out more about hydrogen, how it’s created, and the future of the industry with our guide: Our Energy Future: Hydrogen
In terms of costs, more than a third of executives surveyed believed their organisation lacked the budget to invest in onsite energy generation technologies, with 30 per cent stating regulations and tax regimes do not make investing in these technologies worthwhile.
