Results identify key trends within retail energy market
HOUSTON, June 6, 2023 /PRNewswire/ — ENGIE Resources (“ENGIE”), a leading commercial electricity provider and America’s Energy Greentailer™, has teamed with Energy Research Consulting Group (“ERCG”) to develop the inaugural North American Business Energy Census. The study measures, tracks and uncovers insights from aggregators, brokers, and consultants (“ABCs”) through survey results on current and future trends on energy and sustainability. The findings are based on feedback from ABCs who represent approximately 950,000 customer locations in the U.S.
ENGIE, an affiliate of ENGIE North America Inc. and part of the ENGIE Group, a leader in the Net Zero energy transition, aims to fill a void in the energy space with insight into different topics including price, behavior and market structure while also filling gaps in market intelligence through the Business Energy Census results.
“This census is the result of months-long research that included extensive surveys with responses from a range of firms varying in geography, revenue, and business model,” said J.D. Burrows, Vice President Customer Analytics and Engagement at ENGIE. “This comprehensive, annual survey report will help provide a better roadmap for the future of energy in North America and provide the knowledge and tools to help energy decision-makers stay ahead of the curve.”
The commercial – or B2B – energy market is a dynamic landscape that is constantly changing due to various domestic and global factors. Four key trends with implications and opportunities for each were uncovered in the North American Business Energy Census.
Trend One – Energy: A Surging Force in Business – The report revealed 51% of organizations view energy as more strategic in organizations over the past year. The increasing role of energy in strategic planning emphasizes the importance of energy managers and Chief Sustainability Officers as key contributors to corporate decision-making and long-term growth.
Trend Two – Progress or Profits? A Balancing Act – Results showed that more than 70% of customers are willing to pay some premium for renewable energy supply. However, 56% are only willing to pay a small premium of 1-5% as customers seek balance between sustainability goals and price sensitivity.
Trend Three – Growth Amid Chaos: Energy Volatility in M&A and Expansion – 54% of customers report energy prices and volatility have some impact on major initiatives such as mergers, acquisitions and expansions.
Trend Four – Adapting to Evolving Energy Price Trends – There is a general agreement amongst ABC firms that energy price volatility and energy prices will increase in the coming months. Price predictions vary based on the geographic location of ABC firms. Mid-Atlantic and Midwest-based firms predict higher energy prices in 2024 while New York and New England-based firms predict lower prices. Regardless of region, every ABC firm is expecting higher energy price volatility next year.
“Based on the fantastic turnout in the survey, there is clearly some pent-up demand for actionable intelligence on energy topics at the intersection of price trends and sustainability,” said Young Kim, Principal, Energy Research Consulting Group (ERCG). “ERCG is proud to support ENGIE Resources in these efforts to provide research and insights sourced from the ABC community, who have their fingers on the pulse of customer needs and pain-points.”
Overall, the energy industry is rapidly evolving and the growing importance of energy management for businesses is emphasized in the inaugural North American Business Energy Census findings. ENGIE Resources provides these results to encourage discussion and increase confidence in energy and sustainability strategies. To view the complete survey report, visit engie-na.com/2023census.
About the ENGIE Group
The ENGIE Group (made up of ENGIE S.A. and its subsidiaries and affiliates) is a global leader in low-carbon energy and services. With its 96,000 employees, its customers, partners and stakeholders, the Group is committed to accelerate the transition toward a carbon-neutral world, through reduced energy consumption and more environmentally-friendly solutions. Inspired by its purpose (“raison d’être”), ENGIE reconciles economic performance with a positive impact on people and the planet, building on its key businesses (gas, renewable energy, services) to offer competitive solutions to its customers. ENGIE S.A. (ENGI), is listed on the Paris and Brussels Stock Exchanges.
In North America, ENGIE companies have delivered integrated, innovative energy solutions to public and private organizations for nearly half a century. We employ approximately 3,000 people focused on enabling our customers to become more sustainable and achieve their decarbonization targets through expert project delivery and competitive solutions. For more information on ENGIE in North America, please visit our LinkedIn page or Twitter feed, https://www.engie-na.com/ and https://www.engie.com.
About Energy Research Consulting Group (ERCG)
Energy Research Consulting Group (ERCG) provides business intelligence and consulting services to energy market participants on entry strategies, investment opportunities, and market & policy dynamics. For more information about ERCG’s experience, research and consulting offerings please visit: www.ercg-us.com.
ENGIE North America: Michael Clingan, [email protected], (832) 745-6057
SOURCE ENGIE Resources