Energy prices are currently at or near all-time lows. That’s really good news for your business, right?
Sure, assuming these prices stay low. But there are signs that are pointing to an increase in energy prices during 2017, which means you’re going to need to put an added emphasis on managing energy costs—which is likely one of the biggest expenses your business faces—during the new year.
Most energy models are predicting higher prices in 2017, in part because of expected colder weather during this winter. The remaining winter weather will directly affect the demand for natural gas and the amount of gas in storage, which has a profound effect on the current pricing and to a lesser extent future pricing. Other factors, including power plants that could potentially be sold or retired could play a role as well in lifting energy prices during 2017. Electricity pricing closely follows natural gas trends as well. These increases might be partially offset somewhat by increased supply.
So, right now you’re probably thinking, “OK. What does this mean for me?” Well, it means you need to take control of your energy strategy now while prices remain at or near record lows. How do you do that? For starters, here are some questions you should be asking yourself when you think about energy in 2017:
- What do you want included (or excluded) in your next energy contract?
- What regulatory rules are in place? How do they impact your business?
- What’s the overall long-term strategy you have for your business? Are you planning to grow?
- Have you planned any energy efficiency updates for your business?
That’s a lot to consider. How confident are you that you’ll be able to answer all of these questions? If you’re struggling to come up with answers for the above, don’t feel like you need to go it alone. You should consider partnering with COSE’s Energy Team and our experienced partners who can help you develop a unique energy strategy that helps you keep energy costs in check and that fits your individual business model and the strategic plan you already have in place to grow your business.
But don’t take our word for it. Learn how Cindy Barber of the Beachland Ballroom and Tavern was able to cut a chunk out of her natural gas pricing by partnering with COSE and our energy partners.
COSE members have access to several programs designed to ensure you’re maximizing your energy. Contact us at 216-592-2205 or email@example.com to learn more.