Index reveals fall in the cost of energy: renewables up 27 October 2014

Energy prices fell by almost 7% between the first and second quarters of this year (2014) – overall 4% lower than the same period last year – latest data from Lorien's Energy Index reveals.

The Energy Index, produced by Lorien Engineering Solutions, monitors the overall cost of energy for business users, helping firms of all sizes to compare ways of making savings, by being energy efficient, and using low-carbon and renewable technologies to improve energy security.

Lorien also finds that the UK reached a major energy production milestone on the back of Hurricane Gonzalo – wind turbines out-produced nuclear power plants on Tuesday 21 October 2014.

A few days earlier, the wind energy sector set a daily production record, generating 6,372MW and accounting for a fifth of the UK's energy needs.

"While extreme weather conditions and issues with the four EDF nuclear energy plants contributed to these milestones, widespread reporting is an indication of a growing recognition of renewables and [their] contribution to the UK's energy supply," comments Lorien's sustainability consultant Tom Jordan.

"Indeed, grid parity for solar and wind technologies is now being reported as achievable within the next decade."

October 2014 also saw oil prices continuing to tumble, with the market not yet united on whether the bottom has been reached or if weak global growth and ample supplies will see further falls. Brent crude reached $85 per barrel, its lowest since 2010.

"For businesses, there is an opportunity to invest in energy efficiency initiatives, particularly against the current backdrop of falling costs for renewables and low carbon technologies, and the potential for a period of fossil-derived energy price stability," states Jordan.

Brian Tinham

Related Companies
Lorien Engineering Solutions

This material is protected by MA Business copyright
See Terms and Conditions.
One-off usage is permitted but bulk copying is not.
For multiple copies contact the sales team.