Majority of businesses eye increasing electricification efforts in three years

They are also willing to invest more on on-site generation.

Over 70% of business are planning to put more attention on electrification, emissions reduction, and energy cost management in the next three years, according to new EY research.

The poll, which included over 2,400 decision-makers at large to mid-sized businesses across eight global markets, also revealed that 70% of businesses plan to invest in on-site generation and battery storage for self-sufficiency and control.

However, the business leaders expressed their concerns on outdated technologies, siloed operations, and limited sector-specific. Sustainability also remains a priority, but not at the expense of growth. 

The EY analysis showed that two-thirds of businesses are concerned about accessing the reliable energy needed to grow, whilst 64% said that rising and unstable energy costs are already impacting their profitability and competitiveness.

Serge Colle, EY Global Power & Utilities leader, said, “providers that offer the right mix of expertise, insight, and collaboration will be the ones that help businesses unlock long-term value.”

The research also revealed that 71% of businesses have defined energy strategies, and most are actively looking to build, buy, or partner to strengthen energy capabilities. However, 42% want their energy providers to act as energy advocates, not just suppliers. 

EY said this should push providers to move fast by providing “more intelligent, tailored solutions and digital tools.”