Energy prices have slipped a further 2% in the first quarter of 2014, sitting marginally higher than they were 12 months ago, latest data from the Lorien Energy Index (LEI) has revealed.

The Lorien Energy Index, which is produced by Lorien Engineering Solutions, monitors the overall cost of energy for business users. It enables companies of all sizes to make sense of their current energy consumption and look at ways they can make savings in the future.

Concerns over wider wholesale energy prices have not been realized, with stockpiles and reserves for both oil and gas smoothing out ripple effects from geopolitical instability in crisis zones. The IEA has described the current outlook as ‘eerily calm’.

With positives to report on fossil fuel prices, recent wider energy news shows the overall contribution from renewable energy production in the UK has increased during 2013 to stand at nearly 15% of total.

“What should make those ‘on the fence’ take notice is the large sums of money – more than £3bn a year – being spent incentivising the growth in green ‘home grown’ energy,” noted Lorien’s sustainability consultant, Tom Jordan. “

Lorien Engineering Solutions has recently become part of GP Strategies Corporation.