Against a backdrop of falling fossil fuel prices, Lorien Engineering Solutions, which produces the Energy Index, is cautioning business against losing sight of progress made on energy efficiency campaigns and self-producing projects.

The Index monitors the overall cost of energy for business users, enabling companies to analyse energy consumption and find savings through efficiencies and renewable technologies.

Lorien’s sustainability consultant Tom Jordan said: “In the UK particularly, lower energy prices are expected to have a positive effect on GDP during 2015. However, there is a concern that ultimately, lower energy prices will stimulate an increase in fossil fuel usage, which could diminish the headway made in driving energy efficiency and renewables take-up.”

Lorien is advising investment in renewable energy provision now, particularly with the first reporting deadline for the Energy Saving Opportunity Scheme (ESOS) at the end of this year.

Tom Jordan concluded: “Lower energy prices shouldn’t be seen as a negative when considering the current attractiveness of renewables, which benefit from schemes such as the feed-in tariffs (FiTs) and the Renewable Heat Incentive (RHI). A protracted period of lower fossil prices may yet see these initiatives reduce the payments required from eligible generating schemes.”

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

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