With less than 10-months left until the deadline for complying with the Energy Savings Opportunity Scheme (ESOS) legislation. Market leading energy consultants Catalyst have warned that many large UK businesses may be missing out on over £250 million in energy savings.
Recent figures released by the Department for Climate Change (DECC) show that savings of over £250m can be acheived simply by acting on some of the measures identified in their ESOS audit. And this is based on just cutting energy consumption by only 0.7%.
However those companies that are also prepared to invest in energy saving measures with a payback period of two years or less, this increases to £1.6bn a year.
Catalyst have calculated that the average company that is required to comply with the ESOS guidelines could reduce their energy costs by over 15%, if audit findings are used as a starting point to minimise wasted energy.
ESOS is an energy assessment and savings identification scheme set up for large corporations based in the UK.
Public bodies are not affected by this ruling, but businesses employing over 250 employees or with an annual turnover of £40 million must comply to the new rules.
The legislation requires those that qualify to be compliant by undertaking an ESOS audit by 5th December 2015.
There are fines of tens of thousands of pounds for those who do not comply before this deadline. In order to be completely in line with the legislation, companies must cover all process, transport and energy use.
Following up on the recommendations made in the audit is entirely voluntary however at this stage.