Companies have made great strides in incorporating energy management strategies and energy renewables in the market. However, prices have skyrocketed worldwide, creating uncertainty for many businesses and consumers. In the US, energy prices rose nearly 42 percent in 2022, the largest yearly increase since 1980. In 2021, the global average gas price increased 26 percent, exceeding pre-pandemic levels.
Now, more than ever, companies need to find ways to reduce energy consumption and adjust to pricing fluctuations, whether participating in the market or purchasing from utilities. Optimizing energy consumption means something different to everyone. What all organizations share in common, however, is that with increasing costs and sustainability imperatives, energy costs have become one of the most important operating considerations.
TIBCO’s tools are engineered to cohesively link with each other to support a flexible strategy for reduced and stable costs enterprise-wide. Learn more about three strategies your corporation can implement for a more sustainable future.
Why Do You Need Energy Management?
Energy management is the process of tracking and optimizing energy consumption and use. It focuses on energy-saving methods to promote more sustainable costs for your business and more sustainable practices for the Earth. To get started with energy management, companies first have to identify energy sources with an enterprise view of data and then can identify ways to optimize through analytics.
Energy management is key to business success because it helps companies control costs and meet their environmental goals. It can help you effectively prepare and budget for the future.
3 Strategies for Energy Success
Organizations are developing strategies to help manage their energy usage based on three foundational pillars of reducing, timing, and forecasting energy consumption. Every organization’s energy journey falls on a spectrum benefitted by real-time data, discovery, action, and continuous improvement.
- Reduce Energy Usage
There are several key ways companies can reduce their energy use. One major way is through process optimization. By eliminating unnecessary or wasteful processes or procedures, companies can reduce energy use and speed up production. They can also shut off equipment that is not in use. Alternatively, using recent eco-friendly technology can help companies lower their energy bills.
- Time Energy Usage
Companies need to time their energy usage to understand when they are using power and at what cost. For example, heatwaves can cause demand to surge, straining generation capacity and causing significant price increases. Prices are typically lower during spring and fall when demand is down (moderate temperatures mean less demand for A/C or heat).
Pricing can also vary throughout the day. Electricity is more expensive in the middle of the day, so companies should keep this in mind and not use unnecessary power. With advanced analytics, companies can see how prices change over the day and time their usage to optimal pricing. A battery could store the electricity when it’s lower and provide cheaper power during peak pricing.
- Forecast Energy Usage
Companies that predict and forecast energy use can plan and make more informed energy choices. Analyzing the energy market can help companies decide how to save more—whether through a full energy audit or saving money to replace insulation. If large-scale companies can accurately forecast energy usage, they can get better rates by trading ahead of time and participating in the futures trading market.
Industry Success in Energy Management
Hemlock Semiconductor: Hemlock Semiconductor visualizes and optimizes performance, providing optimal rollouts and controls for a sophisticated understanding of site processes and energy usage. With TIBCO solutions, the manufacturer reports saving $300,000 in energy costs every month.
City Harvest London: City Harvest London’s new smart application is infused with visual analytics that enables warehouse drivers to see a map of London and all relevant charities, empowering the planning of efficient distribution routes. The organization’s important work, empowered by TIBCO solutions, offsets 32,000 tons of greenhouse gasses a year.
SMT Shipping: TIBCO Spotfire analytics enables SMT Shipping to collaborate and share real-time insights through immersive dashboards which provide fleet operations with speed, energy consumption patterns, and emissions red flags. With TIBCO solutions, the company can detect new energy consumption patterns.
Reduce Energy Waste with TIBCO
With energy management, your team can be empowered to make better decisions across all forms of energy usage, including electricity, gas, and fossil fuels. Wherever you want to save, and whatever your strategy is, TIBCO can help by leveraging extensive experience across many successful partnerships.
To learn more, check out TIBCO’s Solutions for Energy.