UK business paying £1bn/year too much for energy

UK businesses are failing to manage energy buying efficiently and as a result are exposed to volatile prices, losing up to £1 billion ($1.81 billion) a year, a new survey has found.

The survey of FTSE 250 companies, conducted by an independent consultant, was commissioned by Utilyx, a provider of energy price and consumption risk-management services, and Barclays Capital, the investment banking division of Barclays Bank.

“Energy prices hit record highs last autumn and the bull-run has continued this year," explained Chris Bowden, chief executive of Utilyx. "While producers and suppliers are turning in record profits, energy buyers are having to pay higher prices

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