Manufacturing Today Issue - 217 October 2023 | Page 28

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Sustainable supply

How energy sourcing can help industrials manage record-high prices

Record high , volatile natural-gas and electricity prices are forcing many energy-intensive industrial companies in Europe to reconsider their energy strategies . This is especially true for companies in which energy had historically accounted for only a small percentage of total costs until prices began to increase in 2021 . Now , aiming to remain competitive in the marketplace , these companies are seeking ways to better manage energy costs while maintaining security of supply .

There are other reasons why focusing on energy sourcing is increasingly important for European industrial companies . These companies ’ sustainability strategies call for large reductions in carbon emissions , and some companies are going as far as to pursue varying degrees of carbon neutrality . As a result , there is more and more demand for low-carbon energy sources and a movement toward electrification across industrial companies . However , switching to just one source of energy could result in concentrated
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