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How budget forecasting can help your business stay on top of energy bills

When it comes to forecasting the energy costs of your business, new budget forecasting tools can help you plan for the future and give you the information you need to stay in control.

When it comes to forecasting the energy costs of your business, accuracy is key. But given the complexities of the market, how can you be precise when predicting what might happen in the future?

The wholesale energy market could rise. Third Party costs could change again. Volatility could increase all round. All of which could make it more difficult to predict your required energy budget, even in the relatively short term.

And even if your business is very efficient at managing energy use, increased volatility could mean that parts of your electricity bill vary.

 

A new tool to help forecast your energy spend more accurately

That’s why Haven Power has developed an energy cost forecasting model – Haven Forecast – to help businesses predict their future spend.

The model draws on price trends in the wholesale energy market, along with Haven Power’s insights into likely changes in Third Party costs . The result is a data-driven picture of your predicted energy costs throughout the life of your contract.

An illustrative example of a budget forecast provided by Haven Power

We’ll regularly update Haven Forecast, taking into account any changes to prices since the previous version. The tool can show a range of scenarios that illustrate what could happen if prices rise or fall, with the option of converting the data into charts that you can share with senior management.

In the above illustrative example, you can see a low, medium and high forecast of all your costs including wholesale energy and Third Party Charges. This allows you to more accurately predict your required energy budget.

If you’d like to find out how your business could benefit from advanced tools like Haven Forecast, please fill in our contact form.

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