New research from EY found 66% are also worried about whether future energy supplies will be reliable enough to meet their needs.
The findings, based on a survey of more than 2,400 global business leaders including 314 in the UK, show a clear shift in how firms think about energy. It’s no longer just a bill to pay – it’s a central part of business planning.
The majority (70%) of companies say they now have a comprehensive energy strategy, with 86% aiming to meet their targets – from cutting emissions to electrifying operations – by 2040.
But barriers remain, with the cost of investment, red tape and infrastructure limitations among the top issues holding them back.
Despite this, businesses are pushing ahead.
Around 69% say they plan to invest more over the next three years to drive down energy use and emissions.
The role of energy providers is also changing. Only 24% of companies now see suppliers as basic service operators.
Nearly twice as many – 44% – want their energy partners to act as transition advocates who can help them adapt and grow.
Demand for digital support is rising too.
Over two-thirds of firms want AI and other smart tools built into their energy solutions as electricity use ramps up.
