Soaring business demand set to transform energy sector

Surging electricity demand from businesses to cut emissions and fuel growth will create major opportunities and challenges across the sector in the years ahead, according to a new report.

The report from EY noted that global electricity demand is expected to double in the next 25 years, with three quarters of the growth to be driven by businesses.

A survey found over 70% of businesses plan to increase focus on electrification, emissions, and energy costs over the next three years

However, the report also found two-thirds of businesses are concerned about accessing the reliable energy needed to grow, while 64% say that rising and unstable energy costs are already impacting their profitability and competitiveness.

With energy now seen as a critical enabler of growth, the report also said volatility is creating significant uncertainty for businesses across sectors.

“A surge in business energy demand is reshaping the global energy landscape — and pushing energy providers to rethink how they support growth and deliver value,” it concluded.