Framework for developing a new model of risk classification according to the energy usage of companies

Abstract

Abstract In the last 50 years, both the authorities and the majority of the citizens have understood the need to enforce measures to both preserve energy and reduce the costs of producing it. Nowadays, every developed country has correlated the profitability and the competitiveness of its industry with the efficient and sustainable use of energy and is therefore making conscious efforts to improve these areas. Any action program deemed to enhance energy efficiency has as main component the critical analysis of the energetic resources allocated to an activity in a given perimeter, also known as energy audit. This paper aims to develop a model of risk classification to be applied in planning and performing procedures during energy audit, which can allow a common framework to be developed in this area of audit. The stakeholders of the entity will also be offered a unitary perspective regarding the risks of the respective business, which can be helpful in their decision-making process. The research methodology of this paper consists of quantitative instruments, namely the statistical analysis of a database containing energy audit conclusions of companies in Europe. The indicators used will relate to energy savings, the number of measures implemented as a result of the audit, the percentage of energy saved from total consumption (energy efficiency) and the business line of the company. The novelty this framework will bring consists of the congruence created in the energy audit procedures of different practices and of the standardization and quality improvement in energy audit opinions. The approach of energy audits will therefore evolve towards a risk based one, rather than an analytical one. Also, we will explain the importance of energy savings for the profitability and the competitiveness of companies in the economy today, while facilitating a transparent communication with the stakeholders. This analysis is relevant especially given the fact that the cycle of 4 years after the directive of mandatory energy audit has been enforced ends with 2018 and a conclusion can be drawn before the new audit period starts in 2019.