Energy High Priority Budget Item

August 22, 2008

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Consumers and companies alike are feeling the squeeze from rising energy prices, which are increasing 15 percent per year on average while wholesale natural-gas prices have tripled over the past few years, writes CFO Magazine.

Carequest Corp. began making changes when it learned that its $21 million annual energy bill might cost closer to $30 million in 2006; a 25 percent increase.

The firm’s stores and warehouses got energy makeovers with automatic timers installed to control heating, lighting, and air-conditioning; light bulbs were also replaced with longer-lasting versions.

Similarly, HEI Hospitality also sought to curb its energy bills last year. The hotelier dimmed or turned off lights in back offices at the end of business; and installed energy-efficient doors to reduce heat loss.

A March survey conducted by CFO Research for Jones Lang LaSalle, found that most finance executives say their own role in driving sustainability was limited even though more than half believe their companies are likely to increase profits and values through sustainability.

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Reader Comments

All executives should have their bonuses tied to sustainability, and the CFO is no exception. The opportunities to save dollars are significant, and typically the VP/Director of Sustainability needs an executive sponsor who can champion their projects within the exec ranks.

Kent Ragen | August 22nd, 2008

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