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Energy security, affordability remain foundational expectations among consumers – EY

KUALA LUMPUR, March 6 (Bernama) -- Energy security and affordability remain foundational expectations among consumers, according to the Ernst & Young (EY) “Energy transition consumer insights” report.

The report surveyed 70,000 residential energy consumers across 18 markets over two years, including 4,000 consumers in Malaysia.

 In a statement today, EY Consulting Sdn Bhd shared that the research shows that 79 per cent of Malaysian consumers are more interested in reducing their energy costs and consumption today compared to a year ago by monitoring their energy usage, reducing environmental impact, and purchasing new energy products and services as the key focus areas among the consumers.

“This year’s insights revealed that a critical mass of consumers has now joined the ‘omnisumer’ category. This is a person or business entity that participates in a dynamic energy ecosystem across a multitude of places, solutions and providers.

“With nearly three-quarters of Malaysian consumers (71 per cent) say they would prefer multiple energy solution providers over a single one, and more than 25 per cent would turn to a company such as a green charity, solar provider, or home improvement retailer over their energy provider when it comes to solutions,” said the report.

 Meanwhile, it said the majority of consumers have already invested or plan to invest in products that change their energy lifestyles, which is 90 per cent in energy-efficient appliances, as well as in energy-efficient windows, doors and insulation; in automatic home cooling, and electric vehicles.

EY Asia-Pacific energy and resources customer experience transformation leader Mark Bennett said energy’s central role in lives has never been clearer and, for consumers, the issue is now personal.

“Rising prices, security concerns and the decarbonisation agenda have hit home and passive energy consumers are no more,” he said.

The research also revealed that consumer confidence has been deeply shaken, creating potential barriers to the energy transition.

Only 58 per cent of Malaysian consumers are confident that their energy provider will create value for them and their community in the future, while 54 per cent are confident in the affordability of their energy in the next three years, it noted.

Conversely, EY said consumer engagement in sustainability is resilient, with more than half (57 per cent) of Malaysians willing to pay a premium for sustainable products and services – up from 46 per cent last year. 

Interestingly, 62 per cent of Malaysians admit to a degree of “carbon tracking”, whereby they adopt positive energy-saving measures and mentally “bank” the carbon they believe they have saved, but then offset this with conflicting behaviours that go against their energy-saving actions. 

-- BERNAMA

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