Energy cost reduction is one of the major opportunities for businesses to reduce operating costs. There are two sides to energy costs: [1] Demand: where, in what form and how much energy is consumed, and [2] Supply: how it is generated or procured. Efficiency and optimization strategies can be applied to both sides in order to achieve cost reductions. Process engineering principals can be applied to achieving energy goals. Business must be better informed on how they can procure cheaper energy whilst reducing energy usage to achieve energy cost reductions. This is pertinent to all forms of energy including electricity, transport fuels, power plants and process heat. Bench marking against best practice or competitors will clarify energy goals and show where business improvements can be made. Being able to compare "like with like" is a key aspect of making an informed and optimized decision. For energy projects, this requires a techno-economic analysis to determine the $ / kWh and/or $ / GJ delivered over the life of the technology, which must include the capital and operating costs, revenue, and savings. Power and heat saving opportunities can be compared to on-site generation projects in the same way, or alternatively, an overarching economic analysis can be used e.g. internal rate of return (IRR), discounted payback period (DPP), EBIT.