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One in three board directors remain unconvinced of the return on investment (ROI) available from energy refits, a recent study has found.

It has also been discovered that 70 per cent of companies planning investment in energy efficiency projects in the next three years, while over a quarter (27 per cent) of board directors are not aware of what their energy bills are, according to research from Siemens.

Juergen Maier, managing director of Siemens Industry Sector in the UK and Ireland, said: "Not only is the UK subject to strict legislative carbon reduction targets, but many businesses are neglecting the impact that effective energy management can have on the bottom line."

This research comes after a representative from Consumer Focus claimed that there is a large gap between the recent energy cuts and the price increases witnessed in 2011.

Audrey Gallacher, from the organisation, warned that the average energy bill is around £200 more than it was at the beginning of last winter.