The world’s biggest companies are developing concrete strategies for confronting the potential for higher energy costs in the future. In fact, 70% of the world’s billion dollar businesses are planning to put more time and money into generating their own power, growing their renewables portfolios and ramping up energy efficiency efforts, according to a new survey report from Ernst & Young.

The survey was conducted with 100 global company executives working in sectors that use a lot of electricity. Here are some of the interesting numbers set out in the survey report:

• 38% of those surveyed see energy costs rising by 15% in the next five years
• Half said energy spending accounted for 5% or more of operating costs, and 22% of the respondents said 20% or more of their operating costs are for energy
• Those percentages indicate annual energy spending of at least $55 million for 42% of the respondents and more than $100 million for 27%

And to illustrate the importance of the issue, the survey found that for 36% of the companies the CEO now makes the final decisions.

“While cost reduction is cited most frequently as the primary objective of corporate energy strategies, a number of other energy-related risks are also being addressed, such as energy security, carbon reduction and price stability. Regulatory compliance, together with reputational and brand aspects, also plays a part,” said Gil Forer, global cleantech leader for Ernst & Young.

He added “As a result, energy efficiency measures, company self-generation of energy and integration of renewable energy into the corporate energy mix are all being implemented at increasing rates to meet these ends and are set to accelerate further over the next five years.”