The financial case for investing in energy efficiency measures is set to become more explicit this winter, after reports warned of soaring electricity prices and even power shortages that could lead to some manufacturers slowing production.

According to reports in The Guardian, energy minister Malcolm Wicks recently met power suppliers and users to discuss supply concerns, while the National Grid yesterday warned of a potential shortfall in capacity.

A spokeswoman for the National Grid downplayed the reports, claiming the release of its Notice of Insufficient Supply Margin calling for extra capacity was a standard mechanism for notifying the energy market of the need to bring extra capacity online and was "not an unusual occurrence" around the time the clocks go back.

Meanwhile, a spokesman for the Department for Business, Enterprise and Regulatory Reform (BERR) said that Wicks' meeting with the energy industry was part of a regular programme of industry forums and that the government was currently working on getting more infrastructure and capacity online.

However, while long-term weather forecasts predicting a mild winter mean that energy shortages such as those experienced two years ago remain unlikely, concerns are mounting over soaring energy prices, prompting experts to renew calls for a greater focus on energy efficiency measures within the business community.

With oil prices hitting record levels of $93 per barrel, delays to a critical gas import plant in South Wales and the recent cancellation of a Norwegian pipeline, gas prices in the UK are now 40 per cent higher than in continental Europe and experts are predicting suppliers will pass on the increase to their customers.

Eddie Proffitt, chairman of the gas group for the Major Energy Users Council, said that pri ces could fall again in the short term once the current infrastructure issues are overcome, but added that now was the perfect time for firms to assess their energy usage.

"Anybody pushing energy efficiency measures needs to do it now," he said. " And while the current high prices could be a short-term phenomenon, the long-term picture is that oil prices will be around $100 per barrel and you've got to expect gas to go up alongside it. Prices of oil, gas and coal are all climbing in the long term and you've got to start assessing what and how much you use."

A spokesman for BERR agreed that firms should investigate the cost benefits associated with energy efficiency measures.

"Ministers have always stressed reducing demand for energy is one of the key planks of our energy strategy," he added.