3 Tips on Maintaining Transparency in the Energy Industry

The high-profile nature of the energy industry lends itself to extensive media coverage. From negative to positive news, staying up-to-date with what’s written about your company can seem like a daunting task. But don’t feel as if your public image is completely out of your control. You can help maintain a trustworthy persona by demonstrating regular transparency in your business practices.

Energy industry transparency

So how do you develop transparency in a way that makes you accessible but doesn’t harm your company’s sensitive information? Here are 3 tips to consider:

  1. Avoid acting suspicious — Seems simple enough, right? But in times when gas prices regularly rise over 4 dollars a gallon, acting secretive about things such as energy costs only gives the public more cause for concern. And last year price-fixing was suspected in the gas market, causing a huge breakdown in trust. Chances are your company is already being patrolled by the government and the media, so hiding a mistake or secret will usually backfire.
  2. Remain open about policy decisions — The decisions made in the energy industry affect countless people, so making a decision and refusing to discuss the logic behind it won’t do you any favors. Instead of hiding your company’s decision-making process, make it open to the public when it’s appropriate. If they feel more well-informed they are less likely to cause an uproar later on when a big change or decision is made, because they’ve already been educated on the issue.
  3. Allow access to appropriate data — Energy companies deal with huge amounts of data everyday, so an important question is how much of that data should be accessible to the public? Information that deals with safety is a great example of material to make available, or breaking down your profits from various sections within the company is an example of an honest and open way of dealing with your financial data.

What efforts are you making to demonstrate your company’s transparency?

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