1. Consider an energy procurement strategy and a planned approach for going to market.
2. Understand your own business needs. What is your current consumption versus your forecast? Will you be opening or closing any sites? How long is your lease?
3. Don’t automatically accept renewal/roll-over offers sent by your current energy supplier. They haven’t been tracking the market for you and simply send you offers as you approach your contract end date.
4. Engage a market expert and be prepared to take their calls. Often clients have good intention to manage energy procurement in house but then they get busy and miss critical opportunities in the market. Conversely, there’s the myth of getting more than one broker to get prices for you which is counterproductive as many retailers will only offer prices to one broker at a time. What you want is to build a relationship with a partner who calls you with relevant opportunities and makes life easier for you. The energy market can move between 3-15% in a matter of days that’s why having a trusted partner is key.
5. Check your bills. Make sure you understand what the different line items are for and that you’re not paying for something you don’t need.