What is a Business Energy Broker?
In simple terms, a Commercial Energy Broker or a Utilities Broker is a company or individual that acts on behalf of a business to negotiate the best energy contract possible.
With energy prices current volatility, it is crucial for businesses to have a robust and transparent strategy in place. Forecasting and negotiating energy prices that are tailored to each business is essential to finding the most favourable energy contract possible.
How can they support my business?
Business Energy Brokers do not have the same overheads as a supplier, so they are able to source and negotiate utility contracts at reduced prices.
An independent broker provides impartial advice and fully understands the requirements for your organisation. This means that they can provide you a range of energy services that support your business needs, other than just business energy procurement and purchasing.
Below are 5 factors to consider when choosing an Energy Broker to support your business. These factors are crucial to ensure you will be provided with the highest quality of services at the best possible price.
It’s important to choose a company that is well established and has a thorough understanding of the UK energy market. Be sure to know how long the Energy Broker has been in business and ask to see testimonials from clients. It is crucial to work with a company that understands your commercial energy needs, so finding out whether they have experience in your sector is essential.
Check that the Utility Broker has a ISO 50001 energy management certificate to support their green energy services.
Choosing a broker with an independent status means that they will negotiate the best possible terms for your business from a range of energy suppliers whom they work with.
Ensure a Letter of Authority (LOA) is signed before working with a Broker, as it gives them permission to work with suppliers and purchase energy on your behalf. It is important to have a partner which will give you the peace of mind that your commercial utilities are being procured and managed in a transparent way and that always has your satisfaction with the service as a top priority. Having a dedicated Energy Consultant who will manage your account and who can easily be contacted is important to consider, as it means that they will be able to effectively answer any questions or queries you may have.
A dedicated and reliable Energy Broker will continuously monitor market changes to ensure that their clients are protected. They will keep you up-to-date with timely changes and recommendations as they occur. A proactive Broker should identify where your organisation is currently using and possibly wasting energy, and should show where the energy utilisation is highest across your different departments or sites.
It is important to work with a company who can provide you a wide range of services, which includes energy procurement, energy management , demand energy management and energy consultancy to support your business needs. Whether it’s end-to-end energy procurement and management or additional energy services, it is important to understand the most effective solutions to accommodate to your energy requirements, both short and long-term. Meeting carbon reduction requirements forms part of that process.