Historically, electricity procurement was completed using a tender process and accepting an offer from the existing energy retailer. Energy management consultancy firm Energy Action has enhanced its online auction platform with a range of additions to provide its clients with access to this procurement strategy in Western Australia.
Energy Action has also commenced electricity auctions in Western Australia via its online platform the Australian Energy Exchange (AEX).
The main benefit of procuring electricity online is clients can secure a best fit contract at a competitive price in as little as 15 minutes and watch the competitive bidding between the registered energy retailers.
Iona Presentation College was one of the first Energy Action clients to use the online auction platform to procure their electricity contract in Western Australia. The result was an enthusiastic competition between 5 energy retailers across 22 bids, which saw the incumbent Synergy win the auction. The client achieved a saving of over 20 percent on their electricity rates equating to over $40,000 per year.
“Auctions provide an alternative method of procurement,” Chief Executive Officer Scott Wooldridge said, “where clients have either an auction or tender process to take their requirements to market and achieve maximum price discovery”.