Powering US Businesses with Tailored Energy Solutions

Business energy brokers – sometimes known as Third Party Intermediaries or TPIs – work as intermediaries between energy suppliers and businesses who need an energy contract. Energy brokers usually have working relationships with one or more energy suppliers and can search the market to find competitive contracts on behalf of the business looking to source energy. Energy brokers might offer a range of contracts for customers to choose from, depending on the customer’s needs.  Using a good energy broker can usually help businesses save the time, hassle and risk of comparing the energy market themselves, and can also provide businesses with access to better energy deals than they might find themselves.  

If your business aims to significantly reduce the time spent on sourcing energy, needs support with energy contracts, or is looking for ways to reduce energy costs, using an energy broker could be the right solution. Using a good energy broker can help businesses in several ways, from saving time researching and comparing the energy market to helping businesses manage the actual switch to a new tariff or a new supplier.  Some energy brokers, such as World Kinect, can also offer additional services, for example helping advise clients about their commercial energy consumption, how to be more energy efficient, and how to help minimise the impact of volatility in the energy market caused by global events. 

• If you’re considering working with an energy broker, you’ll need to inform the broker of your business’s energy requirements. This includes your consumption and usage, as well as specifics such as whether you want to only use green energy, expected fluctuations in your consumption, or the names of any specific suppliers you either do or don’t want to use.
• It’s worth checking how the energy brokers will charge their fees. Most often, energy brokers charge a service fee that’s included in your energy bill but, for some additional services, you might need to pay fees for the broker's services up front.
• Check which suppliers the energy broker works with. Good brokers will work with a wide range of suppliers and can provide access to all the available tariffs and discounts. 
• Check whether the broker will send you your offer along with its terms and conditions before you agree to a business energy contract. Don’t forget, if you agree to a contract over the phone, it will be legally binding and you won’t be able to change your mind. 

For a broker to search the market on a business's behalf, a Letter of Authority (or similar authorizing document) is required. This letter won’t mean you’re liable to pay any brokerage fees, but it does give the broker authorization to liaise with suppliers on your behalf.  The letter is an essential step for enabling the broker to do their job of negotiating and quoting, as well as switching energy provision if your business chooses to use the broker’s services.

A Letter of Authority (or LOA) is a document used to reach an agreement between three or more parties. Essentially, it’s a special permission slip that you give to an energy broker, letting them speak with other businesses on your behalf within agreed limits. A Letter of Authority allows your chosen third party to do things like: tender out to energy suppliers on your behalf based on your requirements, obtain offers from suppliers for you to sign up to, manage the switching process and manage any account queries.

At World Kinect, we follow a strict code of practice and offer fair, honest and transparent energy brokerage that always serves our customers’ best interests. Our 35-year track record has given us a solid reputation and unbeatable expertise in utility provision, which means that our customers can count on our advice and support on everything from choosing a new tariff and completing the switch to making their business more sustainable and compliant.  We’re also a Fortune 100 company, which helps underline our credentials as a reputable and trustworthy company. 

There are various energy contract types available to suit the needs of different businesses, but generally, contracts can be considered as Fixed or Flexible. Fixed contracts, where the unit price is fixed and known for a set period, can offer more budget certainty, whereas Flexible contracts offer more flexibility for your purchasing needs. Within these contracts with World Kinect, you can also choose the type of energy you want, for example brown, nuclear, biomass, natural (wind, solar, hydro), or carbon offset. Contact our expert team to discuss which contract type might be most suitable for your business.

If you don’t change your contract before it expires, your supplier will probably move you to variable tariffs, which are usually much more expensive than the rates you may have had on your previous energy contract. This occurs when you reach the end of your fixed tariff without making arrangements to renew or switch business energy suppliers. Each supplier will have different procedures for these situations, but some common examples include a new 12-month automatic renewal, on a variable or deemed rate.

No, not all energy brokers offer the same deals. Some brokers may have commercial relationships with specific energy suppliers, which could influence the options they present to their clients. Energy brokers will only have access to products and deals for those suppliers they have an agreement with. Suppliers may offer differing deals to brokers, depending on requirements and expertise. Other factors can also influence the deal an energy broker will get, such as market conditions, price volatility and regulatory changes.