Are You Prepped to Protect Your Business from an Ohio Electricity Broker?
Related Reading: Ohio Electricity Brokers: Five Reasons to Avoid
Your business may be getting deluged with phone calls or solicitations from Ohio electricity brokers. There are way many more of them than actual suppliers. They are hungry for your business. The money is good.
A question. Are you prepped to protect your business from an Ohio electricity broker? I find that some companies are up to speed. But, I also find that many manufacturers and hospitals are not. Those who are not are susceptible to the tactics electricity brokers use to get customers and, ultimately, can pay up to 25% more for electricity than they could otherwise.
Are you ready to test your knowledge? If so, consider taking this 7 question quiz.
I hope you found the quiz challenging and fun.
Would you like to explore this topic some more? I wrote a post that explores five things that businesses should consider before engaging an Ohio electricity broker.
There a Great Deal of Confusion About Electricity Brokers
Manufacturers and hospitals engage electricity brokers on the premise that they get better electricity deals (than they could get on their own) and that they get them for free.
But it’s not their fault. Most brokers tell them that brokering services are “free” or of “no cost.” Many brokers use word games to create a perception that they get paid commissions from suppliers. As a result, consumers believe that electricity suppliers are on the hook to compensate brokers. Consequently, they incorrectly deduce that they take on no cost to engage brokers.
But, they do have a cost. The cost takes the form of an undisclosed adder built into the electricity prices brokers provide to consumers. These adders are invisible and unregulated; consequently, an electricity price garnered through a broker can be 25% higher than the electric supplier’s actual retail price. Unfortunately, many Ohio businesses are paying more for electricity than they could be, a function of hidden price escalators.
It’s pretty simple. When you think “Ohio electricity broker,” think “middleman.” What do middlemen do? They buy low and sell high.
You Are Now Ready to Go Head-to-Head with an Ohio Electricity Broker
If you’ve come this far, you’ve either read this post and hopefully taken the quiz. Hence, I declare you well prepared to go toe-to-toe with an Ohio electricity broker. You’re one step closer to protecting your business from inflated electricity supply prices.
As a side, the Public Utilities Commission of Ohio publishes a list of electricity brokers. If you aren’t sure if you are working with an Ohio electricity broker, you can visit their site. You can search by broker name. Or, you can get a complete list by populating the “By Utility” box with “Electric” and the “By Industry” box with “Broker.” Upon completion, the site presents the list under the “Filter Regulated Companies” section.
Related Reading: How Does Foster LLC Do Electricity Procurement?