As the energy sector incorporates new technologies and embraces deregulation in a growing number of states, the market has begun to mature. One of the greatest examples of this is how a reverse auction benefits all parties involved in deregulated energy.
As opposed to traditional auctions, sellers bid on buyer contracts using a two-way platform. This makes commercial energy consumers and brokers the final arbiters in the energy auction process.
UM Tech’s reverse auction platform, EnergyAuctions (EA), is an online reverse auction platform that operates through a shared web portal. Fully transparent, and competitive, EA is an essential part of UM Tech’s energy management platform that seeks to create more value in the energy software market by fostering stronger relationships between buyers, sellers, and brokers.
Here are a few ways our reverse auction benefits the market.
Reverse Auction Benefits for Buyers
Using our energy management application, the Supplier Admin Portal, energy brokers can populate the reverse auction with their selected energy suppliers to offer their customers the best options for their particular energy needs. Brokers are allowed to invite as many suppliers as they would like to increase the competitiveness of the auction and give their customers the best options for success. In any given market, giving consumers more choices usually results in the best price for customers.
Reverse Auction Benefits for Sellers
EnergyAuctions incorporates statics that can help a supplier understand how they are performing on a pricing opportunity. This applies to the current auction, as well as past auctions. By working in tandem with the Supplier Admin Portal, our energy management platform is able to help energy suppliers understand their performance by market, utility type, and time.
Reverse Auction Benefits for Businesses
By using an online reverse auction, businesses can take control of the energy rates out there and select the best offers for their business. Like most reverse auction websites, businesses can communicate with the broker and jointly decide to accept, reject, or reschedule an auction. With real-time transparency, UM Tech’s reverse auction platform helps businesses get the best deal.
Learn More About Reverse Auction Benefits
Reverse auctions incentive the market to offer fair prices that better serve all parties. This is why UM Tech continues to strive to deliver energy management products that drive value to the market.
Contact UM Tech to try our reverse auction platform today.