How PowerSelect Works: Unlock Competitive Electricity Rates for Businesses

Energy costs make up a growing portion of business expenses. With electricity rates fluctuating, finding a cost-effective electricity plan has become increasingly important.

However, the process of comparing business electricity rates, shortlisting retailers, and negotiating terms is rarely simple.

Designed to make electricity procurement clearer and more efficient, our platform allows enterprises to secure competitive business electricity rates that work for them. Here’s a quick run-through of how our process works.

Understanding Your Options on PowerSelect

Different businesses have different electricity requirements. PowerSelect recognises this and offers two main options: a live auction for straightforward needs and an invitation to tender for more specialised demands. 

Knowing these options is the first step to making an informed choice.

1. Live Auction: Fast, Transparent, and Competitive

The Live Auction feature on PowerSelect is designed for speed and transparency. It allows retailers to bid in real-time for your electricity contract. Each auction runs for 15 minutes, with energy providers submitting their best offers within that timeframe.

Before the auction begins, you’ll define key parameters, such as your contract duration, the plan type, a shortlist of preferred retailers, and a reserve price. Once these are set, the auction is launched. Retailers then compete to win your business.

At the end of the auction, PowerSelect presents the final bids, and the retailer with the lowest price wins the auction. You review the results and select the retailer that best meets your criteria. This puts you in control while keeping the process time-bound and efficient.

The Live Auction is suitable for businesses looking for a Fixed Price Plan, offering price certainty by locking in a consistent electricity rate throughout the contract. This helps companies secure predictable costs, making budgeting and cost planning easier.

2. Invitation to Tender (ITT): For Customised or Complex Requirements

When energy needs are more specific—such as including renewable sources or hybrid pricing models—the Invitation to Tender (ITT) process is a better fit.

In this option, you issue a request, and electricity retailers respond with customised proposals. You can evaluate the different options based on your unique criteria. This is particularly useful for organisations seeking green energy credentials or needing structured pricing for multiple sites.

Each proposal includes the terms, pricing, and added services. Once all proposals are in, you can compare and decide. PowerSelect simplifies the process by presenting clear options, allowing you to make an informed decision.

How to Get Started with PowerSelect

Step 1: Register an Account

Registration is straightforward and takes only a few minutes online. You’ll need some basic company information and past electricity bills to complete the process.

Step 2: Submit Your Request

Once registered, decide whether a Live Auction or ITT suits your needs. The PowerSelect team will guide you through the input fields. Clear, accurate information helps generate better offers.

Step 3: Complete Your Purchase

After the live auction, you finalise the agreement with the winning retailer (lowest bid). Contracts are signed directly with the retailer, and you’ll receive documentation for your records.

Why Businesses Trust PowerSelect in Getting Competitive Business Electricity Rates

PowerSelect offers several advantages over conventional methods of securing electricity:

• Transparent Pricing: Real-time bidding and structured tenders provide visibility over available business electricity rates.

• Time Savings: Traditional procurement processes can be time-consuming. PowerSelect shortens the timeline without compromising on quality.

• Access to Trusted Retailers: The platform includes a wide network of licensed electricity retailers, giving you greater choice.

• Tailored Options: Whether your business values price stability or market-linked savings, there’s a plan to match your risk profile.

Common Questions Customers Ask When Working with PowerSelect

How can I use PowerSelect to discover electricity prices?

You can choose between Live Auction or Invitation to Tender. Live Auctions last 15 minutes, where retailers bid for your business based on your chosen plan. Invitation to Tender suits special needs like green electricity or fuel-indexed plans, with retailers submitting tailored proposals.

Why should I buy through PowerSelect?

PowerSelect simplifies choosing from many retailers and plans. The Live Auction allows retailers to compete for your business in real-time to ensure transparency and help you make an informed decision. Plus, there’s a standardised contract for Low Tension consumers to reduce review time.

Are there any charges to use PowerSelect or access the portal?

Purchase your electricity through PowerSelect and you won’t pay any fees!

Who can use PowerSelect to buy electricity?

PowerSelect currently serves businesses using over 10,000 kWh monthly (about $2,000 electricity bill). Expansion to smaller or residential users may happen in the future.

Have more questions? Visit our FAQs page to see what other customers are curious to know.

Unlock Better Electricity Deals with PowerSelect

PowerSelect gives businesses a reliable way to manage their electricity procurement. Whether through a fast-paced live auction or a more tailored tender process, it simplifies how organisations evaluate business electricity rates and select suitable contracts.

Find out how PowerSelect can help your business secure better electricity rates today.