Following the amendments to the Energy Act, by 1 October 2020 all small, medium or large business owners must choose their electricity provider, as from this date on, the regulated market for business customers will cease to exist and electricity supply at prices determined by the EWRC will be terminated.
The most important thing for any business is to have stable and trusted partners.
In recent years, we have witnessed a number of electricity providers and electricity traders in Bulgaria declaring bankruptcy and suddenly going out of business, which has led to adverse consequences and most of all – unforeseen costs for their customers.
This is precisely why it is imperative that, before concluding a contract, one carries out a quick investigation of the company which they intend to trust with the supply of one of their most important resources – electric power.
Here are 5 easy steps that you can follow. It is important to check:
1. Who the real owner is
public companies and individuals are always a safer choice.
2. Where the company is registered
stable energy traders are companies with assets that can guarantee the fulfilment of contractual commitments. Companies registered in apartments are not among them.
3. The company’s paid-up capital
It is recommended that your provider has a capital of at least several million BGN so that you can claim damages if they do not fulfil their commitments, and receive the compensation due. Similarly, they need to have an annual turnover of at least a few tens of millions BGN – this shows that the company can achieve economies of scale.
The information mentioned in the three steps above is public and can be checked quickly and easily in the Commercial Register: https://portal.registryagency.bg/CR/Reports/VerificationPersonOrg
4. The company’s license
We must always check on what date the trader obtained a license from the Energy and Water Regulatory Commission (EWRC) for energy trade and coordination of a standard balancing group. Generally, we want to entrust our deliveries to a company that has proven its long-term sustainability and expertise. Information on all trade participants can be found on the website of the Energy and Water Regulatory Commission (EWRC) – https://www.dker.bg/bg/elektroenergetika/litsenzii-elektroenergetika.html
5. Customer service
It is important to find out whether we will get the attention we need if we call the provider. Ask for the sales representative for your locality to visit you within the next working day. It is important to know that we can rely on our provider at any time and that they are close to us. If the company does not have a sufficient number of specialists and representatives in the country, you risk not receiving proper attention in times of need.