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What are the steps to take when choosing a new electricity provider?
Posted on: 20 Oct, 2020

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. 

step 1

Carefully research the market and the companies that offer electricity on the free market. There are options, you just have to pick the best one. Investigate the past and the reputation of your chosen provider. It is important to go with a stable company – check where your provider is registered, who the owner is and whether there is enough paid-in capital. It is important to avoid signing a contract with unsecured companies with a questionable reputation, as should your provider go bankrupt, you will suffer serious financial losses. Such bad instances and practices have been witnessed in the past.

step 2

To start the process of switching to a new electricity provider, you must make an inquiry and provide information about your consumption – at least one monthly invoice. In response, you should get a personal consultation, offer and savings analysis. This way you will be able to choose the conditions that best suit your consumption profile according to the specific features of your business. Every business is different and so are its needs, so preparing a custom offer, corresponding to unique needs and consumption of your business is a must.

step 3

Once you have received some offers, carefully study all terms of the contract presented to you, paying special attention to:

 

  • the term of the contract and whether it guarantees that the traders shall provide supply throughout this period under the agreed conditions through penalties. It is important that the penalties under the contract be the same for both parties – this ensures that the trader cannot change the terms and conditions unilaterally;
  • collateral and fee requirements;
  • payment methods;
  • payment deadline;
  • deposits or advance payments – whether such payments are required;
  • whether there is a reliable network of sales representatives who will be there for you in case of a problem
  • whether the prices exceed BGN 120/MWh for the period;
  • whether there are hidden clauses for additional payments related to the costs of balancing or participating in a standard balancing group – when a supplier is reliable, all such costs are included in the price and are not paid separately
  • whether any clauses oblige the provider to provide information about your consumption upon your request
  • service – can you count on the expert assistance of your provider’s team at any time

step 4

Once you have signed a contract with your chosen provider under the most favourable conditions for your business, you should provide a notarized power-of-attorney with text approved by the EWRC in order to proceed to transferring your supply to your new partner. It is important that you choose a partner who will bear the full administrative burden of entering the free market and/or switching providers free of charge and carry out all necessary administrative actions on your behalf. Reliable partners save you time, so that you can dedicate it to your customers!

step 5

The procedure starts by the 10th of each month, i.e. this is the deadline for concluding a contract. Example – if you enter into a contract for the supply of electricity on the 3rd of September, then your supply will be taken over by the new provider as of the 1st of October. If you enter into a contract on the 15th of September, you will have to wait until the 1st of November, before the change of your electricity provider takes effect.

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