CHICAGO – December 29, 2016 – David C. Wiers, President of Satori Energy, announced today that Satori Energy has acquired a book of electricity contracts from Florida-based Best Power, LLC.
Best Power operated as a call center for the past five years and built up a sizable portfolio of small to mid-sized commercial customers. This is the seventh acquisition by Satori Energy since 2014, which continues Satori’s pattern of targeted growth. Wiers commented “We are excited to bring Satori Energy’s highly successful client-centric approach to another group of customers and we know that the Satori process will create value for these customers over time.”
Wiers added, “Through this and other acquisitions, Satori has provided liquidity to other brokerage firms looking to move on to other opportunities, while maintaining the great service our customers have grown accustomed to. This level of service has been recognized by our peers and partners in the industry, and we are excited to demonstrate our capabilities to a new family of customers.”
No employees were included in the acquisition. The transaction closed in late December 2016.
About Satori Energy
Satori Energy was founded in 2003, is headquartered in Chicago, and has evolved with the changing electricity markets over the past 13 years. Currently serving over 55,000 accounts, Satori has continued its mission in serving its clients through strategic energy procurement, risk management, market monitoring services, and overall energy management solutions for clients in deregulated markets nationwide. For additional information, please visit http://www.satorienergy.com.
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Satori Energy – Best Power (Press Release Dec. 15)
A property management company that manages several properties seeks a contract which offers the flexibility of adding and deleting accounts as tenants occupy and vacate suites, without penalty of early termination fees.
Satori Energy analyzed information about the many properties that the company manages in order to determine the best course of action when negotiating a specialized contract with suppliers. Satori spoke with numerous suppliers to negotiate the most advantageous terms for the client and presented these findings to the client.
Satori Energy negotiated a contract which allows accounts to be added to the contract when a tenant vacates the space, or dropped from the contract when a tenant moves into the space. Once the contract was executed, a process was put in place to add and delete accounts when needed. Satori Energy provided the client with a detailed form that the client fills out whenever an account needs to be added or deleted. This form is sent to the supplier, wherein the supplier prepares documents for the client to sign to complete the process.
The add/delete process has been perfected for maximum efficiency, almost always completed start-to-finish in one day. This specially negotiated contract achieves the flexibility that the client desired and allows for the additions and deletions without any penalty to the client.
A local chamber of commerce became frustrated over time as some of their members complained about unfavorable electric agreements they unknowingly entered into. The chamber board wanted a plan that offered their business members favorable contract terms and pricing and possibly took advantage of their group purchasing power.
Satori Energy met with the chamber board to discuss possible options, including pricing the entire group’s load in aggregate in hopes of being offered more competitive rates by retail electric suppliers. After agreeing upon program parameters, Satori Energy presented a “Power Pool” offering at the monthly chamber meeting and began collecting all relevant data from the chamber members.
Satori Energy created forms for all of the members to execute, allowing all contracting paperwork to be handled internally by Satori Energy. Satori Energy allocated the chamber members into several groups based on their current contract end dates. RFPs were then created for each group, requesting pricing with coterminous end dates so the small groups could ultimately renew as one large group from that point on.
The group as a whole is benefitting from both a streamlined process as well as lower rates across the board thanks to their newly implemented group purchasing program. New businesses are enrolled on the fly and complaints regarding electric contracts have ceased at the monthly chamber meetings.
The client had multiple locations in different states, utilities, and markets throughout the nation. All locations had different lease lengths and some locations had electric contracts on uncompetitive month-to-month variable rates. Due to poor management, the client had no central data source for tracking contract terms, lengths, or prices.
Satori gathered all pertinent documents on all locations to begin analysis. The analysis determined whether each location was under contract, rolling on a month-to-month variable rate, or with the utility and not under contract. All findings were then presented to the client to compare with their records, discover discrepancies, and present any additional findings from the analysis.
Client addressed any locations that were paying uncompetitive variable rates to minimize avoidable future fiscal damage. Locations that were with the utility were advised to switch to an alternative supplier. Pivot tables were used in Excel to create a database tool that efficiently tracked the status of each location through all relevant information gathered.
The client now has contracts for each location that include competitive rates and eliminated unknown monthly rates. There is now a central hub to reference energy solutions for each location. Satori Energy actively monitors locations with upcoming end dates and sends bi-weekly updates to the client which show renewal options as well as current market trend information.
CHICAGO – February 1, 2016 – Energy Research Consulting Group (ERCG), the most recognized consulting organization in the deregulated energy industry, ranked Satori Energy #1 in Overall Supplier Satisfaction as part of their recently completed national aggregator, broker, & consultant (ABC) study. Additionally, Satori ranked #1 in the “Number of suppliers citing Satori as a top ABCs by volume” and also ranked #1 in “Overall close-to-quote ratio”. These awards and statistics are determined by ERCG after accumulating and evaluating data provided by over 27 of the leading retail suppliers in deregulated markets nationwide. Suppliers also ranked Satori #1 in “Treating the supplier as a partner” and #2 in “Operating in the best interest of the customer.” This is the second consecutive year in which Satori received high rankings.
Satori President David C. Wiers attributes the continued success to company culture, teamwork, and philosophy, commenting, “We have worked very hard to create a standard of how we operate at Satori, and it is an honor to be recognized by our partners as an industry leader. Our culture encourages respect and teamwork in all of our business engagements. We value our suppliers as partners working toward “win-win” relationships on a daily basis and this philosophy helps to achieve the best possible results for our clients. I am proud of our team and how they consistently work to improve themselves and the stature of Satori in the marketplace.”
About Satori Energy
Satori Energy was founded in 2003, is headquartered in Chicago, and has evolved with the changing electricity markets over the past 13 years. Currently serving over 55,000 accounts, Satori has continued its mission to serve its clients through strategic energy procurement, risk management, market monitoring services and overall energy management solutions for clients in deregulated markets nationwide. For additional information, please visit www.satorienergy.com.
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Satori Energy Ranked #1 in Overall Supplier Satisfaction