Member Profile - Power Kiosk
Power Kiosk, is an energy procurement company, headquartered in Chicago's high-tech River North neighborhood. Our ground-breaking energy procurement platform, also named Power Kiosk, is designed to help our more than 6,000 clients find the best natural gas and electric rates and plans available in the marketplace today.
Power Kiosk is not an energy broker, per se. We are an energy marketplace that brings together buyers and more than 70 sellers (suppliers) of energy on our cloud-based platform. We communicate with all qualified natural gas and electric suppliers through our platform, and invite them to bid on our customers' energy loads in live, real-time, reverse auctions.
A reverse auction is a type of auction in which the roles of buyer and seller are reversed. In an ordinary auction (also known as a 'forward auction'), buyers compete to obtain goods or services by offering increasingly higher prices. eBay auctions are a good example of forward auctions.
In a reverse auction, however, the sellers compete to obtain business from the buyer, and prices will typically decrease as the sellers underbid each other. During Power Kiosk reverse auctions, the current low bid can be seen by all participating suppliers at any time, and is considered as the "price to beat!"
Traditional energy procurement initiatives are most often driven by RFPs, and are managed by energy brokers or consultants who charge hefty fees for their services. RFP bids are created in a vacuum since the bidders/suppliers don't know what the "price to beat" is. This creates a disadvantage for the buyer since the element of head-to-head competition, found in reverse auctions, has been eliminated. Additionally, RFPs are usually sent to a limited number of suppliers and not the entire marketplace, hence limiting the field of competition.
As a proud member of IAPA, Power Kiosk is now offering all fellow members a no-cost, no obligation opportunity to test the entire supplier marketplace through a complimentary Power Kiosk reverse auction. Partnering with Power Kiosk will provide you with:
- highly-competitive electric and gas bids via live reverse auction
- digital proposals, quotes, contracts, and signatures
- contract monitoring, reporting, and renewal alerts
- real-time monitoring of wholesale market movements and retail market trends
- an efficient, cost-effective solution that eliminates unnecessary overhead and broker/consultant fees
To get started, interested members simply need to send copies of their most recent gas and electric bills to Power Kiosk. We'll also ask for your authorization to verify your energy usage with the utilities, and to bid your energy load to all qualified suppliers. We suggest that contacts expiring within the next 6 months are the best candidates for an auction.
Please feel free to contact Michael McCarthy, VP of Enterprise Sales at Power Kiosk, if you have any questions or would like to discuss running your complimentary energy auction. Michael can be reached at 312-273-5184, and at michael@powerkiosk.com.
We look forward to hearing from you very soon!
