You may be considering Engie, but you can compare here to make sure you are choosing the best energy service available in the market for you.
Engie is a global energy company that operates in a variety of energy sectors, including natural gas, electricity, and renewable energy. They have a strong track record in the energy market and are recognized as a leader in the energy transition to a zero-carbon economy.
5 Digital Energy proudly reps Engie as a quality supplier for small and medium businesses. Their energy solutions are pre-approved for credit which can be attractive to new businesses that do not have a lot of credit history. For that reason, we highly recommend Engie plans for companies moving into a new facility.Â
Here are some different types of plans for Engie:
- Fixed-Rate Plans: Engie offers fixed-rate energy plans that provide businesses with price certainty and protection against market volatility. These plans allow businesses to lock in a fixed rate for their energy supply over a period of time, typically between one and five years.
- Engie’s fixed rate plan that appears on the 5 Digital Energy website is credit pre-approved
- They offer 20% add/delete language in their standard terms and conditions which means the contracted party may add or delete meters from the agreement at no penalty given the annual usage is within 20% of the contracted volume.
- Index based Plans: For larger clients, Engie offers energy plans that follow either the Real Time or Day-Ahead market. The rates for these types of contracts vary from month to month parallel with the spot market value of electricity. 5 Digital Energy will help the end user navigate the managed product.
- Renewable Energy Credits: If sustainability or carbon transition is important to the end user, Engie can purchase Renewable Energy Credits (RECs) to reduce the carbon footprint of the generated energy. RECs prices are determined by a separate energy market value and can be bundled in with the fixed commodity rate. These RECs are Green-E certified and, once retired, will reduce your carbon emissions (Scope 2 emissions).
The energy sector is one of the biggest emitters of greenhouse gases, which is why the ENGIE group is taking action to preserve the planet, positively impact climate change, and accelerate investments in renewable and low-carbon energies.
Depending on the size, energy consumption, and specific needs of your business, your 5 Digital Energy advisor may suggest different types of plans that will impact both your electricity bill and your sustainability goals.
Make sure to avoid falling off of the contract without putting a renewal agreement into place. Electric meters that are not renewed roll into a pricey month-to-month hold-over rate. These energy bills are most painful during hot Texas summers or other months of high electricity demand. If you partner with 5 Digital Energy, we will be reaching out to you well in advance of your contract expiration to make sure that you’re taken care of.
Engie’s early termination contract language is one of the most favorable of all suppliers represented on 5 Digital Energy. The defaulting party will be allowed out of the agreement with no penalty in the event of a sale or going out of business. The company must provide 30 days’ notice as well as provide proof of sale/closure.
In the event that a user must get out of the agreement before the term is complete, they may also opt for an assignment or site substitution. Engie will sometimes allow the contracted party to assign the agreement to a new legal entity. Once the assignment is complete, the original party relinquishes all contractual obligations to the new party on the agreement. Instead of substituting the legal entity, the contracting party may also substitute the service address/meter that receives the electricity. Provided the new location is in the same utility and requires similar usage, Engie can substitute one meter out for another on the contract with no penalty.
In cases where the original party is unable to exercise any of these options, an early termination fee will likely be assessed at the time of cancellation. This penalty is calculated based on the difference in price between the market value of electricity and the contracted value, multiplied by the remaining months of the agreement. Stated differently, Engie will seek to recoup damages incurred by the end user defaulting on the agreement.
At 5 Digital Energy, we happily recommend Engie as a Retail Electricity Provider to small and medium businesses. Engie’s terms and conditions are relatively flexible and favorable for most commercial operations. They have an internal goal to become carbon neutral by 2045 and have a strong focus on becoming one of the largest producers of renewable energy in the world, supporting the decarbonization initiatives of our customers in all sectors. For larger energy users, Engie has a wide variety of plans and energy solutions including block and index agreements, demand response programs and REC bundling purchases. As always, 5 Digital Energy will be the customer’s representative in working with Engie or any other supplier.
There are hundreds of other retail electric providers that 5 Digital Energy does not endorse or recommend. 5 Digital Energy has a strenuous vetting process with energy providers so that you can feel confident with your selection. Here are the main criteria we require out of the energy providers we partner with:
Our main priority as energy advisors is to make sure that our clients are well taken care of. This means that we expect energy companies to bring real value to the businesses that trust us with their energy. Highly marketed electricity plans don’t always mean high quality electricity plans. Sometimes the best rate for your home or business is not actually the cheapest rate. We are only interested in working with suppliers with transparent and reputable business practices.
Between COVID, massive winter storms in Texas and uncertain economic strength in the last few years, many electric companies were forced to close their doors. If a supplier unexpectedly goes out of business, their clients run the risk of dropping to costly month-to-month or variable rate plans. Financial strength is an important consideration when we evaluate potential supplier partnerships. We want our clients to feel confident with their choice in energy companies.
5 Digital Energy maintains healthy relationships with our commercial partners, which means we often know, and communicate with our clients, any important changes with these retail electric providers.
For small business and residential clients, 5 Digital Energy almost always recommends a fixed-rate plan. However, as clients exceed electricity spend of $100,000 or so per year, different types of energy products may make more sense for energy efficiency. These products include Index-based rates, load following blocks, Retail Renewable Contracts for green & clean energy or natural gas heat rates. For deregulated states like Ohio, Pennsylvania, New York, Illinois, Maryland or New Jersey, that may mean only fixing the energy portion of your supply costs. For those in Texas, it could mean buying your electricity from the Hub and not the Load Zone. Each client has different budget standards and sustainability goals, so 5 Digital Energy only partners with electricity providers who can deliver the kinds of energy products that our clients need.
You can look up customer reviews on almost anything these days, and you’ll likely find many angry people! Suppliers are often rated publicly only when a customer has a bad experience, so it’s sometimes hard to get a real sense of their customer service. After 10+ years of experience providing energy access with these energy companies, we only partner with those who we feel deserve you as a client. Many of the electricity providers we work with have award winning customer service. And don’t forget, you always have us! The advisors at 5 Digital Energy are always here to help make sure our clients are taken care of.
The devil is in the details and that can certainly be the case in electricity supply agreements. Before you sign a contract with an kWh rate that is substantially lower than the competition, make sure you understand all of the energy charges associated with that plan or other contract terms like cancellation fees or early termination fees. 5 Digital Energy has done enough business with the suppliers we represent to feel confident that the Contract Terms they present are fair and equitable to both new customers and current ones. However, that should not stop you from asking questions when you have them! 5 Digital Energy is always here to help.
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