{"id":1004230280,"date":"2018-05-17T09:43:30","date_gmt":"2018-05-17T17:43:30","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004230280"},"modified":"2022-12-06T11:56:28","modified_gmt":"2022-12-06T19:56:28","slug":"new-platforms-goal-improved-pricing-transparency","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/new-platforms-goal-improved-pricing-transparency\/","title":{"rendered":"New Platform&#8217;s Goal: Improved Pricing, Transparency"},"content":{"rendered":"<p>By Jeffrey Steele<\/p>\n<div id=\"attachment_1004230646\" style=\"width: 310px\" class=\"wp-caption alignright\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004230646\" data-attachment-id=\"1004230646\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/new-platforms-goal-improved-pricing-transparency\/sce_distribution-towers-wind-turbines_sce_jean-anderson\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/05\/SCE_distribution-towers-wind-turbines_SCE_Jean-Anderson.jpg\" data-orig-size=\"800,620\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;38&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;FinePixS2Pro&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;1044373485&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;237&quot;,&quot;iso&quot;:&quot;100&quot;,&quot;shutter_speed&quot;:&quot;0.1&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"SCE_distribution towers &#038; wind turbines_SCE_Jean Anderson\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Image courtesy of Jean Anderson\/Southern California Edison&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/05\/SCE_distribution-towers-wind-turbines_SCE_Jean-Anderson.jpg?w=800\" class=\"size-medium wp-image-1004230646\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/05\/SCE_distribution-towers-wind-turbines_SCE_Jean-Anderson.jpg\" alt=\"\" width=\"300\" height=\"233\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/05\/SCE_distribution-towers-wind-turbines_SCE_Jean-Anderson.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/05\/SCE_distribution-towers-wind-turbines_SCE_Jean-Anderson.jpg?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/05\/SCE_distribution-towers-wind-turbines_SCE_Jean-Anderson.jpg?resize=768,595 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><p id=\"caption-attachment-1004230646\" class=\"wp-caption-text\">Image courtesy of Jean Anderson\/Southern California Edison<\/p><\/div>\n<p>Tradition Energy has launched a new online electricity and natural gas supplier pricing system. The Stamford, Conn.-based energy risk management and procurement advisory firm developed Tradition Energy Pricing System (TEPS) in an effort to improve the efficiency and transparency of the procurement process, and boost price competition among energy suppliers.<\/p>\n<p>\u201c<em>The new pricing system is innovative because the traditional way to gather pricing involves multiple manual steps that are performed using email and phone calls<\/em>,\u201d said Tradition Energy senior director of marketing Scott Merrell. \u201c<em>TEPS provides more procurement transparency to suppliers because the system is Internet-based, instead of being hidden within Tradition\u2019s offline sourcing and pricing group activity. Having a central online portal reduces manual steps in the process of sourcing quotes from multiple suppliers and compiling it into a price report and then repricing it<\/em>.\u201d<\/p>\n<p>Because the entire process is iterative and transparent until the final, best quote is achieved, property owners benefit from greater competition among energy suppliers for their purchases. That results in the best price for those owners\u2019 requirements, according to Merrell. <em>\u201cTradition has managed more than 670 commercial real estate clients, including multifamily<\/em> [owners],\u201d he said, adding that history encompasses more than 17.3 billion kilowatt hours of energy usage.<\/p>\n<p><strong>How it works<\/strong><\/p>\n<p>TEPS quickly gains access to a centralized database of client and market pricing-related information. Tradition Energy Advisors, which leads the effort from the initial conversation with commercial real estate managers through strategic analysis, recommendations, procurement, account management and post- transaction assessments, log in to TEPS to generate new price requests and manage procurement events.<\/p>\n<p>Also integral to the new program is Tradition\u2019s Pricing Group, which interacts daily with suppliers and observes pricing intelligence and movements across all contracts. Its professionals use the system to manage energy advisor price requests with electricity and natural gas suppliers, which in turn access TEPS to submit and confirm their bids.<\/p>\n<p>TEPS\u2019 robust online processing capability permits a greater number of pricing transactions at a lower cost, according to the company. Tradition Energy\u2019s large volume of daily pricing activity expands the number of participating suppliers.<\/p>\n<p>When a new price request, an update to an existing request or confirmation of a final price is performed, a team member follows up until the next activity until the transaction is completed and the winning supplier price is confirmed.<\/p>\n<p><strong>Expansion ahead<\/strong><\/p>\n<p>Compared with Tradition\u2019s previous offline pricing process, the TEPS platform permits more suppliers to take part. At present, all 84 electricity and natural gas suppliers compete on the platform within the U.S. Tradition Energy intends to expand TEPS to allow it to process offers from 143 suppliers within the European Union countries and the United Kingdom.<\/p>\n<p>\u201c<em>Our investment in this system, which is another integral link in our corporate-wide enterprise system, gives us the ability to present pricing requests to energy suppliers in a way that speeds their responses<\/em>,\u201d said Tradition Energy CEO Alan Kurzer in a statement. \u201c<em>Online transparency also makes it easier for suppliers to receive immediate feedback on their offers, which results in more competition for Tradition clients\u2019 business<\/em>.\u201d<\/p>\n<p>Part of the Tradition Group, a global institutional broker of financial and commodity products. Tradition Energy serves more than 1,300 commercial, industrial and governmental clients worldwide, ranging from Fortune 500 global corporations to medium-sized businesses and municipalities.<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p><u>\u00a0<\/u><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Tradition Energy unveils an online portal that reduces the steps required to source price quotes from multiple suppliers. <\/p>\n","protected":false},"author":445,"featured_media":1004230646,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[23891,21785,21787],"tags":[],"class_list":["post-1004230280","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-national","category-property-management","category-technology"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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