FAIRFIELD, N.J. and CHICAGO, Aug. 16, 2022 (GLOBE NEWSWIRE) -- Transparent Energy, the national leader in auction-based energy procurement, today announced record H1 2022 bookings, as large buyers of electricity, natural gas, and green power switch to the company’s leading energy advisory and procurement services. Driven by growing demand for data-based energy procurement and risk management services spanning renewable and traditional energy, Transparent Energy procured 343% more load in the first half of the year than it did in the same period of 2021, which itself was an unprecedented growth year. The company also secured a contract to procure 1.5 million MWh of renewable energy certificates (RECs) for a customer in H2 2022, one of the largest renewable energy transactions in the U.S. this year.
This precipitous growth underscores Transparent Energy’s ability to continue to attract and serve the very largest and most discerning building portfolio owners, including PE firms and REITs, as well as associations, cannabis cultivators, cities & towns, colleges & universities, data centers, manufacturers, retailers, and other energy-intensive industries. A common theme among these energy buyers: recognizing that the way they had purchased energy in the past – either through an internal team or external broker – wasn’t as good as they had once thought, and not nearly good enough to meet today’s market challenges.
“The headline of our first two quarters is ‘GROWTH’ – record growth,” said Dustin Scarpa, Co-Founder and Managing Partner, Transparent Energy. “The reason for it is simple: large, sophisticated energy buyers for whom energy is a major cost of doing business are feeling the pain of rising electricity and natural gas prices – as well as the demands of meeting ambitious sustainability pledges. They understand the value of our team’s expertise, professionalism, and process to help them procure the energy products they need while hedging their risk in the most volatile pricing environment anyone has seen in years.”
This period of high energy prices and extreme volatility comes on the heels of record lows in 2020 and an extended period of favorable, stable pricing. During that time, Transparent Energy advised its clients of the imminent risk of rising energy prices, successfully moving the majority of them into long-term contracts to lock in low rates. By securing its large client base and showcasing its data-driven approach to market intelligence, Transparent Energy positioned itself for the stellar new business growth that has marked the first six months of 2022.
The company has also positioned itself for continued growth by investing in its people, technology, and product offerings. Since 2020, Transparent Energy has hired top senior executives, including Brendan Boyle, David Braun, Nancy Gardner, Stephanie Huhn, Nicole Kerrison, Steve Nees, Bob Ricobene, and Jane Seagraves, from industry-leading firms such as Direct Energy, Engie, NRG, and Yardi, as well as strong new operations talent – bolstering capabilities in renewable energy, associations, channels, customer support, market intelligence, and sales. The company has continued to hire in 2022, increasing headcount by nearly 20%. As a result, Transparent Energy is winning and servicing new accounts at a record pace while continuing to identify niches of opportunity in the market to meet the needs of existing clients.
Concluded Paul Shagawat, Co-Founder and Managing Partner, Transparent Energy, “We have succeeded by being proactive with our customers, some of the largest and most savvy energy buyers in the world, while many in the industry were avoiding the conversation entirely, placing their clients into new energy contracts with massive price increases that threatened their very businesses. That’s simply not good enough. Today’s large energy buyers need – and deserve – the best market intelligence, the most talented and dedicated people in the business, and the finest transactional tools – namely auction-based procurement – to succeed in an extremely volatile market, one we see continuing to pose challenges well into the future.
“At the same time, these large energy buyers have promises to keep. The sustainability pledges of 2020, 2021, and 2022 aren’t going to be met through on-site renewable generation; they require procurement of off-site renewables at a massive scale through a variety of complex products that require great skill to transact. To that end, we recently completed the successful purchase of 1.5 million MWh of RECs for a client, one of the largest such deals ever transacted. More and more major energy buyers are finding Transparent Energy to be the right partner to help them procure the full range of renewable and traditional energy products they need to meet their business and sustainability objectives.”
For more information on Transparent Energy’s market leading energy advisory and procurement services, or to sign up for the company’s monthly market analysis, please see www.transparentedge.com or contact info@transparentedge.com.
About Transparent Energy
Transparent Energy is the go-to resource for C&I companies and institutions for energy procurement and energy advisory services. The company’s clients include large associations and automotive, cannabis, data centers, education, financial services, healthcare, manufacturing, private equity, real estate (REITS and property management), retail, and technology firms. With a proven process delivered by retail energy’s most experienced professionals and state-of-the-art online auction technology, Transparent Energy has driven hundreds of millions of dollars in operational savings for clients across North America. For more information, see www.transparentedge.com.
Contacts:
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Jamil Ahmed
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(862) 210-8770
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Mees Communications LLC
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