Strategically Timed Energy Procurement (STEP) Online
Reduce your market timing risk and get greater control of your energy costs by managing your electricity pricing using our simple online portal.
What is STEP Online?
STEP Online gives you greater flexibility when agreeing to the rates you pay for your electricity.
For each set period (usually a quarter), you can fix prices for your electricity in parcels as small as 5%. This lets you avoid agreeing the price for all of your electricity requirements on a single day, which may be a high price point in the wholesale market.
Once you’ve agreed prices for 100% of your electricity for that time period, your average price will be calculated.
How it works
Once you’ve entered into a STEP Online contract, agreeing prices for energy parcels is very simple:
- Log on to the online portal and check the current price for each product and period.
- If the price is good for you, lock it in. You can choose how much you want to agree to at that price, anywhere from 5%-100%.
- You, and any authorised representatives, will be emailed a copy of the transaction for your records.
Watch the video to see a live demo of how STEP Online works.
At a glance summaries available 24/7
When you log on to the portal, your dashboard shows you a summary of agreed parcels and what percentage is yet to be agreed, along with recent price history.
You can also view detailed offer price history and the dates when your STEP Online parcels were agreed.
How is STEP Online different?
In a standard fixed price, fixed term contract, you agree for all your energy usage to be charged at a fixed rate, set on the day you sign up.
With STEP Online, you can choose prices for smaller parcels of electricity (you can agree prices in 5% increments). This allows you to manage your timing risk much more effectively and to smooth out some of the market fluctuation.
Who should consider STEP Online?
If your annual electricity usage is 5GWh per annum or greater, STEP Online could be a great choice.
What can be contracted under a STEP Online arrangement?
- NEM (QLD, NSW, ACT, Vic, & Tas)
- WEM (WA)
- Large-scale Renewable Energy Target (LRET)
- Small-scale Renewable Energy Target (SRET)
- Victorian Energy Efficiency Target (VEET)
- NSW Energy Savings Scheme (ESS)
Why should you choose STEP Online?
Easy to use
You can access STEP Online through our easy to use Customer Portal. Transactions can be made between 10am and 3.45pm AEDT on business days.
Safe and secure
Each time you agree a price for a parcel, you will need to enter a security code which is sent via SMS. Once the transaction is completed, STEP Online confirmations will be emailed to all authorised users.
You can nominate additional users via an Authorised User Registration form. These users can then agree prices on your behalf.
Access can be restricted so some users can have read access only, and not be authorised to agree prices.
Automatic reminder notification will also be sent to authorised users to notify them the last date for agreeing a price is approaching.
STEP Online in use – 2016 overview
Percentage Weighted Average Price
This customer has agreed to all their electricity parcels up until Q4 2016.
For Quarter 3 in the above example, the customer might have agreed to five, 20% parcels:
The final average percentage weighted average price (PWAP) for this quarter is $48.05. We apply pre-agreed factors to this rate to get the time-of-use retail rates for the relevant period.
Conversion to retail rates
The prices you see on your bill are calculated based on the factors that are in your contract.
If the customer above had a peak factor of 1.261 and an off-peak factor of 0.821, their final rates for the relevant quarter would be:
Peak rate = 48.05 x 1.261 = $60.591/MWh
Off-peak rate = 48.05 x 0.821 = $39.449/MWh
The prices you see on your bill are calculated based on the certificate management fee in your contract.
If the above example was for an environmental scheme product, the certificate management fee was $0.50, and the scheme percentage was 10%, their final rates for the relevant quarter would be:
Rate = (48.05 + 0.50) x 10% = $4.855/MWh
Interested in how STEP Online can help your business?
You can also download the brochure to learn more about our unique STEP Online solution.