January 18, 2010 § Leave a comment
One question that often arises when explaining Power2Switch is, “Is this new? Why haven’t I heard of this before?”
Both are excellent questions, but the answer often surprises people. The legislation that changed the Illinois energy industry was called the Illinois Electric Service Customer Choice and Rate Relief Law (also referred to as the Customer Choice Act). This Act deregulated the energy market in a way that now allows Illinois electricity suppliers to compete for commercial business (the residential sector was also impact but had additional restrictions). This legislation was passed in December 1997 and was phased in from 1999 – 2000.
Yes, I know it is now 2010. This just means Illinois business owners are about a decade overdue in exercising their power 2 switch.
January 11, 2010 § Leave a comment
When Seyi, the CEO of Power2Switch, first explained the motivation behind the company, his answer was simple. His goal was to change the way Illinois business owners access electricity suppliers. Very interesting I thought. Granted, we had literally just gotten married, and I knew this business would be a huge investment of time and energy (pun intended). So let’s just say I asked a lot of questions and he did a lot of explaining.
If you haven’t already visited the site (www.power2switch.com), the concept is simple: in the same manner that you can go online and get auto insurance quotes, Power2Switch is a web portal that allows business owners (it will soon be available for residential consumers as well) to get quotes on electricity rates. As it turns out, this is not exactly a new idea. In the United Kingdom, the model of being able to access electricity suppliers online is pretty old news (Seyi actually spent several years working in the UK energy industry). In the US, Texas is often touted as the model student with respect to promoting transparency in the electricity industry and enabling consumers to know their options. Power2Switch is now endeavoring to bring that same concept to Illinois.