Prism Energy Solutions
Relevant and Refreshed Approach for Procuring Energy

We are in the midst of an energy transformation. Consumers have greater choice, technology is accelerating, and the relentless demand for sustainable efficient energy solutions are driving change. Commercial and industrial energy consumers today seek efficient cost structures that meet their energy usage patterns and ESG objectives. Rather than paying for unnecessary bundled solutions, organizations seek select benefits and services that advance their businesses, not just power them. Businesses today are under tremendous pressure of reducing carbon footprints while optimizing their energy use and costs. This highlights the need to develop actionable procurement objectives that align with the choices and benefits from innovative providers far beyond their local regulated utility. Successful organizations must understand energy requirements, develop and review pricing proposals, wisely invest in technologies, identify a collaborative vendor networks, and ensure enterprise wide buy-in to fulfill objectives.

This is where Prism Energy Solutions steps in. As a full-service natural gas and retail electricity consultancy and procurement advisor, the company assists clients by analyzing energy requirements, evaluating vendors and recommending appropriate products. Prism Energy creates actionable procurement strategies that align with diverse business objectives of reducing carbon footprint, improving resiliency, cost optimization, enhancing sustainability, and harnessing the new market reality. “The revolution of technology, abundant energy supply choices, and the greater accessibility to renewable energy have initiated a significant change in the energy space. As such, it is not wise business to apply yesterday’s approach to today’s reality. We are essentially a compass that enables organizations to navigate this evolving scenario,” says David Roylance, Co-Founder and Principal, Prism Energy Solutions.

Prism Energy Solutions enables organizations to develop an enterprise-wide procurement strategy through data driven recommendations and collaborative discussions with operations and leadership. Since different facilities (based on their location and mode of operation) of an organization may have disparate objectives, there cannot be a one-size-fits-all approach when it comes to electricity or natural gas procurement. Prism Energy supports businesses in understanding their facilities’ data and make informed supply decisions within the transforming energy market. Key is to establish data driven, objective based plans within the new energy context, such as cost or carbon footprint reduction.

While engaging with clients, Prism Energy Solutions conducts a comprehensive current state analysis to understand their energy usage pattern, existing contracts, and the governance in place. The company then recommends potential and necessary improvements in the existing energy plan that meets clients’ future objectives. Finally, Prism Energy Solutions builds a data-and-market driven roadmap that allows businesses to strategically implement their energy sourcing, such as procuring supply, services, and new infrastructure or assets. “Leveraging our experience in all aspects of the energy equation, from utility operations to energy sourcing and commodity trading, we run current state analysis to create a corporate level energy plan. Through data and predictive analytics, our experts demystify energy complexities and find the best strategy for a specific client. Working in liaison with Prism Energy Solutions, organizations develop an objective-based strategic energy plan at the enterprise level that allows facility managers to be more productive and navigate today’s energy environment,” Roylance mentions.

Honing such capabilities, Prism Energy Solutions helped a hospital system reduce its energy costs by more than 20 percent. They were able to move energy procurement from a procedural function to a strategic function through a multi-step process. As such, the client could make more informed decisions in line with their objectives of reducing energy costs. They also created benchmarks among their various hospitals by using data to create a constant improvement loop, where successive procurement decisions around energy produced additional benefits. Furthermore, they also cut down their utility-related charges by 10 percent. In another instance, Prism Energy Solutions enabled a large religious organization with around 600 buildings at different locations to reduce their energy spend by 25 percent while converting from traditional sources of energy to renewable.

Forging such instances of client success with a data-driven predictive analytic approach, Prism Energy Solutions has etched a niche in the market. “Our objective is to offer a modern, refreshed approach for strategic procurement of energy that recognizes the transformation occurring from both technology, renewable and energy supply perspective,” concludes Roylance.