Watch the tutorial video below to learn about placing bids on auction listings within EnergyNet's online auction marketplace. This comprehensive video explains the differences between a flat bid and a proxy, and demonstrates exactly how to place a bid on EnergyNet.
There are three requirements you must meet prior to placing a bid on a property listed on EnergyNet.com.
First, you must have a valid, active Buyer account. If you don't yet have a Buyer's account, register as a buyer.
Next, you must agree to the Buyer's Agreement. After you create an account and log into the site as a Buyer, you can review and agree to the Buyer's Agreement on your Buyer's Homepage.
Finally, you must have an adequate bid allowance for the lot you wish to bid on. You can see your bid allowance, and request an increase if necessary, on your Buyer's Homepage.
Your Buyer's Homepage lets you review the status of your Buyer's Agreement, view your bid allowance, and request an increase:
After you complete the buyer registration process, provide the necessary documentation and establish a bid allowance, you will be notified by an EnergyNet staff member as soon as you are eligible to bid or make offers on properties.
Properties which are currently available for auction can be found on the Auction Listings page. You must be logged in to view the Auction Listings page. If you try to access the page without logging in first, you will be prompted for your account credentials.
By default, auctions that are currently within their bidding period will be listed at the top of the Auction Listings page. When applicable, such as when the listings are sorted by the "Closing" time and date, lots will be grouped in subcategories such as, "Auctions closing tomorrow," and "Auctions this week."
You may also sort the display of auction properties by clicking the "Lot," "Lot Description," and "Bid" column headers.
Use the "Search" box to instantly filter all currently listed auction properties. Simply click in the box and begin typing a seller name, such as "Chevron," a lot number, a date, or any information that appears in the auction listings.
You can also click the blue buttons below the search box (i.e., "Seller," "Date," "Reserve Status") to quickly tailor the listing to your immediate preferences.
You can reach the bid page for an auction property in two ways:
By placing a proxy, you are asking the EnergyNet auction engine to bid automatically on your behalf, up to the amount you have specified. Your proxy will then place bids at the minimum amount necessary to maintain your status as high bidder.
For example, let's say you would like to bid on a property with a current high bid of $300 and a bid increment of $100. If you enter a proxy of $1,000 on this property, your new proxy will place a bid automatically at $400, the next minimum increment, to make you the new high bidder. Your proxy will then continue to increase your bid whenever you are outbid. Your proxy will only bid up to, and including, the $1000 limit you specified.
The proxy bidding mechanism is an invaluable tool to maintain your bidding status. Because it operates automatically, based on the parameters you set, you don't have to be active during the auction to participate, and you don't need to manually place flat bids. This feature can be very important when bids begin to increase faster than you can respond manually.
After you have set a proxy amount, you don't have to be online during the rest of the auction if you are unable. This is especially useful when you must be away from your computer during the auction, or if you won't have access to the Internet at times while the auction is in progress. You don't have to be online or logged in for your proxy to bid on your behalf.
EnergyNet highly recommends using the proxy system. This is the simplest way to maintain your status as the high bidder if you have valued the property more than other bidders. It minimizes your chances of being outbid at the last minute by another bidder, since your proxy will immediately place a bid on your behalf if you are outbid, up to the maximum amount you have specified.
A "flat bid" is a one-time bid. If your flat bid meets the "minimum next bid" amount and exceeds the highest bid recorded at the time of your bid, you will become the new high bidder.
If another bidder enters a bid that is higher than your flat bid, you will no longer be the high bidder. You will need to enter another flat bid manually (or enter a proxy) before the auction ends to regain your status as the high bidder.
Some properties require that you agree to additional terms and conditions before you place a bid. You'll be given an opportunity to review the additional terms and conditions, and then accept them on the bid page.
When you are ready to bid, go to the bid page for the property you wish to bid on. When you reach the bid page, confirm that you are logged in with the Buyer account that you intend to bid with. Your Buyer ID is listed in the bid box. The next possible bid increment is filled into the "Flat Bid Amount" box
To ensure a secure transaction, you will be required to confirm your Buyer account password before placing your bid. Enter your password and proxy amount. You may also enter a one-time flat bid if desired.
Critical note: It is important that you take precautions to enter the correct amount you wish to bid. Bids cannot be retracted once they have been submitted and have affected the auction!
The winning bidder will receive an email notification after the auction closes.
As soon as you have entered your proxy and/or flat bid, you will immediately receive confirmation about your bid and how it has affected your standing in the auction. A color-coded "information dropdown" will appear at the top of the page with your confirmation. Bid information is updated across the EnergyNet website instantly.
You will receive email confirmations after you have placed a bid, when you have been outbid, and when you are the winner of an auction.
When you enter a proxy or flat bid, you may be immediately outbid by another bidder. This happens most often when you enter a single flat bid, but another user's proxy automatically bids on their behalf. It can also happen if you enter a proxy amount that is less than another user's proxy amount. In that case, the other user's proxy will immediately enter a bid that is one bid increment higher than your proxy's maximum bid.
In the event that you enter a proxy or flat bid amount that is the exact value of another user's previously-entered proxy, the first bidder to enter that amount will become the high bidder.
When this happens, as long as there is still time left in the auction, you may simply increase your proxy amount or enter another flat bid that is at least one bid increment higher than the current high bid.
The bid page uses color-coded indicators to visually indicate your bid status. The top of the bid box uses the following scheme:
The top of the Auction Status box is also color-coded to indicate the status of the property's Seller reserve price.
The property information page for the property you have bid on is an easy place to monitor the status of an auction. Near the top of the page, click the "Display Auction Status" button to open the information box.
Your Buyer's Homepage contains a table called "Active lots on which you bid." This table lists all of the properties you have bid on, including your current bid amount, the proxy you have entered, the current high bid, and the closing date and time of the property.
Bid information is updated across the EnergyNet site instantly, but you must "refresh" your web browser to see current results as time passes. Your browser will not automatically refresh the bid history tables, auction status or other events. The information you are viewing is only as current as the last time the page was loaded or refreshed.
For instance, if you load the property information page and look at the bid history table, you will only see bids that were entered on or before the moment you loaded the page in your web browser. If you wish to see if new bids have been entered, you must refresh the page.
Modern web browsers can be refreshed by pressing the F5 key on your keyboard while you are looking at your browser. You may also click the "refresh" or "reload" button at the top of your browser. Below are examples of modern web browsers and the location of the refresh button.
The high bid at the end of the auction period is a valid and binding offer, even if the seller's minimum reserve price is not met. The seller has the option to accept, reject, or counter any offer that has not met the reserve price. As in any negotiation, the buyer can increase the offer, stand firm, or reject the counter offer from the seller.
In the event the seller's reserve has not been met it is EnergyNet's protocol to negotiate with the high bidder and the seller to attempt to reach an agreement. Should the negotiation be unsuccessful the second highest bidder will be contacted for negotiation and so on until the property is sold or the sale is cancelled. Losing bidders have no obligation to negotiate for the property if the high bidder and the seller cannot come to an agreement.
After the high bidder for the property has been determined EnergyNet will send an invoice and will use the bidder registration information to complete the conveyance documents. After the funds are received in full and all contractual obligations (i.e. preferential rights, consents to assign, etc.) are waived or exercised and all regulatory fillings (change of operator forms, etc.) are complete EnergyNet will send the conveyance documents for recording and then send the buyer and seller recorded copies.