FERC Battles with States in the Energy Transition
2024 will be a busy year for the Federal Energy Regulatory Commission (FERC). FERC is typically...
5 was formed with a simple mission - Help People.
Our team sets the standard for energy advisory firms in North America, helping thousands of commercial, industrial, and public-sector clients while operating in a way that is transformative to all stakeholders. We are improving the way businesses approach their overall energy strategy, while also making our mark on the very nature of how business is done. When we started 5, we knew that we would need to be intentional about every aspect of our culture to make an impact of this magnitude, starting with The 5 Values.
1. Integrity – The lifeblood of our organization is the Integrity by which we operate in both good times and bad. Unfortunately, the energy brokerage space, unlike other professional service industries, does not require licensing and adherence to certain ethical standards. The low barrier to entry results in a large cohort of energy brokers that are unskilled and inexperienced, or many times even unethical. We aim to drive change in our industry through our approach to client and supplier relationships, which includes the following:
• A strict adherence to our 8-5 Rule, an internal policy which states that no member of our team, including senior management, may accept gifts, dinners, entertainment, or trips from a supplier, except for the occasional meal and meeting during traditional working hours.
• A fundamental view that our value, and subsequently our compensation, is not related to the movement of the market. Therefore, when a client agrees to a price and term prior to a downward move in the market, the entire gain is presented to the client in the updated offer with the same unit margin for 5 as the prior offer.
2. Honesty – We communicate openly and honestly, recognizing that each of our stakeholders depends on our complete commitment to own this responsibility. Our approach to this Value can be summarized by the following:
• Honesty requires tact in delivery and situational awareness.
• Honesty is more important than title or tenure, all are expected to contribute.
• Honesty empowers our team to charge forward while removing or minimizing people issues, company politics, and bureaucracy.
• Honesty requires vulnerability, which sets the stage for authentic relationships.
3. Accountability – Our highly skilled and energetic team creates exponential value for our clients, and this impact is consistently sustained through our focus on accountability. There are several guideposts to this Value, including:
• Using the language of Accountability, a clear and concise communication style that identifies ownership, timelines, and deliverables.
• Following the company’s best practices for project completion and communication, releasing 5ers to aggressively tackle important tasks without creating gaps or overlapping efforts.
• Accountability is our cultural counterweight to flexibility and empowerment.
• We hire the best people, ensure that our goals and visions are clear, provide strategic direction, and then get out of their way.
4. Excellence – In an immature and ever-changing industry, we believe it is our responsibility to define Excellence. By living up to our company name, 5, we strive to become the standard by which all others are measured.
• Pursuing Excellence means that the job is never complete, 5 is in a constant state of growth, renewal, and advancement.
• We do not compete with others in the energy space; rather, we are in competition with “what’s possible.”
• A rising “5” lifts all boats.
5. Fun – Having fun is one of the most dynamic and most often misunderstood Values. There is much more to this Value than our constant laughter and reminders not to take ourselves too seriously. In fact, Fun is a much deeper concept at 5.
• Fun is the fulfillment our team experiences by reaching new heights and achieving seemingly unrealistic targets through our combined efforts.
• There is nothing that our team enjoys more than delivering services and solutions that are unlike anything the industry has seen before.
The 5 Values allow our team to focus on creating a positive impact for every stakeholder. We have successfully implemented The 5 Values by leading from the top, clearly articulating each value to the team, focusing on The 5 Values during new 5er on-boarding, and demonstrating the behaviors that exemplify each Value. We live by The 5 Values on and off the field.