3 Fortune 500 Companies choose American PowerNet to negotiate energy contracts worth over $100 million.
Wyomissing, PA - March 21, 2002 - BOC Gases, Valero Refining - New Jersey, and a third Fortune 500 Company, jointly known as the PJM Industrial Electric Aggregation Group (PJMIEAG), after a competitive bid, have chosen American PowerNet, Wyomissing, PA to manage the procurement of their electricity at their main industrial facilities in Delaware, Pennsylvania, and New Jersey.
PJMIEAG is a group of large industrial energy consumers located with the PJM wholesale electric market territory. PJMIEAG is looking to procure power for over 100 Megawatts of power for twenty-four accounts over a term of three to five years. The value of energy contracts is estimated to be over $100 million.
American PowerNet was chosen based on its energy procurement experience, and specifically, its expertise in the PJM wholesale market. "American PowerNet is an innovative company that understand the PJM market, and that's why BOC and the PJMIEAG members selected it to procure our electric supply," stated Larry Stalica, BOC Manager, Energy & Regulatory Affairs. "BOC has worked with many energy management and procurement firms across the country, and American PowerNet stands out as one of the best."
American PowerNet will manage PJMIEAG's search for an electric supplier via an intensive process of interval data preparation, request for proposal development, analysis of bid responses, and negotiations through the execution of electric supply contracts for PJMIEAG members. Companies in Delaware, Pennsylvania, and New Jersey now have the ability to shop for their own power since those states deregulated their electrics markets over the last five years.
"BOC and Valero understand that the energy world is changing and that they can influence how it evolves," stated R. Scott Helm, President of American PowerNet. "PJM and its complexities present some challenges, but also opportunities. We're looking forward to working with these progressive companies and doing some innovative work."
About American PowerNet
American PowerNet provides clients with supply-side management services designed to provide direct cost savings on energy purchased, and demand-side management strategies that reduce or shift energy use for overall lower energy bills. As a leader in the electricity procurement markets, American PowerNet currently procures electric for thousands of accounts nationwide. For more information, call (610) 372-8500 or visit online, www.americanpowernet.com.