American PowerNet Provides Platform for Municipalities to Secure Lower Electricity Costs for Customers.
/EIN News/ Wyomissing, PA – August 24, 2009 – American PowerNet continues to forge new pathways in bringing wholesale energy procurement to large and municipal energy users. Customers in four NJ municipalities will enjoy lower electricity costs as a result.
With the price of electricity costs poised to increase dramatically in coming years, large users of energy are looking for options. In New Jersey, the Park Ridge Board of Public Works recently announced to customers a 5% decrease in electric rates effective August 1, 2009.
The decrease was realized through a unique managed buying program designed and coordinated by American PowerNet on behalf of Park Ridge and three other NJ municipalities including South River, Seaside Heights, and Lavallette.
Park Ridge Mayor Donald Ruschman and Board President George J. Mehm, Jr. announced the decrease in a letter to customers saying, “We are now purchasing blocks of power at various times and quantities to build a portfolio of contracts for our wholesale requirements. Using this approach, we have been able to take advantage of the downturn in power supply costs along with saving on the risk premium that is built into the cost when we contract for all of our bulk requirements at one time.”
American PowerNet began buying power for clients in 1997. Since then, the company has facilitated power purchases for over 5,000 accounts across America in nearly every deregulated market. American PowerNet introduced the wholesale procurement model in 2001, and was subsequently hired by select Fortune 500 companies to implement the model.
Today, American PowerNet’s list of clients includes a number of Fortune 500 companies and large universities including PPG, Fidelity Investments, Valero Refineries, Harvard University, and most recently, Penn State University.
“In addition to saving money, there are numerous advantages to buying wholesale – price transparency, liquidity, and the ability to develop a portfolio of positions that can be scheduled to multiple sites in multiple states,” notes American PowerNet President, R. Scott Helm. American PowerNet manages the entire set of interface requirements with agencies such as the Federal Energy Regulatory Commission (FERC), Regional Transmission Organizations (RTOs), Energy Delivery Companies (EDCs), suppliers, and State Public Utility Commissions.
About American PowerNet American PowerNet, based in Wyomissing, Pennsylvania, is an independent power company dedicated to providing industry-leading energy procurement expertise to commercial, industrial, and governmental entities. Not affiliated with any utility or marketer, services focus on retail and wholesale energy procurement and reverse auctions, giving clients a full array of money-saving, supply-side energy procurement management services. For more information, contact the company toll free at (877) 977-2636, or visit www.americanpowernet.com