ACE Power Products Enters An Agreement With Cargill-Alliant To Provide PowerBacker -Insured Utilities With A Replacement Power Option.Business Editors PHILADELPHIA--(BUSINESS WIRE)--May 8, 2001 ACE Power Products has enhanced its PowerBacker(SM) replacement power insurance coverage through a unique alliance with Cargill-Alliant to provide an option for the physical delivery of power to its customers, it was announced today by Patricia M. Toner An electrically charged ink used in copy machines and laser printers. It adheres to an invisible image that has been charged with the opposite polarity onto a plate or drum or onto the paper itself. , vice president, ACE USA. In the event of a power outage Noun 1. power outage - equipment failure resulting when the supply of power fails; "the ice storm caused a power outage" power failure equipment failure, breakdown - a cessation of normal operation; "there was a power breakdown" or restriction, PowerBacker-insured customers will now have access to the physical delivery of replacement power via Cargill-Alliant's 24-hour energy trading network. "In addition to the distinct advantages of an insurance product backed by the financial strength and security of ACE USA, some of our customers wanted a provision to deliver power. Now, replacement power can be procured through Cargill-Alliant, guaranteeing customer anonymity and providing additional risk management expertise within the power industry," said Toner. "Cargill-Alliant's strong physical presence in the market -- in particular, their expertise in power transmission and delivery makes this an ideal alliance." "ACE Power Products is the innovative ally we've been looking for Looking for In the context of general equities, this describing a buy interest in which a dealer is asked to offer stock, often involving a capital commitment. Antithesis of in touch with. ," said David Gabriel Detective Police Sergeant David Gabriel is a fictional character featured in TNT's The Closer, portrayed by Corey Reynolds. Gabriel is a Detective Sergeant in of the Los Angeles Police Department's (LAPD) Priority Homicide Squad. , president of Cargill-Alliant. "They pioneered the concept of replacement power insurance in 1998 and have been enhancing it ever since. We provide electricity industry knowledge, experience and expertise so customers have seamless protection. The unique capabilities of both parties create strong risk mitigation options for ACE's customers. Together we intend to offer additional products and services to this growing customer base." PowerBacker(SM) is designed for utilities, industrial generators and power marketers that rely on generating units to serve their electricity needs for either native load customers or contractual obligations. These customers are interested in avoiding large losses during widespread, volatile conditions and event-driven power interruptions. Since its formation in 1998, Cargill-Alliant has become a national leader in the shipment of physical power, and offers risk management and physical delivery services to utilities and large industrial customers. Cargill-Alliant is a joint venture between Cargill Inc., an international agribusiness agribusiness Agriculture operated by business; specifically, that part of a modern national economy devoted to the production, processing, and distribution of food and fibre products and byproducts. and agricultural commodity trader and Alliant Energy Alliant Energy Corporation (NYSE: LNT) is a public utility holding company that incorporated in Madison, Wisconsin in 1981. It is comprised of several subsidiaries: [1] , an electric, gas and water utility serving more than 1.2 million customers. As the creator of replacement power insurance, ACE Power Products is uniquely positioned to meet the evolving risk management needs of the utility industry. ACE Power Products launched the second generation of its original PowerBacker(SM) Insurance -- PowerBacker(SM) System Protection -- in 2000. The company has insured more than 100,000 megawatts of generated power in the industry, to date. For more information, contact ACE Power Products at 800/356-2827, or contact your insurance broker. ACE USA, headquartered in Philadelphia, is the U.S.-based operating division of the ACE Group of Companies, headed by ACE Limited (NYSE NYSE See: New York Stock Exchange : ACE). ACE USA provides insurance products and services through the U.S. operating subsidiaries An operating subsidiary is a business term frequently used within the United States railroad industry. In the case of a railroad, it refers to a company that is a subsidiary but operates with its own identity and rolling stock. . ACE USA is rated "A" (Excellent) by A.M. Best and "A+" (Strong) by Standard & Poor's. The ACE Group of Companies provides insurance and reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. for a diverse group of clients around the world. Additional information can be found at: www.ace-ina.com. |
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