AES NewEnergy to Save Grocery Stores Across New Jersey on Energy Costs.Business Editors NEW YORK--(BUSINESS WIRE)--Oct. 24, 2001 AES NewEnergy has been awarded a multi-million dollar, long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. energy contract with nearly 200 supermarkets throughout the state of New Jersey. This contract includes more than 500 premier accounts at locations that include all Shoprite ShopRite, Shoprite, and Shop Rite are names of companies based in the United States, South Africa and Isle of Man.
Foodtown is a New Zealand supermarket chain owned by Progressive Enterprises. stores across the state. AES NewEnergy developed a unique and innovative electricity pricing structure for these supermarkets through the New Jersey Food Council (NJFC) that will provide immediate savings on their electricity bills. Richard Card, Business Development Manager with AES NewEnergy, said, "Our expertise in the market enabled us to develop a very unique structure for the New Jersey Food Council that will pay immediate dividends to their membership. The retail electricity, coupled with our other value added Value Added The enhancement a company gives its product or service before offering the product to customers. Notes: This can either increase the products price or value. services will enable Food Council member grocery stores throughout New Jersey to take advantage of the opportunities present in the deregulated electricity market. This contract, coupled with others across the country, solidifies our dominance in serving the retail grocery industry." Jim Morford, President of the New Jersey Food Council, said, "Once again participating Food Council supermarket and convenience stores The following is a list of convenience stores organized by geographical location. Stores are grouped by the lowest heading that contains all locales in which the brands have significant presence. will realize significant savings on their electric bill as a result of this innovative aggregation with AES NewEnergy. AES NewEnergy has demonstrated its experience and expertise in the electricity industry by structuring an innovative contract for Food Council members. We know how important it is to partner with an experienced and knowledgeable energy company. AES NewEnergy, working with the Food Council's energy consultant Jim O'Hern of Consensis Inc. and energy counsel Jim McGuire of Reed Smith, was very helpful in executing this contract. We are very pleased to be doing business with them." The NJFC, which has been at the forefront of the electric deregulation Deregulation The reduction or elimination of government power in a particular industry, usually enacted to create more competition within the industry. Notes: Traditional areas that have been deregulated are the telephone and airline industries. effort, represents the state's leading supermarkets, convenience stores and many of the companies that provide them with products and services. Food distribution is one of the state's leading industries, employing over 250,000 workers throughout New Jersey. AES NewEnergy is America's leading retail electricity provider, serving commercial and industrial customers in competitive markets throughout the country. The company offers businesses energy-related products and services. AES NewEnergy is a subsidiary of The AES Corporation AES Corporation AES (NYSE) is a Fortune 1000 company that generates and distributes electrical power. It was founded on January 28, 1981 by Roger Sant from the US Federal Energy Administration and Dennis Bakke from the Office of Management and Budget. (NYSE NYSE See: New York Stock Exchange : AES), a leading global power company composed of competitive generation, distribution and retail businesses around the world. More information on AES NewEnergy's products and services can be found at www.newenergy.com. |
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