Crescent Signs with Dynegy for Texas-Size Electricity Contract.Business Editors FORT WORTH, Texas--(BUSINESS WIRE)--March 4, 2002 Deal To Create Lower Energy Costs for Crescent Customers In one of the largest commercial real estate-related energy contracts ever signed in the state of Texas, Crescent Real Estate Equities Company Crescent Real Estate Equities Co. (NYSE: CEI) is a Fort Worth, Texas-based real estate investor with holdings mainly in office and hotel properties, including several landmark buildings in the southern United States. (NYSE NYSE See: New York Stock Exchange :CEI CEI Competitive Enterprise Institute CEI Conferenza Episcopale Italiana (Italian bishop conference) CEI Central European Initiative CEI Comitato Elettrotecnico Italiano (Italian Electrotechnical Committee) ) has entered into an agreement with Houston-based energy merchant Dynegy Inc. (NYSE:DYN) to provide electricity to a majority of Crescent's Texas portfolio. Under the terms of the 12-month agreement, Dynegy will provide 115 megawatts of power to 54 Crescent-owned facilities in Houston and Dallas/Fort Worth, totaling nearly 22 million square-feet. In June of 2000, Crescent signed a five-year agreement with TXU TXU Texas Utilities (Electric and Gas Company) TXU Transmitter Unit Energy for a full range of energy services, including procurement of power at Crescent-owned commercial office sites nationwide. Following an extensive RFP (Request For Proposal) A document that invites a vendor to submit a bid for hardware, software and/or services. It may provide a general or very detailed specification of the system. 1. (business) RFP - Request for Proposal. 2. process to top electricity providers in the state, the Crescent/TXU team selected Dynegy as the electrical provider for the portfolio. "Crescent began researching energy efficiencies long before 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. took effect in January of this year," said Denny Alberts, president and chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. for Crescent. "By being proactive years before deregulation, we can now potentially save millions of dollars in electricity costs and pass substantial savings on to our customers." According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Louis Dorey, president of marketing and origination for Dynegy Inc., "This agreement is about more than our ability to craft unique solutions to meet customers' energy needs-it demonstrates that competitive markets work and that customers are interested in partnering with proven leaders. Crescent's philosophy of teamwork and collaboration helped make this partnership possible." Crescent's agreement with Dynegy went into effect January 1, 2002. ABOUT THE COMPANY Crescent Real Estate Equities Company (NYSE:CEI) is one of the largest publicly held real estate investment trusts in the nation and, through its subsidiaries, owns and manages some of the country's most desirable properties. Its portfolio consists primarily of 74 office buildings totaling 28 million square feet located in six states and 26 sub-markets primarily in the southwestern U.S., as well as world-renowned luxury resorts and spas and upscale residential developments. Crescent strives to expand the dimensions of business by providing exceptional customer service and high-quality assets through strategic real estate investments. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion