Strategic Energy Enters the New Jersey Electricity Market; Retail Supplier Brings Choices to Businesses Facing Volatile Market-Based Rates Beginning August 1.Energy Editors/Business Editors PITTSBURGH--(BUSINESS WIRE)--July 9, 2003 Commercial and industrial electricity customers facing big changes in New Jersey have a new competitive option. Strategic Energy, already supplying competitive electricity in seven other deregulated states, is introducing its services and expertise to New Jersey customers. The company sees a need for its expertise, because on August 1, 2003, the largest customers in the state will be switched from fixed pricing to hourly market-based rates. As a result, these 1,700 customers grouped under Commercial and Industrial Energy Pricing (CIEP CIEP Council on International Economic Policy CIEP Counterintelligence Equipment Program ) will face price volatility they never experienced as fixed-price customers. Furthermore, under New Jersey's 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. design, any of these large customers that remain with the state's four major utilities will also pay an extra half-penny per kilowatt-hour (kWh) "Retail Margin" fee that was designed as an incentive for these customers to switch to a competitive supplier. "After August 1, there's no incentive for these accounts to remain with the utility," said Rick Zomnir, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Strategic Energy. "They have been advised, even by their utility, to switch to a competitive supplier -- and Strategic Energy is the most reliable, experienced and financially secure option in the marketplace. We share a 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. commitment to every retail market we serve, and look forward to serving customers in New Jersey for many years to come." "As an objective electricity supplier, we present our customers with all of the information they need to make the best decision they can under the specific circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or they face in each market," Zomnir continued. "By choosing Strategic Energy, New Jersey's CIEP customers will have options. Many customers will find that the decisions they face may be difficult. 'Should I let my price float or lock it in? If I lock it in, when should I do it, and for how long?' We can help make it a lot easier for a customer to answer some of these difficult questions." About Strategic Energy Strategic Energy, headquartered in Pittsburgh since 1986, is a leading competitive supplier of retail electricity operating in eight states with deregulated energy markets including California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). , Massachusetts Massachusetts (măsəch  `sĭts), most populous of the New England states of the NE United States. , Michigan, New Jersey, New York New York, state, United StatesNew York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , Ohio, Pennsylvania and Texas. For a management fee, Strategic Energy buys wholesale power under long-term contracts for direct delivery to retail customers under long-term contracts. Majority-owned by Great Plains Energy, Strategic Energy's web site is www.sel.com. |
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