Strategic Energy Puts Texas Electric Choice to Work for RM Crowe Company; Real Estate Firm Nets Nearly $1.5 Million in Energy Savings in Program's First Year.Business Editors PITTSBURGH--(BUSINESS WIRE)--Feb. 18, 2003 Electricity choice in Texas is working, if the first-year results of a partnership between Strategic Energy and RM Crowe Company are any indication. Strategic Energy, the nation's leading supplier of retail electricity in competitive markets, announced today that it saved real estate investment firm RM Crowe Company nearly $1.5 million in electricity expenses in less than one year. RM Crowe, a Dallas-based real estate investment company with commercial properties throughout the state, became a Strategic Energy customer in early 2002 as a participant in the Texas Electric Choice initiative. The company realized immediate savings, coupled with long-term budget certainty, by receiving a fixed price per kilowatt-hour (kWh) from Strategic Energy throughout the contract term that was lower than its existing "Price to Beat." Total annual savings off the Price to Beat was nearly $1,300,000. Overall, RM Crowe saved nearly $1.5 million on electricity for 86 locations compared with what it would have paid the utility company. "Choosing a competitive supplier to manage our electricity needs has proven to be a wise investment," said Barbara Erhart, President and Chief Financial Officer of RM Crowe Company. "In the first year, Strategic Energy delivered on the promise of electricity choice by reducing our energy costs significantly." "Our partnership with RM Crowe demonstrates that Texas' electricity choice initiative is delivering benefits to the customer as the policy makers intended," 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. "We're committed to serving the Texas market for the long haul Long distance. Long haul implies traversing a state or a country. Contrast with short haul. , and will continue to provide trusted energy management services that result in real energy savings for 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. a recent study conducted by the Center for the Advancement of Energy Markets (CAEM CAeM Commission for Aeronautical Meteorology CAEM Center for the Advancement of Energy Markets CAEM Conseil d'Assistance Economique Mutuelle (Council for Mutual Economic Assistance) CAEM Centro de Altos Estudios Militares ), Texas' approach to restructuring its electric market received the highest marks in the United States. In its most recent biannual bi·an·nu·al adj. 1. Happening twice each year; semiannual. 2. Occurring every two years; biennial. bi·an industry report card, the Retail Energy 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. (RED) Index, CAEM ranks states according to 22 attributes the Center has identified as the foundation for an effective transition to competition. Texas, which more than doubled its 2001 score, leads all other states with a score of 69. About RM Crowe Company RM Crowe Company is a Dallas-based real estate investment company founded in 1987. During the past fifteen years, RM Crowe Company and its principals have acquired, developed and/or managed over $600 million of real estate. The foregoing includes more than 2,000 apartment units, 5.5 million square feet of office space, 500,000 square feet of retail space and 2,000 hotel rooms. About Strategic Energy Strategic Energy is the leading competitive supplier of electricity in states that have introduced competition in retail electricity. Headquartered in Pittsburgh, Pennsylvania, Strategic Energy began serving electricity customers as a competitive supplier with Pennsylvania's pilot program in 1997. Since then, its business has grown rapidly with expansions into Ohio, Massachusetts, New York New York, state, United States New 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 , California and Texas. Strategic Energy is majority-owned by Great Plains Energy (NYSE NYSE See: New York Stock Exchange : GXP GXP Geospatial Exploitation Products GXP Galaxy Police (anime) GXP Grid Exit Point (utilities, electricity) GxP Good X Practice ). Strategic Energy's website is www.sel.com. |
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