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Utilisave reports billion-kilowatt reserve.

UtiliSave, LLC, is pleased to announce that the Web postings for electric procurement on its Internet-based Utility exchange, accessed through www. utilisave.com, have reached over one billion kilowatt hours, which will add up to more than $50 million dollars in business. These bid requests come in time for energy marketers and commercial/industrial end users to pair up and respond to Phase 3 of Con Edison's Retail Access program.

In January, the company launched the Utilityexchange, an online auction where buyers anonymously post their utility bid requirements for Oil and Electric, and where pre-approved energy marketers anonymously bid out their best prices. The parties identify themselves upon opting to make a deal. Currently, there is no charge to post or bid and no obligation to purchase. Other utilities will be added to the site shortly.

"The site becomes extremely relevant now that Phase 3 of Con Edison's Electric Retail Access Program has begun," says. Michael Steifman, founder & CEO of the rapidly growing firm. "Our Internet auction is designed to seek out the best deals and ensure that marketers will respond with the most economical pricing for our clients," he adds. To participate in Phase 3, Commercial, Industrial and Institutional customers must sign agreements with a licensed-marketer, who will then submit their customers to Con Ed to be enrolled on a first come, first served basis beginning April 4. If there is an over-subscription, then customers with completed applications will be allocated a prorated portion of the available load.

Con Ed customers who do not take advantage of Phase 3 will be paying a Market Supply Charge (MSC) to Con Ed. The MSC will be variable, with costs based on the energy, capacity and ancillary service market prices published by the New, York Independent' system Operator (NYISO): Customers buying from approved marketers will avoid these charges and pay competitive prices. George Drosdowich, Utilisave's director of Product Development, notes, "Because of the complexity of predicting future electricity prices under real time market conditions, we are urging marketers to consider-bidding fixed discounts from the MSC." He adds, "Due to the short time involve marketer who develops a viable product may be the, big winner."
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Publication:Real Estate Weekly
Article Type:Brief Article
Geographic Code:1USA
Date:Mar 22, 2000
Words:362
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