Two Maine Municipals Experience Significant Savings After First Month With PECO Energy's Power Team; Kennebunk Experiences Nearly 30% Savings, While Fox Islands Saves 22%.
PHILADELPHIA, July 8 /PRNewswire/ -- Kennebunk Light and Power District saved nearly 30% on their wholesale power costs while Fox Islands Electric Cooperative experienced 22% savings from Power Team, a division of PECO Energy Company (NYSE: PE).
Power Team's "full requirements" contract began supplying approximately 20 megawatts (MWs) of electric load to these two consumer-owned utilities in Maine on June 1, 1999. The three-year contract includes all requirements for capacity, energy, reserves, load following, and ancillary services. A supplemental contract began on May 1, 1999.
"After one month, Kennebunk and Fox Islands have already experienced significant savings," said Nancy J. Bessey, president of Power Team. "Supplying low-cost energy to municipal customers throughout the United States is at the forefront of Power Team's priorities."
"In one month, our partnership with Power Team has allowed us to pass on significant savings to our citizens," said Sharon Staz, general manager for Kennebunk Power and Light District. "We have not only experienced significant savings, but Power Team continues to prove their reliability day in and day out," said Ron Lord, general manager for Fox Islands Electric Cooperative.
Kennebunk and Fox Islands awarded Power Team full requirement contracts as a result of a competitive bidding process conducted by an Augusta, Maine-based energy consulting firm. PECO Energy is a member of the New England Power Pool (NEPOOL) and has been active in the NEPOOL restructuring process over the past several years.
Power Team is one of the nation's largest suppliers of physical energy. In 1998 and 1999, Power Team delivered on 100% of its contracted sales. Power Team has sold more than 31,500 gigawatthours across the United States during the first 6 months of 1999. Located outside Philadelphia, Power Team operates a 24-hour trading floor.
PECO Energy is an investor-owned utility that delivers electricity to 1.5 million electric and 415,000 natural gas customers in southeastern Pennsylvania. PECO Energy Company owns and/or operates more than 9,000 MWs of generation from fuel sources including nuclear, coal, natural gas, oil, landfill gas and hydro.
For more information, contact David Greer of Power Team, 610-292-6615, or, 800-946-4646, Pin # 604-3514.