Pennsylvania Businesses May Save Up to 10 Percent or More On Electricity Costs in Newly Competitive Market
October 19 2009 - 9:11AM
Business Wire
As true electric competition begins in Central Pennsylvania,
Constellation NewEnergy, a subsidiary of Constellation Energy
(NYSE: CEG), today announced that businesses and public sector
energy customers in the PPL Electric Utilities service territory
may be in a position to significantly reduce energy spending for
2010 and beyond. In its most recent estimate comparing current
competitive market prices to capped rates, Pennsylvania’s Public
Utility Commission (PUC) found that market costs are trending below
the utility’s standard rates. While market rates can and do
fluctuate considerably, the PUC’s price comparison illustrates that
non-residential customers shopping in the newly competitive retail
market may be in a position to save an estimated 10 percent to 12
percent on electricity costs.
“If businesses wait to make a decision about their 2010
electricity supply, they may lose opportunities to lock-in savings
now and be faced with the uncertainty of what might happen to
electric rates in the future,” said David I. Fein, vice president
of Constellation Energy and director of retail energy policy.
“Energy buyers who were waiting on this announcement from PPL to
gauge their future electricity costs now know, based on the PUC
estimate, that there is the potential for savings in the
competitive marketplace. While the final retail rates will not be
filed until early November, the market now has plenty of data and
information to calculate final prices to compare as businesses
prepare for the expiration of rate caps at the end of the year.
Businesses, hospitals, schools, governmental customers, and other
commercial organizations should be shopping for an electric
supplier this fall and lock into rates for 2010.”
Competition now gives commercial sector customers in Central
Pennsylvania access to innovative energy products and services to
help control energy costs in ways not previously available in
region. Constellation NewEnergy now offers electricity supply
agreements that enable businesses and institutions in the PPL
service territory to modify the term and level of fixed price
electricity to suit the budgets and strategies of individual
organizations. Customers can also better manage their energy usage
through NewEnergy Online, a comprehensive suite of Web-based tools
that help businesses lower costs, reduce overall usage and access
energy market updates.
More sustainable energy options will now be available to
Constellation NewEnergy customers in the PPL region, from
participation in demand response programs that compensate
organizations for reducing electricity usage during periods of peak
demand on the grid to installation of on-site solar generation
systems to purchase of renewable energy from wind facilities across
the region.
Constellation NewEnergy has scheduled a series of forums across
the region to meet with business owners and others to answer their
questions about customer choice and electric competition. An
advertising campaign, including electronic, radio, newsprint and
billboards, coincides with the forums. As a result, several
businesses and organizations, including regional chambers of
commerce, already have begun to assess their options, leading them
to select Constellation NewEnergy as their endorsed supplier.
For more information on the time and dates of the forums and
customer choice and electric competition, visit:
www.NewEnergy.com/getrelief.
Constellation NewEnergy supplies electricity to more than
two-thirds of FORTUNE 100 businesses nationwide, delivering
approximately 14,100 megawatts of peak load last year.
About Constellation NewEnergy
Constellation NewEnergy (www.newenergy.com) is a leading
competitive supplier of electricity, natural gas and energy-related
services to commercial, industrial and institutional customers
throughout the United States. A subsidiary of Constellation Energy
(NYSE: CEG), Constellation NewEnergy operates in all competitive
energy markets throughout the country, providing products that
enable customers to effectively manage and control energy
costs.
About Constellation Energy
Constellation Energy (www.constellation.com) is a leading
supplier of energy products and services to wholesale and retail
electric and natural gas customers. It owns a diversified fleet of
generating units located throughout the United States, totaling
approximately 9,000 megawatts of generating capacity, and is among
the leaders pursuing the development of new nuclear plants in the
United States. The company delivers electricity and natural gas
through the Baltimore Gas and Electric Company (BGE), its regulated
utility in Central Maryland. A FORTUNE 500 company headquartered in
Baltimore, Constellation Energy had revenues of $19.8 billion in
2008.
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