Constellation NewEnergy Supports Orders in Ohio That Will Help to Advance Competitive Electric Markets
October 13 2004 - 11:14AM
PR Newswire (US)
Constellation NewEnergy Supports Orders in Ohio That Will Help to
Advance Competitive Electric Markets BALTIMORE, Oct. 13
/PRNewswire-FirstCall/ -- Constellation Energy (NYSE:CEG) today
announced that its subsidiary, Constellation NewEnergy, is
encouraged by recent actions of the Public Utilities Commission of
Ohio (PUCO) that improve the climate for sustaining and expanding
retail electric competition in the state. The following statement
on the PUCO decisions can be attributed to Robert Korandovich, vice
president for Constellation NewEnergy's Ohio and Michigan markets.
"Important progress is being made in the drive to advance and
expand open and vibrant competitive electric markets in Ohio. Two
recent orders by the PUCO, in filings brought by FirstEnergy and
Cinergy, have helped to clarify the dynamics of competition in the
state and the structures that will be necessary to build a
sustainable competitive market. "The PUCO decisions illustrate that
the commission embraces the core benefits of competitive markets,
including greater efficiencies, more choice in products and
services and improved customer service. These represent a
significant step forward for the development of competitive
alternatives for all customers in Ohio. "In the case of
FirstEnergy, the PUCO ruled that a wholesale auction will be held
in November that could serve as a precursor to the establishment of
a `market based' price for FirstEnergy's customers remaining on
standard utility service. This auction will be similar to a
successful market structure in place in New Jersey. Competitive
pricing is a critical component of open and liquid markets and this
auction is an important step. "The PUCO Order for Cinergy allows
customers that have chosen a competitive retail electric supplier
as of Dec. 31, 2004 to bypass certain charges. While we would have
preferred that the Cinergy order also include a wholesale auction,
we believe overall that this ruling represents a stimulant to
expanding retail competition in Ohio's electric market.
"Constellation NewEnergy was the first Competitive Retail Electric
Supplier to flow power on the first day (January 1, 2001) in which
competitive markets opened in Ohio. We continue to be the largest
independent competitive electric supplier in the state, with a
staff of 30 people serving our customers requirements. "We're
committed to Ohio and look forward to working with the PUCO as we
continue on the path toward vibrant and open energy markets in
Ohio." Constellation NewEnergy (http://www.newenergy.com/), a
member of Constellation Energy (NYSE:CEG), is a leading competitive
supplier of electricity, natural gas and energy related services to
commercial and industrial customers throughout North America.
Constellation NewEnergy operates in all competitive energy markets
throughout the United States and Canada, providing products that
enable customers to effectively manage and control energy costs.
Constellation NewEnergy's regional expertise coupled with its
national presence provides customers with customized energy
products and services while leveraging the assets of one of the
strongest integrated energy companies in North America.
Constellation NewEnergy, based in Baltimore, serves more than 8,000
commercial and industrial customers throughout 31 states and 3
Canadian provinces representing more than 9,000 megawatts of peak
load and more than 300 billion cubic feet of annual natural gas
consumption. Constellation Energy (http://www.constellation.com/),
a Fortune 500 integrated energy company, is the leading supplier of
competitive energy to large commercial and industrial customers in
North America. Constellation Energy manages supply and delivery of
fuels and power for some of the world's largest producers and
consumers of electricity, natural gas, oil and coal. Constellation
Energy also owns or holds ownership interests in a diversified
fleet of 35 power plants in 11 states, totaling approximately
12,500 megawatts of generating capacity, and delivers safe,
economical and reliable electricity and natural gas in Central
Maryland through its regulated utility, the Baltimore Gas and
Electric Company (BGE). Constellation Energy is headquartered in
Baltimore with nearly four dozen corporate and regional offices
around the world. Constellation Energy's combined revenues in 2003
totaled $9.7 billion. DATASOURCE: Constellation Energy CONTACT:
Larry McDonnell, Constellation Energy, +1-410-234-7433 or
+1-410-230-9858 Web site: http://www.newenergy.com/
http://www.constellation.com/ Company News On-Call:
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