PowerOptions Issues Electricity Supply RFP for Commonwealth's Largest Energy-Buying Group
Estimated $350 million Contract May Extend Up to Four Years
Category: Investment, Energy
News about PowerOptions
Boston - February 12, 2013 (Investorideas.com energy stocks newswire) PowerOptions, the state's leading energy buying consortium for nonprofits and government entities, today issued a Request for Proposals from energy marketers interested in supplying electricity to its 500 members throughout Massachusetts. The supply arrangement could be worth more than $350 million over as many as four years to the winning bidder.
Now in its 15th year of operation, PowerOptions is continuing its mission of providing Massachusetts nonprofits, cities and towns with affordable energy solutions. PowerOptions electricity supply solicitation will take advantage of today's favorable market conditions and provide businesses with dependability and predictability on energy bills well into the future.
"Energy prices are at near record lows, so it is a particularly beneficial time to bring our group to market," said PowerOptions President and CEO Cynthia A. Arcate. "It is our hope that our members will be able to lock in these low prices for several years going forward, giving them savings and budget certainty."
PowerOptions current electricity supply program extends through May 2015. The RFP requests proposals for one to four year time frames. Unlike other aggregations, the PowerOptions program is an opt-in regime that provides customer specific pricing and allows members to pick the length of contract that meets their needs. "Other aggregations require the customer to commit to the program before knowing the price or terms," said Arcate. "Our program doesn't work that way."
With 220 megawatts of demand, PowerOptions members represent approximately 5 percent of Massachusetts' competitive retail electricity market, including some of the state's largest hospitals, higher education institutions, municipalities, state agencies and smaller nonprofits.
"With that kind of demand, we can design a program that provides favorable terms for all of our members - large and small - to meet the level of risk and sophistication they have with the competitive market," said Arcate.
"We are an attractive consortium for suppliers, who relish the opportunity to work with such a large base of important institutions and government entities," she added.
RFP responses are due on March 7 at 2pm.
PowerOptionsR is the largest energy buying consortium in Massachusetts, serving more than 500 nonprofit organizations and governmental entities with combined annual energy sales of roughly $175 million. With supply programs for electricity, natural gas, demand response and solar power, PowerOptions provides its members budget certainty and savings, as well as best-in-industry consumer protections. Joining is easy-any nonprofit or public institution in Massachusetts may become a member and participate in this collective purchasing effort. For more information, visit www.poweroptions.org.
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