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News & Events
Constellation NewEnergy Selected as Electricity Supplier for Rhode Island League of Cities and Towns; Service Contract Covers Municipal Buildings and Facilities:
08/12/2004
Constellation Energy (NYSE: CEG) today announced that its subsidiary, Constellation NewEnergy, has been selected to supply electricity to the Rhode Island League of Cities and Towns under the league's aggregation initiative known as REAP (Rhode Island Energy Aggregation Program). The 4-1/2-year contract was awarded to Constellation NewEnergy by the league for the consortium of 35 municipalities which joined together to take full advantage of the state's competitive electricity market. "We extended a highly competitive package of supply, service and savings to the Rhode Island League of Cities and Towns," said Clem Palevich, president of Constellation NewEnergy. "The competitive market is robust in Rhode Island and league members will no doubt benefit from a long-term contract that provides financial stability and certainty." Constellation NewEnergy was awarded the contract through an open, competitive bid process. The company will serve league members, providing electricity to municipal buildings and facilities. Constellation NewEnergy has already signed up 32 of the municipalities and 3 others are in various stages of enrolling into the program. "We are delighted that this group of municipalities has selected Constellation NewEnergy as its energy provider and we look forward to meeting their electricity needs," said Michael Kagan, vice president, Constellation NewEnergy - New England. "This contract further demonstrates the value of a deregulated energy marketplace and Constellation NewEnergy's continued commitment to serving customers in New England with competitively priced electricity and value-added risk management services." As the umbrella organization for its membership, the Rhode Island League of Cities and Towns represents municipalities that seek to derive benefits from the state's competitive electricity market. "The Rhode Island League of Cities and Towns is pleased to have Constellation NewEnergy as our new supplier of electricity under the REAP," said A. Ralph Mollis, president of the Rhode Island League of Cities and Towns and mayor of North Providence. "Our partnership with Constellation NewEnergy will enable our members to continue to save money on their costs of electricity over the next 55 months." Constellation NewEnergy, 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 Canada and the United States, providing products that enable customers to effectively manage and control energy costs. Constellation NewEnergy's regional expertise coupled with its national presence provide 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 12,000 megawatts of peak load and more than 300 billion cubic feet of annual natural gas consumption. Constellation Energy, a FORTUNE 200 company based in Baltimore, is the nation's largest competitive supplier of electricity to large commercial and industrial customers and the nation's largest wholesale power seller. Constellation Energy also manages fuels and energy services on behalf of energy intensive industries and utilities. It owns a diversified fleet of more than 100 generating units located throughout the United States, totaling approximately 12,000 megawatts of generating capacity. The company delivers electricity and natural gas through the Baltimore Gas and Electric Company (BGE), its regulated utility in Central Maryland. In 2004, the combined revenues of the integrated energy company totaled $12.5 billion. |
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