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News & Events
Constellation NewEnergy Signs $100 Million Electricity Agreement with Priority Power Management in Texas:
12/02/2004
BALTIMORE, MD – Constellation Energy (NYSE: CEG) today announced that its subsidiary, Constellation NewEnergy, has finalized an electricity purchase contract valued in excess of $100 million with Priority Power Management, a Texas-based, independent energy management and consulting services firm. The agreement calls for Constellation NewEnergy to supply electricity to a cluster of 78 Texas companies pooled together and represented by Priority Power Management to provide the group with the most competitive rates for electricity. "This arrangement with Constellation NewEnergy is unique in that it allows us to address the needs of a large number of energy users with diverse energy needs," said Pat Ennis, the founder and a principal with Priority Power Management. "Constellation NewEnergy was selected because of its ability to maximize the buying power of the group, while still addressing the unique issues of each company." Each of the companies was presented with a customized contract designed to meet its specific budget, term and risk requirements. The customers are located in Dallas, Fort Worth, Houston, Midland and South Texas, with facilities throughout the state, including banks, oil and gas companies, real estate companies, government entities and manufacturing facilities, according to Ennis. "We pride ourselves on being flexible and providing a range of products and unparalleled customer service to meet the needs of Texas businesses," said Clem Palevich, president, Constellation NewEnergy. "This agreement most certainly demonstrates these capabilities." "We are delighted that we were selected as the Retail Electric Provider for all business entities related to this new agreement for electric power and appreciate the trust these businesses have placed with us to serve their electricity needs," said David Bat, vice president of the Texas market for Constellation NewEnergy. 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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