ARLINGTON, Va., Sept. 23 /PRNewswire-FirstCall/ -- Pepco Energy Services, a subsidiary of Pepco Holdings, Inc. , has saved participating members of the Council of Industry of Southeastern New York over $1 million by providing fixed, low-priced electric supply to its energy purchasing consortium.
Since 2006, Pepco Energy Services and the Council of Industry have been working together to help the association's members, mostly manufacturing firms, manage their electricity costs in New York State's deregulated market.
Last year, 25 Council of Industry members signed fixed-priced supply contracts with Pepco Energy Services to collectively purchase an estimated 80,000 megawatt hours of electricity annually. Over the first eight months of 2008, the Council of Industry energy purchasing consortium has saved over $1 million, compared to the applicable utility rates. Participating companies include Alcoa Fastening Systems, Pawling Corporation, Southeastern Container and Mount St. Mary College, to name a few.
Based on current market conditions, Pepco Energy Services estimates that the Council of Industry energy purchasing consortium will save an additional $504,000 for a total savings of over $1.5 million for the 2008 calendar year.
"New York companies should be encouraged by the results of the Council's energy purchasing consortium and the benefits received through Pepco Energy Services' fixed price electric supply," stated John Fischer, General Manager of Southeastern Container.
"By working together with Pepco Energy Services, the Council of Industry was able to help our members take a proactive approach toward their electricity costs. PES kept us well informed and helped us understand our options. The result was a tremendous savings for our members," stated Harold King, Executive Vice President of the Council of Industry.
"With the help of Pepco Energy Services and the Council, we were able to lock in a price for 2008 and 2009 that fit nicely into our facility budget and we were pleased. When we saw what happened to energy prices in the first part of 2008 we were ecstatic," commented Russell Yeager, Chief Executive Officer of Alcoa Fastening Systems in Kingston.
"Pepco Energy Services is pleased to have saved $1 million for the members of the Council of Industry energy purchasing consortium," said John Huffman, President and Chief Operating Officer of Pepco Energy Services.
About Pepco Energy Services
Pepco Energy Services, Inc. is a wholly owned subsidiary of Pepco Holdings, Inc. and a leader in providing commercial, institutional, government and industrial customers with competitive electricity and natural gas supply and energy efficiency services. For more information, visit http://www.pepcoenergy.com/ or call Kelly Douvlis, our Regional Sales Manager in New York at 845.897.3661.
Pepco Energy Services, Inc. is not the same company as Potomac Electric Power Company, and prices and services of Pepco Energy Services, Inc. are not set by the Public Service Commission.
Information contained in this news release may include forward-looking statements which should be considered in light of the risks inherent in the business of Pepco Holdings, Inc. and its subsidiaries, as discussed in public documents filed with the Securities and Exchange Commission.
About the Council of Industry of Southeastern New York
Founded in 1910, the Council of Industry of Southeastern New York is the manufacturer's association of the Hudson Valley. A privately funded not-for- profit organization with more than 130 members, the mission of the Council of Industry is to promote the success of its member firms, and their employees, and through them contribute to the success of the Hudson Valley. For more information, please visit http://www.councilofindustry.org/.
