For additional information, contact: World Energy Exchange Keeps Lady Liberty Green March 1, 2006. Worcester, MA. World Energy is pleased to announce that its World Energy Exchange reverse online energy auction platform played a central role in securing clean renewable energy for the Statue of Liberty, Ellis Island and other U.S. General Service Administration-managed (GSA) national landmarks. The GSA conducted auctions in February using the World Energy Exchange to procure some 27 million kWh of electricity generated from 100 percent renewable energy sources. According to the GSA, the reverse online energy auction platform streamlines the procurement process and increases competition among potential suppliers. Richard Domaleski, chief executive officer of World Energy, said the Exchange auction platform has unique characteristics that enable it to support an unlimited number of supply procurement variables. “As the energy buyer-seller marketplace has matured in its use of reverse auctions, they are utilizing the robustness of our platform and its embedded market intelligence to get what they want in terms of energy sources, pricing and contract periods. “We are thrilled to have played a critical part in assisting the GSA in purchasing clean renewable energy for our most revered national monuments,” said Domaleski. World Energy has had a long and successful relationship with the GSA. The GSA’s Energy Center of Excellence (ECOE) was given a 2002 U.S. Department of Energy Federal Energy Management Award for Innovative Technology for Small Groups following use of the World Energy Exchange for supply procurement in the state of New York. World Energy’s Exchange is a business-to-business energy exchange that combines on-line reverse auction technology, a broad network of suppliers and comprehensive energy market intelligence to enable customers to secure the lowest energy prices available anywhere. The system uses up-to-the-minute market pricing information and forecast data, along with the buyer’s energy usage data, to create bid requests, solicit competitive bids from qualified suppliers, evaluate the bids and select the optimal sources with whom to contract based on bid results. Extensive automation including date and time stamping of bids, and automated stop times ensure the integrity of auction events and creates audit trails and a self-documenting capability essential to Sarbanes Oxley compliance. Using the Exchange, qualified renewable energy suppliers competed against one another to secure the GSA’s business using a structured and transparent reverse auction platform. Throughout the auction, natural marketplace competition pushed prices progressively lower, with winning bidders agreeing to provide the power needed at the price determined by the auction's results. |
