Online energy exchange operator World Energy Solutions has announced that the city of New Britain, Connecticut has completed its first auction on the company's World Energy Exchange.
Following the state government’s recent success with the World Energy Exchange, New Britain was able to save a projected 15% on electricity costs for 2008 by leveraging the online auction platform.
The city secured a 19-month fixed-price contract allowing visibility into costs until the end of the current and next fiscal years. It also achieved fixed budget goals and saved $330,000 over projected electricity costs.
Phil Adams, president and COO of World Energy, said: Traditional energy procurement methods rarely deliver the cost savings state and local government agencies demand. By accessing World Energy’s market experts and transparent online platform, our customers including the state of Connecticut and its local governments such as the city of New Britain are leading the way in practicing innovative energy procurement strategies.