New Natural Gas Deal to Save Joliet More than $45,000
The City of Joliet has announced that World Energy Solutions, Inc. (NASDAQ: XWES), a leading energy management services firm, successfully executed natural gas online reverse energy auctions on its behalf, resulting in over $45,000 in estimated annual savings for the municipality. In coordination with Pasteris Energy, Inc. of Yardley, PA, World Energy engaged the supplier community in a fair, competitive and transparent process that solicited low bids for natural gas supply. CenterPoint Energy won the auction and was awarded a two-year contract with the City beginning in January 2013.
Joliet currently uses approximately 50,000 decatherms (dth) of natural gas each year. Including the cost of delivery, this constitutes $300,000 in annual energy expense. However, thanks to the outcome of last Wednesday’s auction, Joliet will now be able to reduce its natural gas energy costs by approximately 15 percent.
“This is an excellent result for the City of Joliet, and we are pleased with the energy auction’s outcome,” said Mayor, Thomas Giarrante. “By reducing our energy costs, the City will provide energy-related services at a lower rate than what’s currently provided.”
“The City’s management is constantly exploring options to deliver the best value to the taxpayers of Joliet,” added City Manager Tom Thanas. “Working with World Energy and Pasteris Energy has allowed us to better serve our citizens by securing natural gas contracts at rates that reduce our municipal spending and provide greater budget certainty.”
“The City’s energy bill is an inevitable burden that is a challenge to manage,” said Paul Pluth Accounting Manager of the City of Joliet. “World Energy’s auction enabled us to do something significant about the price we pay for our natural gas. Especially in such difficult economic times, the savings produced by this process will be invaluable in helping balance the municipal budget.”
World Energy Solutions, Inc. is an energy management services firm that brings together the passion, processes and technologies to take the complexity out of energy management and turn it into bottom-line impact for the businesses, institutions and government clients it serves. To date, the Company has transacted more than $30 billion in energy, demand response and environmental commodities on behalf of its customers, creating more than $1 billion in value for them. For more information, please visit www.worldenergy.com.
Pasteris Energy, Inc. provides traditional and renewable energy consulting services to independent power producers, financial institutions, regulators, governments, municipalities, independent electricity system operators, district heating and cooling companies, and energy procurement services to consumers. For more information contact Raymond M. Pasteris at 215-736-8170 or visit their website at www.pasterisenergy.com