Long-term Procurement Strategy Stabilizes Energy Spending for CB Richard
Ellis and Solo Cup
BALTIMORE, Nov. 7 /PRNewswire-FirstCall/ -- Constellation Energy (NYSE:
CEG) today announced that its subsidiary, Constellation NewEnergy (CNE),
has completed a successful trial of an innovative risk management program
for large industrial users that helped two participating companies meet
their energy spending budgets during an extended period of commodity price
volatility. Since 2005, industry leaders CB Richard Ellis (CBRE) and Solo
Cup Company have participated in CNE's i2i(SM) program, which emphasizes a
long-term approach to energy procurement to mitigate price risk and achieve
budget goals. Staying within the annual energy budget is a significant
achievement for CBRE and Solo Cup given the extreme volatility in energy
markets the past two years.
"We're thrilled with the results achieved through our participation in
Constellation NewEnergy's i2i program, and our benchmarking shows we
performed well on energy spending when compared to our peers," said Doug
Bushing, global director of Sustainability and Energy Services at CBRE.
"Over the past two years, we have come to rely upon CNE's analysis of
energy markets, and remain confident that the i2i team has a sound
understanding of our company's ongoing and evolving energy needs."
The i2i program was developed in direct response to the budget
uncertainty many large consumers of energy experienced in the face of
rising, turbulent energy markets. The patent pending i2i model links
customer budgetary requirements and risk appetite with global energy market
data and analysis to create customized purchasing strategies.
"The benchmarking conducted by these customers demonstrates that
applying a long-term risk management-based strategy to the large-scale
purchase of energy is the optimal way to achieve budget goals," said Bruce
McLeish, senior vice president, CNE Products and Pricing. "We look forward
to extending the benefits that the program offers to other leading
companies in the near-term."
Constellation NewEnergy's i2i program was designed from the ground up
to help companies meet the challenge of today's turbulent energy markets.
i2i is proving to be a highly effective, customized approach for long-term
energy procurement for numerous Fortune 500 companies as they manage
aggressive energy budget targets. i2i team members work closely with
clients to ensure that a company's energy purchasing strategy is aligned
with business needs.
Constellation NewEnergy (http://www.newenergy.com), a wholly owned
subsidiary of Constellation Energy (NYSE: CEG), is a leading competitive
supplier of electricity, natural gas and energy-related services to
commercial, industrial and institutional 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,
provides 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 19,000 commercial, industrial and institutional customers throughout
31 states and three Canadian provinces representing nearly 14,000 megawatts
of peak load and more than 354 billion cubic feet of annual natural gas
consumption.
Constellation Energy (http://www.constellation.com), a FORTUNE 125 company
with 2006 revenues of $19.3 billion, 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 78 generating units located
throughout the United States, totaling approximately 8,700 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.
SOURCE Constellation Energy
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Related links:
http://www.constellation.com
http://www.newenergy.com
http://www.prnewswire.com/comp/084087.html /
CONTACT:
Lawrence McDonnell of Constellation Energy,
+1-410-470-7433
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