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BOSTON, June 27, 2003 -- Constellation NewEnergy Inc., and Maine PowerOptions (MPO) announced their commitment to working together for three more years. Under their new agreement, Constellation NewEnergy will provide for the cost-effective electricity and energy-related energy services for MPO members.
Constellation NewEnergy, the leading national retail competitive electricity supplier has worked with the MPO organization since 2000. MPO is a not-for-profit energy-purchasing consortium, created by the Maine Municipal Bond Bank and the Maine Health and Higher Education Facilities Authority that serves as an aggregator for Maine's government and non-profit organizations.
The MPO group-purchasing program is designed to facilitate the bulk purchase of fuel oil and electricity for eligible participant organizations.
According to Steve Doak, MPO Program Officer, "Since the electricity market was deregulated in 2000, buying electricity has presented many challenges and our members have had the benefits of purchasing competitive electricity supply, with our help, from Constellation NewEnergy. For example: 150 members of Maine PowerOptions, representing over 600 accounts, chose to participate in our most recent offer in May."
Under the new agreement, Constellation NewEnergy will work with MPO to continue to supply electricity to its members, as well as to provide supply for additional and new members. Together MPO and Constellation NewEnergy will jointly develop additional energy options and services for the organization and its members, such as the '100% Renewable Resource Supply' option offered this past month.
"Constellation NewEnergy is very pleased to continue this partnership with the MPO and its members," said Michael Kagan, Vice President of Constellation NewEnergy, New England Region. "NewEnergy is a company that has evolved right along with Maine's energy market. The industry as a whole has been through a lot of growing pains over the last three years, and the New England market appears to be functioning with relative stability now. It's important for Maine customers to be able to buy electricity supply from a financially stable company with a strong customer base in New England - we've worked very hard at NewEnergy to become just that."
According to Allison Watson, Business Development Manager for Constellation NewEnergy in Maine, "We negotiated a custom supply agreement for MPO's members to buy energy from us. We will work with MPO to bring offers to their members several times throughout each of the next three years. This allows MPO members to pick their time to buy in the market, to match their contract terms to their budget years, and to achieve price stability with fixed prices. Working with MPO allows us to reach many customers more efficiently. At NewEnergy, we always work with our customers with an eye toward long-term relationships. We're proud to offer competitively priced energy supply and national energy market expertise in Maine, and especially proud to be selected to serve Maine PowerOptions members for another three years."
Maine PowerOptions
Maine PowerOptions is a non-profit energy-purchasing consortium that serves as an aggregator for Maine's local governmental and non-profit organizations. Our group-purchasing programs are designed to increase the buying power of eligible participant organizations with programs currently available for the purchase of fuel oil and electricity. The result is lower energy costs for Maine's non-profit healthcare organizations, higher education institutions, water, sewer, and school districts, municipalities, all other non-profit organizations, and the University of Maine system. Maine PowerOptions is a program co-sponsored by the Maine Health and Higher Educational Facilities Authority and the Maine Municipal Bond Bank. More information about Maine PowerOptions is available at www.mainepoweroptions.org.
Constellation NewEnergy, Inc., A Member of the Constellation Energy Group
A national competitive energy supplier, Constellation NewEnergy, Inc., provides customized solutions and comprehensive energy services to commercial and industrial electricity customers in Maine, Massachusetts, New York, New Jersey, Pennsylvania, Ohio, Illinois, Texas, Delaware, Maryland, Rhode Island, New Hampshire, California, Michigan, and Alberta, Canada. A subsidiary of Constellation Energy Group, the company is committed to providing customized energy-related products and services with predictability and flexibility in the competitive electricity marketplace. More information about Constellation NewEnergy is available at www.newenergy.com.
Constellation Energy Group, a Fortune 500 company based in Baltimore, is a competitive supplier of electricity to large commercial and industrial customers. The company markets energy in North America and manages the associated risks. It owns and operates a diversified fleet of generation plants throughout the United States. It also delivers electricity and natural gas through the Baltimore Gas and Electric Company (BGE), its regulated utility in Central Maryland. In 2002, the company's combined revenues totaled $4.7 billion. More information on Constellation Energy Group is available at www.constellationenergy.com.
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