FRAMINGHAM (02/17/2000) - Industrial and commercial businesses in the Northeast will soon have the ability to enter online auctions for their natural gas and electricity needs.
PSEG Energy Technologies in Edison, N.J. announced today that its business customers will be able to access its new PSEG Energy Technologies Energy Auction starting March 1 via http://www.PSEGET.com.
Customers will be able to post their energy needs, including terms and conditions. Prequalified suppliers will then enter bids to supply and deliver the energy. The best bid will be accepted electronically in a real-time transaction.
The chief benefit to business customers is a quick and simple way to replace expensive paper-based requests for proposals, PSEG Energy Technologies officials said.
Enermetrix.com in Maynard, Mass. will provide the service to PSEG Energy Technologies' customers. Enermetrix has begun setting up online auctions with other utilities in the Midwest and Western U.S.
PSEG Energy Technologies has 13,000 residential and business customers from Maine to New Jersey. It is a subsidiary of PSEG Energy Holdings. Though the auction service will initially be available to business customers, it will eventually be extended to residential customers, PSEG officials said.