Pompton Lakes Board of Education switches to utility provider Suez Energy for projected savings of $150,000 in electricity spending following an online reverse auction powered by EMEX. This represents more than a 25% reduction of electricity spending.
Online PR News – 30-August-2012 – Houston, TX – Pompton Lakes Board of Education of New Jersey is expected to save nearly 26% on their energy costs over the next three years. Based on what the current tariff rates are set at by Jersey Central Power & Light, the projected savings is approximately $150,000.
In a reverse auction lasting only ten minutes and hosted online, six BPU-approved energy suppliers engaged in a bidding war to win the Pompton Lakes contract. Pompton Lakes selected Suez Energy. Suez Energy will begin service to Pompton Lakes in September and will continue to provide power until 2015 for its thirteen locations.
Nancy Ciavaglia, the Board of Education’s Business Administrator, elaborates: “beyond managing usage and energy efficiency, acquiring a lower electricity rate is a simple way to reduce budget spending.”
Pompton Lakes used a web-based reverse auction service by EMEX to facilitate this auction. EMEX enables businesses, organizations, and municipal bodies to receive bids from multiple energy providers in real-time within a scheduled five-to-ten minute window. EMEX's market experts provide guidance and commentary to decision makers throughout the live reverse auction.
“What excites me about our reverse auctions is the immediate and tangible value that Energy Market Exchange provides customers, as is apparent in the case of Pompton Lakes,” says EMEX CEO, Todd Segmond.
These projected savings of $150,000 give the Board the ability to spend a greater portion of its budget on human resources and classroom educational tools. In a state with an average teacher salary of $50,000, reducing energy costs rather than reducing costs in other areas of the budget directly impacts the quality of education.
Founded in 2007, EMEX reduces commercial electricity costs with an online, reverse auction platform that simplifies finding the lowest energy rates and switching suppliers. Customers receive an in-depth, easy-to-understand savings analysis along with real-time quotes from up to 15 leading energy providers with the power to lock-in a specific bid immediately. The NJDCA has approved the EMEX reverse auction platform for the e-procurement of energy services.