DALLAS, April 2, 2003 — Cirro Energy officials have announced a two-year, contractual relationship with integrated energy and service provider Coral Power, L.L.C., that will strengthen Cirro’s buying power to purchase electricity for its growing base of Texas customers.
Under the multi-million dollar contract, the Shell affiliate will become a primary supplier of power for the Plano, Texas, based company.
“Cirro was founded on the belief that empowering customers with affordable electricity, personal service and advanced management tools would lead to strong and steady company growth,” said Cirro Energy CEO Tim Rogers. “The newly deregulated Texas market enthusiastically responded to that philosophy over the past year. A long-term relationship with a world-class company like Coral Power will help us increase our buying power, while providing a reliable source for electricity at competitive prices. This multi-million dollar agreement will help fuel our continued expansion over the next several years.”
Coral Power is an affiliate of Coral Energy Holding, L.P., which operates throughout North America as part of the global Shell Trading network. The company and its affiliates provide a comprehensive portfolio of energy-related products and services associated with natural gas and power marketing and trading.
Through the long-term supply arrangement, which became effective in January 2003, Coral Power will provide Cirro with the ability to purchase millions of dollars of competitively priced electricity. The value of the agreement will escalate as Cirro Energy continues to grow its business over the next two years.
“Cirro Energy is a dynamic, growing and entrepreneurial company,” said Bob Young, Vice President of Coral Power. “Coral Power looks forward to growing its business relationship with Cirro as it continues to expand its efforts to attract customers and obtain economical power.”
Cirro Energy provides electricity and services to commercial, industrial and residential customers throughout Texas. The Company offers competitive energy prices, pricing choices, improved customer service and innovative products and services tailored to meet customer needs.
“Coral has the strong credit rating and the high level of financial stability that’s needed in today’s volatile energy market,” noted Rogers. “We believe that Coral Power can provide the reliability, stability and security that will be an important part of our growth for many years.”
About Cirro Energy
Cirro Energy brings a new, smarter approach to utility services. Led by a management team with successful experience in deregulated markets, Cirro Energy is founded on the principles of delivering superior customer service and savings. The customer-focused and service-oriented company provides business and residential customers with multiple service package options. Cirro plans to offer bundled utility services, including electricity, telecommunications and Internet access within Texas. For more information on Cirro Energy, visit www.cirroenergy.com.
About Coral Power, L.L.C.
Coral Power, L.L.C. is an affiliate of Coral Energy Holding, L.P., a major North American energy marketing, risk management and energy management company. As an affiliate of Shell Oil Company, Coral is the dedicated marketer of Shell’s natural gas production in the U.S. and Canada. Headquartered in Houston, Texas, Coral and its affiliate companies have offices throughout North America.