North American Power Brokers, which completed the country`s first retail electricity transaction on the Internet in October, now offers a program to finance natural gas and power purchases.
Founded in 1995, the Massachusetts-based company offers an Internet auction for the retail purchase of natural gas and electricity through its proprietary World Wide Retail Energy Exchange or REX. (http://www.wwrex.com)
Targeting small- and medium-size businesses, North American teamed up with First National Bank of New England in November to help finance those Internet energy purchases.
Once buyers and sellers are matched and the bids approved and accepted, those who wish to finance their transactions click on the First National Bank icon that connects them to the Energy Finance Business Unit at the bank.
The finance program, which offers 100 percent financing, a fixed interest rate and a level monthly repayment schedule, gives users discounts because they pre-pay for their energy for one to five years.