Worcester, MA, Nov. 23, 2005 — World Energy, a North American on-line buyer of electricity and natural gas, announced that it has successfully procured over 16 billion kWh of power for government, utility and commercial and industrial customers using its World Energy Exchange. This represents more than $1.2 billion in energy purchases.
World Energy has also procured more than 34 billion cubic feet of natural gas. Using the reverse auction capabilities of the World Energy Exchange, World Energy says it has helped some 300 clients with more than 3,000 facilities save over $100 million on their gas and electric power expenses.
The World Energy Exchange system uses up-to-the-minute market pricing information and forecast data, along with the buyer’s energy usage data, to create bid requests, solicit competitive bids from qualified suppliers, evaluate the bids and select the optimal sources with who to contract based on bid results. Extensive automation including date and time stamping of bids and automated stop times ensure the integrity of auction events and creates audit trails and a self-documenting capability essential to Sarbanes Oxley compliance.