FAIRFAX, Va. Oct. 23, 2001 – Pace Global Energy Services, LLC, announced today that it has been retained by the New York Power Authority (NYPA) and Midwest Energy, Inc., to enhance the companies’ risk management business systems.
Pace Global will integrate price and volume data related to dozens of operating and financial elements into the risk management systems, also providing them with proprietary hedging techniques to manage the risk associated with its generation fleet and mitigate the impact of energy price volatility for the utilities’ customers.
“As the New York energy markets become more competitive and increasingly volatile, NYPA has recognized the need to provide its customers with reliable, low-cost electric services, delivered with stable prices,” said Wes Collins, treasurer, NYPA. “We have retained Pace Global to advance our risk management strategies, trading protocols, and control systems to allow NYPA to offer our customers the affordable services they need, while mitigating our exposure to price volatility and market risks.”
“Midwest recognizes the need to provide its customers with predictably priced, reliable and competitive gas and electric services. In the world of increasingly volatile energy prices and growing competition, Midwest is exploring alternatives to help its customers with new and innovative services to achieve these goals,” said Bill Dowling, Midwest’s vice president of energy management and supply. “Serving customers’ needs in the current volatile price environment may require Midwest to procure energy differently than it has in the past. We have retained Pace Global to assist us in formulating a risk management plan that will help us better serve our customers.”
About Pace Global Energy Services, LLC
Since 1979, Pace Global Energy Services, LLC and its affiliates have provided independent and objective energy consulting, procurement and risk management services in more than 40 countries. Headquartered in Fairfax, Virginia, with regional offices in Houston, Montreal and London, Pace Global Energy Services, LLC provides expert energy management and consulting support to energy developers, financial institutions, public utilities, and industrials. For more information, please visit www.paceglobal.com or call 703-818-9100.
About the New York Power Authority
Established in 1931, the New York Power Authority is the largest state-owned electric authority in the United States. It operates 21 generating facilities and over 1,400 circuit-miles of transmission lines, and supplies about 7,500 MW of electricity from its own plants and other sources. NYPA provides low-cost, reliable electricity in New York State to government facilities, municipal electric systems, rural cooperatives, businesses and electric utilities, and under federal requirements, to states neighboring New York. For more information, please visit www.nypa.gov.
About Midwest Energy, Inc.
Formed in 1981, Midwest Energy, Inc. is a customer-owned electric and natural gas service provider located Hays, Kansas. Midwest Energy, Inc. serves 35,000 electric and 43,000 natural gas customers throughout central and western Kansas. Midwest United Energy, an affiliate of Midwest Energy, Inc. provides natural gas marketing services in Colorado, Nebraska, Kansas, and surrounding states. For more information, please visit www.mwenergy.com