FreeMarkets OnLine started the year by completing its second successful online coal bid for FirstEnergy, an Ohio-based energy services company. The first bid for FirstEnergy occurred in October, with this second round drawing “significantly more volume.”
“We are now beyond the pilot phase. FirstEnergy is moving forward with FreeMarkets and this approach to coal procurement,” said Jim Parks, FirstEnergy`s fuel supply manager.
FreeMarkets created a private online market where more than 30 coal suppliers bid interactively in real time for FirstEnergy`s spot coal requirements. Since its founding in 1995, FreeMarkets has bid out more than $600 million worth of parts and commodities. (www.freemarkets.com.)