Unitil Partners with North American Power Brokers, Inc. for Internet Energy Commerce
Hampton, NH -- March 25, 1999 Unitil Corporation (AMEX:UTL) today announced that it has acquired a minority interest in North American Power Brokers, Inc., for $3 Million in cash, and that it has licensed and will deploy North American Power’s innovative Internet-based technology for electricity and natural gas energy transactions between retail consumers and energy suppliers. Unitil will be represented on North American Power’s Board of Directors and will play an active role in the strategic direction of North American Power in the future.
"This is the way natural gas and electricity will be sold, and it’s here today," said Unitil Chairman and Chief Executive Officer Robert G. Schoenberger. "Hundreds of business customers are using North American Power Broker’s system to save from 10-19% on their energy purchases. Our strategic partnership with North American Power allows us to work on behalf of retail energy consumers without the financial risk of commodity ownership."
Unitil will offer the retail energy electronic commerce system developed and owned by North American Power to medium and large commercial and industrial customers, co-branded under the name "Usource", powered by North American Power’s World Wide Retail Energy Exchange. North American Power, of Maynard, MA, is a privately held company that has been providing Internet technology solutions to the energy industry since 1995. North American Power’s system has facilitated nearly a thousand transactions for the purchase of natural gas by large retail consumers. Approximately 50 energy suppliers, including several of the country’s largest, regularly participate in the auction process. North American Power completed the country’s first retail electricity transactions over the Internet.
"Our technology for using the Internet for energy procurement has been well received by both energy buyers and sellers as an effective and valuable method to buy and sell energy." observed John Gaus, Chief Executive Officer and President of North American Power Brokers. "It saves time and money and boosts buyer confidence that they are getting the lowest price possible for the energy commodity they purchase. Unitil is a technologically-advanced and customer-focused company, and we are excited about this new business partnership."
Unitil Corporation (AMEX:UTL) is a public utility holding company with subsidiaries providing electric service in New Hampshire, electric and gas service in Massachusetts and energy services throughout the region. Its subsidiaries are Concord Electric Company, Exeter & Hampton Electric Company, Fitchburg Gas and Electric Light Company, Unitil Power Corp., Unitil Realty Corp., Unitil Resources, Inc. and Unitil Service Corp.
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