Usource Bookings Up 100% in Q1 2000
Hampton, NH – April 17, 2000: Unitil Corporation (AMEX: UTL) (www.unitil.com) announced today that customer volumes served by Usource, its Internet energy auction system serving large commercial and industrial customers, have increased more than 100% in the first quarter of 2000. Usource estimates that it has roughly $112 Million of energy under management. Usource is proving to be one of the most successful Internet platforms for energy acquisitions by large energy consumers.
Launched in mid-1999, Usource is an Internet based energy marketplace that allows large commercial/industrial customers to post their energy needs for evaluation and bid by a large number of pre-qualified suppliers. If the supplier offers a price the buyer wants and meets the buyer’s terms and conditions, the deal is done. Unlike many Internet sites that merely compare prices for standard offers by suppliers, Usource is a live marketplace in which suppliers make firm bids against firm commitments by customers to buy their electricity and gas. Usource runs on the sophisticated transaction-based software and energy commodity Exchange developed and licensed by Enermetrix.com. (http://www.enermetrix.com/), a privately held company headquartered in Maynard, MA.
"The reasons for these high growth figures are simple. Usource is delivering on its promises and that’s why customers such as Multiple Intervenors of New York and the New York Housing Authority are choosing Usource," said Unitil CEO, Bob Schoenberger. "Usource is real and it’s delivering tangible benefits - customers are executing transactions and saving time and money on their energy purchases. In the near future we will be expanding our geographic base and launching an enhanced Internet platform targeted to the under-served medium sized business customer."
Usource runs on the Enermetrix.com Energy Exchange, a very sophisticated transaction-based software and Internet site developed by Enermetrix.com. (www.enermetrix.com) Enermetrix.com is a privately held company headquartered in Maynard, Massachusetts, with operations throughout the United States. Enermetrix.com’s award-winning Internet commerce system is the nation’s most active exchange for commercial, industrial and other aggregate energy transactions.
Unitil is a public utility holding company with subsidiaries providing electric service in New Hampshire and electric and gas service in Massachusetts and energy services throughout the Northeast. The Usource product line is operated by its subsidiary Unitil Resources, Inc., and is available at www.usourceonline.com. Unitil’s other subsidiaries include Concord Electric Company, Exeter & Hampton Electric Company, Fitchburg Gas and Electric Light Company, Unitil Power Corp., Unitil Realty Corp. and Unitil Service Corp.
For more information, visit Unitil at www.unitil.com or call Todd Black, Vice President, Sales and Marketing at 603-773-6530.
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