Pricelock Announces Successful Electric Power Auction for Sangamon County, IL

SPRINGFIELD, Ill.--(BUSINESS WIRE)--Pricelock, the online leader for online energy auctions announced the successful online auction to purchase over 180 million kWh of electricity for the Sangamon County Electric Aggregation Consortium, assisted by Illinois Community Choice Aggregation Network, including Auburn, Buffalo, Cantrall, Dawson, Divernon, Grandview, Illiopolis, Mechanicsburg, New Berlin, Pleasant Plains, Rochester, Sherman, Spaulding, Williamsville as well as unincorporated Sangamon County. Sangamon County estimates the savings to be $2.1 Million or approximately 23% percent for residential and 26% for small business customers compared to current supply rates.

“We are honored to have worked with Sangamon County and are pleased to help lower the electric bills for residents of Sangamon County”

The auction was held on March 20, 2013. The County received 99 bids from electricity suppliers including over 80 bids that improved upon earlier bids. Due to the open and fair competition and the transparency of the auctions, Sangamon County was able improve on their electricity rates by approximately 6.5% compared to other local communities representing an additional savings of over half a million dollars. Residents and small businesses will start to see the savings on their electric bills in May.

“We are honored to have worked with Sangamon County and are pleased to help lower the electric bills for residents of Sangamon County,” said Naveen Agarwal, Chief Executive Office of Pricelock. “We look forward to helping all local communities in Illinois to provide the best possible electricity prices for their residents. We are happy to work with communities or their consultants.”

About Pricelock

Pricelock’s online energy transaction platform provides large energy buyers and sellers an easy and efficient way to transact energy and energy-related products. The platform supports transactions for power, natural gas, natural gas storage, distillates, jet fuel, coal and railcar leases. The largest refiners, utilities, power cooperatives, power generators, investment banks, marketers, transportation, industrial and commercial firms participate on the platform. Pricelock’s mission is to innovate and provide liquidity for products that cannot be traded on an exchange.

Pricelock is headquartered in Silicon Valley and is the recipient of several awards including Forbes list of America’s Most Promising Companies, Global Energy Award of Excellence by Platts and Hottest Companies in Silicon Valley by Lead 411. Pricelock’s investors include Goldman Sachs, Barclays, Traveler’s Insurance, RenaissanceRe and Artiman Ventures. To learn more about Pricelock please visit www.pricelock.com.