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IRVINE, Calif., Oct. 22, 2012 (GLOBE NEWSWIRE) -- Universal Bioenergy Inc. (OTCMarkets:UBRG), a publicly traded independent diversified energy company, in its plans for growth and expansion, announced that its subsidiary NDR Energy Group, is in the final stages of organization to open and launch its new electric power division. This new division is projected to generate $96 to $384 million in annual revenues, greater margins and profits for the Company.
The company is waiting for the final approval for its "power marketers" license from the Federal Energy Regulatory Commission (FERC), to become an electricity "Power Marketer", in a move that would position the company to engage in the buying and selling of electricity. FERC is an independent agency that regulates the interstate transmission of electricity, natural gas, and oil. NDR Energy Group would not own any generating or transmission facilities. However, as a "Power Marketer", it would take ownership of the electricity and would be involved in the interstate trade of electric power.
NDR Energy Group's President and CEO Ken Harris says, "The Power Division will operate from our offices in Houston. Our Houston staff has already done a remarkable job in leading the charge to make this division fully operational. We have already initiated discussions with a very large electric power company to obtain our supplies of electric power. Additionally, several of our electric utility partners are prepared for our entrance into this vertical. Immediately upon our approval and receipt of the FERC "Power Marketer" license, we will be fully operational, and ready to sell electric power. As I have stated repeatedly, diversifying our product offerings, while valuing the strength of our customer base, will provide us the platform for accelerated growth in sales volume and margins. In addition, we are progressing rapidly towards becoming a full-service energy company. This will provide us tremendous advantages as our country advances towards more diverse energy consumption in the coming years. We continue to position ourselves as a potential long-term player in the energy marketplace."