COLUMBUS, Ohio and WORCESTER, Mass., Jan. 29, 2013 (GLOBE NEWSWIRE) -- World Energy Solutions, Inc. (Nasdaq:XWES), a leading energy management services firm, today announced Vectren Energy Delivery of Ohio (Vectren) has successfully conducted its annual natural gas auction for its Standard Choice Offer (SCO) load on the World Energy Exchange®. The auction secured natural gas supplies for Vectren customers from April 1, 2013 through March 31, 2014 and established a retail price adjustment of $1.05 per thousand cubic feet (Mcf).
On January 15, 2013, World Energy Solutions, Vectren's auction manager, conducted a descending clock auction for the SCO. The Public Utilities Commission of Ohio (PUCO) Staff, Vectren and the Office of the Ohio Consumers' Counsel jointly monitored the auction. The following day, the Commission agreed with PUCO Staff's post-auction assessment that the auction was conducted in a fair manner and accurately reflected the current natural gas market.
In all, bids were submitted by seven suppliers based on fixed adjustments to the NYMEX settlement price. Three winning bidders will supply Vectren customers with natural gas beginning April 1, 2013.Vectren's SCO rate changes monthly and is calculated as the sum of the retail price adjustment plus the New York Mercantile Exchange (NYMEX) month-end settlement price. The price adjustment reflects the winning bidders' estimate of their cost to deliver natural gas from the production area to Vectren's service area. The new price adjustment resulted in the same $1.05 per Mcf as the current adjustment. "Since 2008, World Energy has been an integral part of our process for sourcing competitive natural gas supply for customers who have not enrolled in Vectren's Choice program," said Scott Albertson, Vice President, Regulatory Affairs at Vectren. "We value the fairness, transparency and efficiency of the auctions and the competitive dynamic they foster, one that truly results in a market-based price for customers."