Universal Bioenergy's NDR Energy Group Announces Approval Of FERC License In Major Move To Market Electric Power - Projects Sales Of $96 Million To $384 Million
IRVINE, Calif., Feb. 12, 2013 (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, received final approval for its "Power Marketing License" from the Federal Energy Regulatory Commission (FERC) in a move that positions the Company to engage in the buying and selling of wholesale and retail electricity. The sales of electricity are projected to generate an estimated $96 million to $384 million in additional revenue for the Company.
NDR Energy Group intends to market and distribute bulk wholesale and retail electric power to its current electric utility customer base, and its expanding customer base which will include federal and state agencies, the U.S. military, cities, municipalities and large commercial and industrial companies. NDR Energy will be able to offer integrated energy solutions that will assist its growing customer base to buy, manage and use electricity and natural gas.
The Federal Energy Regulatory Commission, or FERC, is an independent agency that regulates the interstate transmission of electricity, natural gas, and oil. The Energy Policy Act of 2005 gave FERC additional responsibilities as outlined in FERC's Top Initiatives and updated Strategic Plan. As part of that responsibility, FERC also regulates the transmission and wholesale sales of electricity in interstate commerce.Ken Harris, NDR Energy Group's President, stated: "As the CEO of NDR Energy Group, I am pleased to announce that, today, NDR was approved for its FERC license by the Federal Energy Regulatory Commission. The Commission today issued an Order finding that NDR meets the criteria as a Category1 power/electricity seller and designated NDR as a power/electricity seller in the United States. This is an absolutely huge development as it presents a fantastic new vertical for our company. In light of our existing contract with a power supplier and our current relationships with utilities and end-users, this is clearly a benchmark day for our company. We look forward to the significant growth of our power/electricity division and meeting the vigorous compliance requirements of the Federal Energy Regulatory Commission for years to come."
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV