Auction results provide another example of World Energy's value to the wholesale market. World Energy Solutions, the operator of leading online exchanges for energy and energy-related products, announced that Detroit Edison, an operating unit of DTE Energy has completed a successful web-based auction to meet capacity needs for the summer of 2008.
Using the web-based World Energy Exchange, Detroit Edison was able to:
– Complete a web-based capacity auction in the Midwest ISO (MISO).
– Bring transparency into the capacity market in the MISO.
– Create a highly competitive marketplace that included numerous suppliers
– Examine different variables including a flexible RFP architecture and robust price discovery modeling
– Realize significant market liquidity
Commentary and Quotes:
Christy Wicke, Manager-Operational Optimization, Detroit Edison
"One of our main objectives at Detroit Edison is to continuously streamline all of our processes while always maintaining an unbiased and transparent audit trail. The World Energy Exchange gave us the flexibility to construct multiple variations of our product and maintain a high level of integrity and separation within the process to assure our compliance objectives. Their team was supportive and adaptive, and the World Energy Exchange delivered a great result."
Philip V. Adams, President and COO, World Energy
"Working with World Energy, Detroit Edison was able to purchase capacity in an environment which revealed competitive pricing in an efficient way. The fact that Detroit Edison is the first to complete this type of auction within the MISO shows their desire to continually innovate and find the best and most beneficial means in purchasing capacity. The success of this auction also contributes to the rapidly growing reputation of World Energy Exchange as an increasingly valuable tool in the wholesale market."
