CRA International, Inc. (CRAI), a worldwide leader in providing economic, financial, and management consulting services, today announced that an auction process will be conducted for FirstEnergy Corp.’s (NYSE: FE) Pennsylvania utilities — Metropolitan Edison Company (“Met-Ed”), Pennsylvania Electric Company (“Penelec”), Pennsylvania Power Company (“Penn Power”) and West Penn Power Company (“West Penn Power”) — to procure full requirements Default Supply generation service for their Default Service Customers. The auction process will lead up to the auction scheduled for June 17, 2019.
The bidding process will use a descending-price clock auction format. The auction will be managed by Independent Evaluator and Auction Manager CRA International, Inc. The auction is being conducted pursuant to FirstEnergy’s Pennsylvania Default Service Programs (DSP-V) as approved by the Pennsylvania Public Utility Commission. This is the fourth auction in the series of DSP-V auctions that began in October 2018.
The Information Session for prospective bidders for the June auction is scheduled for Wednesday, May 8, 2019. Instructions on how to join the Webcast session are available on the Information Website at http://www.fepaauction.com/Documents/BidderInformationSessions.aspx. Part 1 Applications from prospective bidders will be accepted starting May 8 and are due no later than May 21. For successful Part 1 applicants, the submission window for the Part 2 Application process will be May 28 through June 6.
The product that each of the four Companies is procuring in the June DSP-V auction is the 3-month commercial class (delivery period September – November 2019).
Additional information about the auction process can be found on the Information Website at www.fepaauction.com.
About CRA International, Inc. and its Auctions & Competitive Bidding Practice
Charles River Associates® is a leading global consulting firm specializing in economic, financial, and management consulting services. CRA advises clients on economic and financial matters pertaining to litigation and regulatory proceedings, and guides corporations through critical business strategy and performance-related issues. Since 1965, clients have engaged CRA for its unique combination of functional expertise and industry knowledge, and for its objective solutions to complex problems. Headquartered in Boston, CRA has offices throughout the world. Detailed information about Charles River Associates, a registered trade name of CRA International, Inc., is available at www.crai.com. Follow us on LinkedIn, Twitter, and Facebook. CRA’s Auctions & Competitive Bidding Practice offers businesses, governments, bidders, and other market participants extensive experience in auction and market design, implementation, monitoring, and participation. More information about CRA’s Auctions & Competitive Bidding Practice is available at www.auctions.crai.com.