InformationWeek
Defining The Business Value Of Technology
August 23, 1999
The Power Of The Net
Enermetrix Web site offers marketplace for energy traders
Privately held Enermetrix expects to handle several hundred million dollars in commercial energy transactions this year. The Web site, formerly called Retail Energy Exchange, matches sellers of electricity and natural gas with large companies that purchase power. About 50 traders use the Enermetrix service. Buying customers include the Connecticut Business and Industrial Association, which aggregates energy purchasing for companies such as Bristol-Myers Squibb.
Enermetrix uses a proprietary online auction application to handle the energy sales. Among the new functions are the ability to confirm the purchase online, which reflects a new legal climate that recognizes sales contracts executed on the Net; buyers and sellers previously had to print and fax their contracts to one another.
Other features include expanded financial reporting capabilities and easier execution of index-based contracts, which tie the price of the energy purchased to changes in the oil and gas industry's futures indexes.
The Enermetrix marketplace is written in Java and HTML and runs on Microsoft SQL Server and Windows NT. The company plans to migrate to an Extensible Markup Language version in November.
Enermetrix handles transactions mainly in the Northeast, but plans to expand west and to broaden into online auctions of coal, propane, and other solid and liquid fuels. Says chief operating officer Jeff DeWeese, "We have a great opportunity to become the standard for the way online energy transactions are done."
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purred by deregulation, the online buying and selling of electricity and natural gas continues to grow. This week, one of the leading online energy brokers, North American Power Brokers Inc., will unveil a major upgrade to its Internet energy marketplace and change its name to Enermetrix.com.
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