Last update: 9:31 a.m. EDT Sept. 22, 2008
TORONTO, ONTARIO, Sep 22, 2008 (MARKET WIRE via COMTEX) -- The City of Toronto has engaged Direct Energy, one of North America's largest energy and energy related services companies, to be one of its key retailers of power. This is the latest in a series of recent deals in which Direct Energy has been selected to provide Canadian townships, municipalities and cities with energy solutions that help mitigate their energy price risk.
Direct Energy's fixed price contracts aid the City in managing the risk associated with electricity price volatility, allowing the City to gain greater control over power costs. This contract will allow the City of Toronto to help alleviate the budget certainty challenges that often affect cities, municipalities and communities throughout Canada.
"Following recent contract wins with the Region of Peel and the City of Vancouver, we have found that municipal leaders are turning to Direct Energy because of our high-quality service to have protection from price volatility, and range of strategies and products which are uniquely tailored to their communities," said Gary O'Neill, Director, Energy Solutions, Direct Energy Business.
The power contract was awarded following a competitive bidding process involving several companies. Direct Energy entered into an agreement to provide the City of Toronto with a portion of the City's power requirements through a contracted base load of 20MW of power, twenty-four hours a day, seven days a week.
"This win is representative of a growing consciousness among municipalities, townships, and cities for new ways to manage power costs. As a result of securing fixed price electricity contracts, such as the one from Direct Energy, the City of Toronto will be able to stabilize its electricity costs," said Gary O'Neill.
About Direct Energy
Direct Energy is one of North America's largest energy and energy-related services providers with over 5 million residential and commercial customer relationships. Direct Energy provides customers with choice and support in managing their energy costs through a portfolio of innovative products and services. A subsidiary of Centrica plc (UK:CNA: news, chart, profile) , one of the world's leading integrated energy companies, Direct Energy operates in 22 states plus DC and 10 provinces in Canada. To learn more about Direct Energy, visit www.directenergy.com and www.directenergybusiness.com