SADDLE BROOK, NJ-- The New Jersey Sustainable Energy Joint Meeting (NJSEM) is an energy purchasing consortium of 113 New Jersey governmental entities who have joined together to provide small energy consumers equal footing with large energy users.
The ultimate goal is to pool the resources of a large group of municipal organizations in order to collectively purchase natural gas and electricity. The end result will be price stability for all NJSEM members through a competitive on-line bid process, and the opportunity to realize a savings for all members.
The NJSEM held its first successful on-line reverse auction for natural gas on February 9, 2010. The on-line reverse auction process is both efficient and transparent, and it allowed the NJSEM to secure a competitive price for natural gas for a one (1) year period.
The successful bidder, Woodruff Energy of Bridgeton, New Jersey, bid $8.84per dekatherm (8.84/Dth) on an overall quantity of 389,594/Dth. The lock in price of $8.84/Dth is for the actual cost to purchase natural gas from its source and to cover the costs of interstate transportation until the gas reaches New Jersey. These are the only two natural gas costs a public entity can seek to control and reduce through the public bidding process. The NJSEM Executive Board awarded a 12 month fixed price (FP) contract starting on April 1, 2010.
New Jersey Sustainable Energy Meeting
www.njsem.org
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