CRA International, Inc. (NASDAQ: 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 April 29, 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 FirstEnergys Pennsylvania Default Service Programs (DSP-V) as approved by the Pennsylvania Public Utility Commission. This is the third auction in the series of DSP-V auctions that began in October 2018.
The Information Session for prospective bidders for the April auction is scheduled for Wednesday, March 6, 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 March 7 and are due no later than March 26. For successful Part 1 applicants, the submission window for the Part 2 Application process will be April 2 through April 16.
The products each of the four Companies is procuring in the April 29 DSP-V auction include: 12-month residential class (delivery period June 2019 through May 2020), 24-month residential class (delivery period June 2019 through May 2021), 3-month commercial class (delivery period June “ August 2019), 12-month commercial class (delivery period June 2019 through May 2020), and 24-month commercial class (delivery period June 2019 through May 2021).
Additional information about the auction processes can be found at the Information Website at www.fepaauction.com.
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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. CRAs 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 CRAs Auctions & Competitive Bidding Practice is available at www.auctions.crai.com.
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