As a six-year rate freeze ends, Cadence Network gives local businesses in Illinois a unique way to keep the lid on rising energy costs
November 15, 2006
CINCINNATI, Ohio -- November 15, 2006 - Utility rates in Illinois are about to heat up as the weather cools down, and a six-year freeze on utility rates ends. Cadence Network, a leading utility, lease, and telecom expense management firm, has created a vehicle for local businesses to pool their buying power to pocket 10 percent to 15 percent energy savings, short-circuiting the impact of the upcoming rate surge.
The Cadence Aggregation Pool II, announced today, compiles the energy usage requirements from local businesses that join the program. Cadence then shops the bulk usage on the open market and finds the best energy rate among third-party suppliers. The Cadence Illinois Aggregation Pool II has the bulk buying power of over 2,700 local business accounts consuming over 300 million kilowatt hours annually. The first Aggregation Pool, conducted earlier this year, has already saved Illinois businesses over $5 million.
Utility costs in Illinois will rise 20 percent to 25 percent as a result of the rate freeze being lifted. Simply by joining the Cadence Aggregation Pool II, local businesses can potentially cut their energy costs by 10 percent to 15 percent, and avoid most of the wholesale rate increases caused by rate freeze expirations.
“Illinois business leaders must act now to avoid the rate shock,” says Jeff Hart, President of Cadence Network, Inc. “By taking advantage of our unique energy aggregation program, local businesses will conserve capital for better uses, such as marketing, payrolls, capital investments, and so on. Why simply hand an extra 10 or 15 percent over to the public utilities?”
Any local business can join the pool by simply grabbing a copy of their most recent utility bill and contacting Cadence. After joining the Pool, members who execute a supply agreement with a third-party supplier by Dec. 1 will have the opportunity to lock in their utility costs for up to two years.
About Cadence:
Cadence Network, Inc. delivers comprehensive utility, telecommunications and lease facility expense management to chain stores, multiple site businesses and government. The people, services and software of Cadence Network enable business and government to gain control over electric, gas, water, waste, lease and telecommunications expenses by streamlining such services as invoice auditing and payment, rate analysis, and procurement. At work in over 300,000 locations nationwide, Cadence Network is an EnergyStar Partner of the United States Environmental Protection Agency and a proud supporter of The Arbor Day Foundation.
CONTACTS
Cadence Network Contact: Ben Dolan, Cadence Network, Inc. 866-CADENCE (866.223.3623) bdolan@cadencenetwork.com