REDWOOD CITY, Calif.--(BUSINESS WIRE)--Pricelock, the online leader in energy solutions for U.S. businesses, today launched Pricelock Marketplace, the first customized, online energy-auction platform that allows companies to conduct fast-paced, real-time auctions for natural gas and motor fuels (www.pricelock.com/marketplace).
The platform is designed to handle the specialized needs of utilities, electricity generators, government, commercial and industrial and other large buyers. These needs include large volumes, complex delivery requirements, and custom terms and conditions. Pricelock Marketplace’s platform is customized to support the unique features of each commodity, including fixed and index pricing as well as peak and weather contingent options.
“Pricelock Marketplace is set to transform how large entities transact physical energy globally,” said Naveen Agarwal, CEO of Pricelock. “This platform is the result of our close collaboration with energy buyers and sellers to build an online system that improves the energy transaction process. The result is a fast, easy-to-use solution that leverages the Internet to reduce a multi-week purchase process into an efficient, transparent and fully auditable one. It is powerful and we can handle a complex auction in as little as 10 minutes. Pricelock Marketplace defines the next generation of energy procurement solutions.”
Pricelock debuted its platform with a live auction of natural gas for CenterPoint Energy’s Natural Gas Operations business unit that serves more than 3.2 million metered customers in six states. More than 25 major energy sellers participated in the auction for over 700,000 MMBTu per day of baseload and peak and weather contingent options.
“We are proud to have CenterPoint Energy as our first customer. Their insights helped us to understand the complex needs of utility companies. Live auctions offer great transparency because buyers can monitor everything online. They can see that they are getting the best prices possible from participating suppliers. Most importantly, Pricelock Marketplace allows suppliers to enter their offers even in the final seconds of the auction when the bidding really heats up,” noted Agarwal.
By creating a more efficient market for energy and fuel, Pricelock Marketplace saves both buyers and suppliers money, time and paperwork. “For buyers, having a large and diverse network of marquee suppliers who compete ensures the best price available. The ease of the process to set up and award business through live or sealed bid auctions improves the buyers’ overall efficiency and the transparency while the audit trail embedded in the electronic platform reduces the administrative burden,” commented Agarwal.
For sellers, participating in Pricelock Marketplace offers a convenient hub for acquiring customers easily and efficiently. Since sellers are notified of business opportunities and bidding for energy or contracts online, it eliminates the need for additional sales personnel or a staffing infrastructure to prepare and submit bid documents. “This makes it productive and efficient for sellers, and enables them to be more competitive in their pricing,” said Agarwal.
Pricelock says it is in active discussions with other large utilities and electricity generators and expects to expand this service into electricity and other energy products.
About Pricelock
Pricelock, headquartered in Redwood City, CA, offers online fuel and energy solutions to businesses of all sizes. Pricelock’s Fuel Price Protection plans empower small and medium businesses to control fuel costs in ways that were previously only available to large fuel buyers. Pricelock Marketplace is the first customized, online energy-auction platform that allows utilities, electricity generators, government and large commercial and industrial companies to buy and sell both natural gas and motor fuels. Miles Ahead is Pricelock’s discount gasoline incentive plan, an innovative employee benefit program that helps U.S. businesses reduce their employee’s daily driving costs. Pricelock has been awarded the 2010 Rising Star Award of Excellence by Platts Global Energy Awards and the 2010 Risk Innovator ™ Award by Risk & Insurance. A full suite of Pricelock’s solutions can be found at www.pricelock.com.