BOSTON--(BUSINESS WIRE)--Aug. 4, 2016-- CRA International, Inc. (NASDAQ: CRAI), a worldwide leader in providing economic, financial, and management consulting services, today announced that two auction processes will be conducted concurrently 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 processes will lead up to two concurrent auctions scheduled for October 18, 2016.
The bidding processes will use a descending-price clock auction format. The auctions will be managed by Independent Evaluator and Auction Manager CRA International, Inc. The auctions are being conducted pursuant to FirstEnergy's Pennsylvania Default Service Programs (DSP-III and DSP-IV) as approved by the Pennsylvania Public Utility Commission. This is the ninth auction in the series of DSP-III auctions that began in October 2014 and the first auction in the series of DSP-IV auctions.
The Information Session for prospective bidders for the October auctions is scheduled for Friday, August 19, 2016. Instructions on how to join the webcast session will be available on the Information Website at www.fepaauction.com. Part 1 Applications from prospective bidders will be accepted starting August 19 and are due no later than September 2. For successful Part 1 applicants, the submission window for the Part 2 Application process will be September 16 through September 30. Please note that the October 2016 DSP-III and October 2016 DSP-IV auctions are independent processes. A bidder who wishes to participate in both auctions must complete separate Part 1 and Part 2 Applications for each auction.
The product each of the four Companies is procuring in the October 18 DSP-III auction is a 3-month contract for commercial class customers (delivery period December 2016 through February 2017). The products each of the four Companies is procuring in the October 18 DSP-IV auction include: 12-month residential class (delivery period June 2017 through May 2018), 24-month residential class (delivery period June 2017 through May 2019), 12-month commercial class (delivery period June 2017 through May 2018), and 24-month commercial class (delivery period June 2017 through May 2019).
Additional information about the auction processes can be found at the Information Website at www.fepaauction.com.
About CRA International, Inc. and its Auctions & Competitive Bidding Practice
CRA is a global consulting firm specializing in litigation, regulatory, financial, and management consulting. 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 and celebrated its 50th anniversary in 2015. 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. CRA's 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 CRA's Auctions & Competitive Bidding Practice is available at www.auctions.crai.com.
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Source: CRA International, Inc.
Charles River Associates
Sharon Merrill Associates, Inc.
Jamie Bernard, 617-542-5300