BOSTON --(BUSINESS WIRE)--Oct. 25, 2016-- CRA International, Inc. (NASDAQ: CRAI), a worldwide leader in providing economic, financial, and management consulting services, today announced that three 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 three concurrent auctions scheduled for January 23, 2017.
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 tenth and last auction in the series of DSP-III auctions that began in October 2014 , and the second set of auctions in the series of DSP-IV auctions that began in October 2016 .
The Information Session for prospective bidders for the January auctions is scheduled for Thursday, November 3, 2016. Instructions on how to join the Webcast session are available on the Information Website at www.fepaauction.com. Part 1 Applications from prospective bidders will be accepted starting November 4 and are due no later than November 23. For successful Part 1 applicants, the submission window for the Part 2 Application process will be December 7 through December 22. Please note that the January 2017 DSP-III and January 2017 DSP-IV auctions are independent processes. A bidder who wishes to participate in the January DSP-III and DSP-IV auctions must complete separate Part 1 and Part 2 Applications for DSP-III and DSP-IV auctions.
The product each of the four Companies is procuring in the January 23 DSP-III auction is a 3-month contract for commercial class customers (delivery period March through May 2017 ). The products each of the four Companies is procuring in the January 23 DSP-IV Commercial/Residential (Fixed Price) 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 ). The products each of the four Companies is procuring in the January 23 DSP-IV Industrial (Hourly Priced) auction include: 12-month industrial class (delivery period June 2017 through May 2018 ).
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 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 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: Charles River Associates
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