FirstEnergy's Pennsylvania Default Service Program DSP-VI Auction: Information Session for Prospective Bidders on Wednesday, September 20, 2023
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 November 6, 2023.
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 FirstEnergy's Pennsylvania Default Service Program (DSP-VI) as approved by the Pennsylvania Public Utility Commission. This is the next auction in the DSP-VI auction series that began in November 2022.
The Information Session for prospective bidders for the November auction is scheduled for Wednesday, September 20, 2023. 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 September 21 and are due no later than October 3. For successful Part 1 applicants, the submission window for the Part 2 Application process will be October 10 through October 24.
The products that the four Companies are procuring in the November DSP‑VI Residential and Commercial (Fixed-Price) auction include a 12-month residential class product (delivery period June 2024 through May 2025), a 24-month residential class product (delivery period June 2024 through May 2026), a 12-month commercial class product (delivery period June 2024 through May 2025), and a 24-month commercial class product (delivery period June 2024 through May 2026).
Additional information about the auction process 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. 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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