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 auctions scheduled for November 14, 2022.
The bidding process 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 Program (DSP‑V and DSP-VI) as approved by the Pennsylvania Public Utility Commission. The November DSP‑V Commercial (Fixed-Price) auction is the next auction in the DSP‑V auction series that began in October 2018. The November DSP‑VI Commercial and Residential (Fixed-Price) auction is the first auction in the DSP-VI auction series.
The Information Session for prospective bidders for the November auctions is scheduled for Wednesday, September 28, 2022. 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 29 and are due no later than October 11. For successful Part 1 applicants, the submission window for the Part 2 Application process will be October 18 through November 1.
The products that the four Companies are procuring in the November DSP‑V Commercial (Fixed-Price) auction include a 3‑month commercial class product (delivery period December 2022 through February 2023).
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 2023 through May 2024), 24-month residential class product (delivery period June 2023 through May 2025), 12‑month commercial class product (delivery period June 2023 through May 2024), and a 24-month commercial class product (delivery period June 2023 through May 2025). The Companies have filed a petition with the Pennsylvania Public Utility Commission to move the 24‑month products from the November 2022 DSP‑VI auction to a January 2023 DSP‑VI auction. The petition is pending with the Commission.
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.