Ten-Year Power Deal to Deliver Massive Savings
HOUSTON, July 16, 2008 – LifeBridge Health, Inc., one of the largest hospital systems in Baltimore, MD, has just concluded the first year of a ten-year power acquisition program designed by Amerex Energy Services. The highly innovative program, the first of its kind in the Mid-Atlantic, achieved a savings of $3.8 million for LifeBridge Health in the first year alone. Working with Amerex, LifeBridge Health secured a low fixed price for the first five years of the agreement and expects to realize similar savings over the life of the program.
Amerex Energy Services, a division of Amerex Brokers LLC, signed the ten year power contract in 2007 for three hospitals under LifeBridge Health, Inc: Sinai Hospital of Baltimore, Northwest Hospital and Levindale Hebrew Geriatric Center and Hospital. All three are in Maryland.
“Amerex’s hands-on concept and use of market intelligence really paid off for us.” said Lewis Poe, Director of Plant Operations for LifeBridge. “We reviewed many proposals before deciding on the Amerex Managed Account approach. Needless to say, we made the right choice.”
Amerex also assists LifeBridge Health in purchasing natural gas for its main facilities, and has recently secured competitive third-party power prices for the smaller, off campus accounts affiliated with the hospitals.
“We are extremely gratified that a respected member of the healthcare industry like LifeBridge selected Amerex to assist in the procurement of their energy requirements”, stated Jeff Roberts, Senior VP of Amerex Energy Services. “A paradigm shift has occurred in the energy market place. Price transparency is a necessity. The current environment has demanded the development of a price risk management strategy that balances the goals of cost savings and long-term budget stability. We’re very glad to provide this service to LifeBridge.”
For more information please visit www.amerexenergyservices.com.
About Amerex Brokers LLC
Founded in 1978, Amerex is a leading over-the-counter energy brokerage offering services in electricity, natural gas, emission credits and allowances, renewable energy credits, retail energy procurement and energy data services. From its office in Houston, Amerex offers liquidity and timely execution to meet the needs of a global client network of more than 1,000 firms including thousands of traders and risk management professionals. For additional information, please visit www.amerexenergy.com. Amerex Brokers LLC is a wholly-owned subsidiary of GFI Group Inc. (Nasdaq: GFIG), a leading inter-dealer broker specializing in over-the-counter derivatives products and related securities. GFI provides brokerage services, market data and analytics software products for a range of credit, financial, equity and commodity instruments. GFI operates one of the largest OTC energy brokerage businesses in North America both directly and through its wholly owned subsidiaries Amerex and StarSupply.
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Amerex Brokers LLC
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