NEW YORK, April 23, 2003 — Liberty Power Corp., a minority owned Electric Service Company announced the expansion of its service area to New York City, Westchester County and Staten Island, to provide low cost, competitively priced electricity to the ConEd service area.
Liberty Power today serves hundreds of New York businesses including Eckerd Drugs and Linens & Things, as well as manufacturing firms, Manhattan restaurants, grocery stores and hotels. “We have earned the trust of hundreds of businesses by providing the same reliable electric service as the regulated utility at a substantially lower cost,” says David Hernandez, CEO of Liberty Power.
After having received approval from the New York Public Service Commission in 2002 to provide service to the entire state of New York, Liberty Power initially employed a careful, highly focused marketing strategy to a limited area. “Our business plan is based on sustainable growth and requires us to meet concrete milestones in existing markets before expanding to other areas. This also assures that we have the resources in place to provide consistent, high-quality service to our customer base,” says Hernandez.
Concern over future energy costs in the area resulting from ConEd’s recent upward rate adjustment and market and economic conditions support Liberty’s expansion. ConEd’s rate increase is 4.6 cents per kilowatt-hour effective after April 14th of this year. A 1,500 square foot retail store in New York City using approximately 10,000 kilowatt-hours per month, between September 1, 2002 and January 1, 2003 paid an average of $850 per month.
Today the same customer will pay more than $1,300 per month for a similar amount of electricity. ConEd customers in Westchester County have also seen a drastic increase in electricity costs during March. “As we head into the summer months, prices are expected to rise further. As a result, we have received an increasing number of service inquiries from all over New York,” states Hernandez.
“In today’s uncertain economy, businesses are seeking ways to reduce and manage energy costs,” added Roshena Ham, President of Liberty Power. Much of Liberty’s initial market success results from flexible pricing options. For example, one option is a fixed rate plan, providing protection against rate increases and eliminating seasonal spikes in electric bills.
Liberty Power purchases wholesale power from the same power wholesalers and generators as the utilities but can offer lower rates because of its lower overhead and greater efficiencies. In addition, New York businesses receive a 75% reduction on the sales tax on energy bills as an incentive to use competitive power suppliers. Liberty also provides an additional advantage for organizations that have incentives to utilize minority owned suppliers.
About Liberty Power
Liberty Power is dedicated to providing business and government organizations reliable power at reduced costs. A privately held, minority owned business, Liberty currently supplies electricity in New York and Texas and expects to receive approval to supply customers in New Jersey, Pennsylvania, Maryland and Washington, DC within the next few months. Liberty Power is led by a management team experience in the procurement and distribution of wholesale and retail energy.
More information: www.libertypowercorp.com .
