We are proud to finally have the recently announced NY Bulk Energy Procurement Initiative for the Affordable and Supportive Housing communities up and running!
NY Bulk Energy Procurement Initiative
For more, see the official press release included in full text below:
JPMORGAN CHASE, HOUSING AND SERVICES, INC., AND BRIGHT POWER LAUNCH BULK PURCHASING ENERGY PROGRAM FOR NEW YORK’S AFFORDABLE/SUPPORTIVE HOUSING COMMUNITY
New York, NY (June 13, 2014) – Housing and Services, Inc. and Bright Power today announced an Affordable/Supportive housing bulk utility purchasing pool in New York, funded by a grant from the JPMorgan Chase Philanthropic Foundation.
The program, named the NY Bulk Energy Procurement Initiative for Supportive and Affordable Housing,(BEPI)was designed to organize owners of supportive and affordable housing buildings, pooling resources to purchase gas and electric supply services in bulk.
Unlike Con Ed, NYS Energy Supply Companies (ESCOs) offer fixed-rate and fixed-term energy supply contracts, reducing risk exposure and increasing budget security.
“Negotiating energy supply costs with ESCOs as a large group of buildings, versus individually, will lower gas and electric supply prices and help stabilize operating costs for affordable housing owners – many of whom operate on extremely thin margins,” said Jim Dill, executive director of Housing and Services, Inc.
Housing and Services, Inc., a Manhattan congregate of 515 housing units, has worked with Bright Power in the past to develop an energy management strategy that mitigated their own risk and were quite pleased with the results they saw during the harsh weather conditions of the 2013-14 winter season. By securing a fixed rate for HSI’s natural gas and electricity contracts, Bright Power’s energy market experts helped HSI reduce annual energy spending by more than 25 percent last year.
“Because of economies of scale, providers will get the most competitive utility prices and also gain budget certainty with effective energy cost control measures,” said Richard Meister, Director of Procurement at Bright Power. “Participation in the pool will not only reduce exposure to volatile energy markets, but will also give them a track record of energy usage and access to Bright Power’s expertise in energy conservation and sustainability.”
JPMorgan Chase delivered a $120,000 check to the partners as they introduced the program at the New York Nonprofit Times Facility Management Conference on June 12, 2014 at Baruch College. The NY Bulk Energy Procurement Initiative for Supportive and Affordable Housing will be piloted in New York City, and throughout New York State.
“By joining together, supportive and affordable housing providers can combine their purchasing power to lower utility costs and create efficiency across communities. Relieving some of the burden on providers gives them the capacity to invest in and grow their own local economies,” said Michael Haberman, head of JPMorgan Chase Philanthropy in the Northeast region.
About JPMorgan Chase
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $2.5 trillion and operations worldwide. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing, and asset management. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of consumers in the United States and many of the world’s most prominent corporate, institutional and government clients under its J.P. Morgan and Chase brands. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.
About Bright Power
Bright Power is a trusted energy management partner for real estate owners, managers, and their residents. The company’s practical energy solutions – including efficiency, solar energy, benchmarking, energy auditing, and commodity procurement – save building owners energy, money, and time. With particular expertise in multifamily residential buildings, Bright Power provides clients with energy solutions that reduce waste, improve cash flow, and achieve energy law compliance. Learn more about how your building can better use energy at www.brightpower.com