REDWOOD CITY, Calif.--(BUSINESS WIRE)--Pricelock, a leader in online energy auctions, announced today that it has successfully completed two coal auctions for American Electric Power (AEP). AEP conducted its first coal auction on Pricelock in December, 2012. Offers were submitted by 21 of the leading mining companies and marketers for CAPP coal. AEP conducted a second auction for PRB coal in which 8 mining and marketing companies participated. AEP awarded the full volumes for both auctions within 24 hours of the auctions.
“Our vision is to make the process of buying energy more efficient for everyone involved,” states Naveen Agarwal, Chief Executive Officer of Pricelock. “This is particularly important for coal buyers who are purchasing more frequently than they have historically. In addition, the installation of pollution control devices has given them the opportunity to consider new sources of coal. Our platform simplifies the procurement process, making them more efficient so they can focus on identifying the best solution for their business,” continued Agarwal.
Pricelock’s online energy transaction platform provides large energy buyers and sellers an easy and efficient way to transact energy and energy-related products. The platform supports transactions for power, natural gas, natural gas storage, distillates, jet fuel, coal and railcar leases. The largest refiners, utilities, power cooperatives, power generators, investment banks, marketers, transportation, industrial and commercial firms participate on the platform. Pricelock’s mission is to innovate and provide liquidity for products that cannot be traded on an exchange.
Pricelock is headquartered in Silicon Valley and is the recipient of several awards including Forbes list of America’s Most Promising Companies, Global Energy Award of Excellence by Platts and Hottest Companies in Silicon Valley by Lead 411. Pricelock’s investors include Goldman Sachs, Barclays, Traveler’s Insurance, RenaissanceRe and Artiman Ventures. To learn more about Pricelock please visit www.pricelock.com.