August 4, 2008
Affordable Power Surges Forward
HOUSTON, Aug. 4 /PRNewswire/ -- Texas deregulated energy providers have been going through a rough patch in the past several months. At least four Retail Electric Providers have gone out of business, and the main problem appears to be their reliance on the balancing pool coupled with the lack of effective hedging of supply commitments. In the midst of generally bad news, Affordable Power, L.P. has used a more conservative risk management philosophy for increasing success in the deregulated energy markets of Texas.
Affordable Power announced today that it has renewed its energy supply agreement with the Greater Houston Retailers Cooperative Association (GHRA). The GHRA is an area wide trade group composed of approximately 1,300 small to medium-sized retail merchants acting as a cooperative for themselves and their customers. Under the terms of the electricity supply agreement, Affordable Power will supply GHRA Members with approximately 140,000,000 kilowatt hours of electricity. "In today's world, electricity has become more and more expensive, and the purchase of electric power has unfortunately become more and more complicated," observed GHRA Senior Vice President Ike Manji. "Affordable Power's service and honesty have always been excellent," Mr. Manji stated.
Affordable Power's Chairman, Kamran Virani, and President, Lyman Wilkes, represented the retail electric provider in the negotiations with representatives of the GHRA. Both Virani and Wilkes expressed satisfaction with the renewed agreement. "Small business is the backbone of the American economy, and Affordable Power is proud to serve the individual Members of GHRA," observed Virani. "I am especially proud of our staff at Affordable Power because the business people of GHRA follow even the smallest of details closely, and it is an accomplishment to serve these Members in a manner that has deserved this renewal," said Virani. Lyman Wilkes, President, attributed part of his company's success with GHRA, and other accounts, to the Affordable Power philosophy. "The electric power industry is going through one of the most volatile periods in its history, and we feel our job is to provide our customers with the best possible prices and a stable, secure company. While some competitors are prepared to run risks with supply in order to increase profits, our power supply arrangement with Shell Energy North America allows Affordable Power the guarantee that its customers will receive power on the basis, and at the price, they have been promised. We are a little conservative, but we would rather forego some profits than endanger any of our customers," Wilkes concluded.
Affordable Power, L.P. is a licensed Retail Electric Provider in the State of Texas. The Company is headquartered in Houston, Texas, and it serves residential, commercial, and industrial power needs in all deregulated areas of the ERCOT marketplace. Affordable Power of New York plans to commence operations in NYISO before the end of the year.
This release may include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical facts, including, among others, statements regarding Affordable Power's future financial position, business strategy, budgets, reserve information, projected levels of production, projected costs and plans and objectives of management for future operations, are forward-looking statements. Affordable Power typically uses words such as "expect,""anticipate,""estimate,""strategy,""intend,""plan,""target" and "believe" or the negative of those terms or other variations or comparable terminology to identify its forward-looking statements. In particular, statements, express or implied, concerning future operating results, the ability to replace or increase reserves or to increase production, or the ability to generate income or cash flows are forward-looking statements. Forward-looking statements are not guarantees of performance. Although Affordable Power believes the expectations reflected in its forward-looking statements are based on reasonable assumptions, no assurance can be given that these expectations will be achieved.
Affordable Power, L.P.
CONTACT: Rahim Visram of Affordable Power, L.P., +1-713-337-2828,[email protected]
Web site: http://www.affordablepowerinc.com/