Redwood City, CA (PRWEB) May 28, 2014
Pricelock, the most innovative platform for energy professionals to transact energy, announced that it has successfully completed auctions and automated RFPs for natural gas pipeline capacity on pipelines across the Northeast and Western US. The interest in auctions from capacity sellers has been met with strong liquidity provided by capacity buyers, including the largest producers, utilities and marketing companies who have participated in the auctions.
"Utilities and Power Generators are adopting Pricelock technology across their entire suite of fuel products. We are seeing very strong interest in both natural gas and coal markets this year. We are delighted with success of pipeline capacity auctions. Adding natural gas capacity auctions to our product mix adds further value to our customers. The energy buying and selling market is clearly aware of our superior technology and customer service, and many of our customers are helping us enter new markets," said Naveen Agarwal, CEO of Pricelock.
Pricelock’s auction platform supports forward and reverse auctions of energy and energy services of all types including natural gas, power, coal, liquid fuels, transportation, capacity and storage. Pricelock’s participant list contains more than 450 buyers and suppliers ranging from the largest producers to smaller specialized firms. In addition to creating competitive markets for physical energy products, Pricelock is able to greatly increase the efficiency of the buying & selling process.
Pricelock allows energy professionals to transact energy products online. The platform supports transactions for all energy products and services including motor and jet fuels, physical natural gas, storage and capacity, power generation and capacity, railcar leases and coal. The largest utilities, power cooperatives, power generators, investment banks, refiners, producers, marketers, transportation, industrial and commercial firms participate on the platform. Pricelock’s mission is to provide liquidity for energy products not traded on an exchange.
Pricelock is headquartered in Silicon Valley and the recipient of several awards including Forbes list of America’s Most Promising Companies, Global Energy Award of Excellence by Platts and TiE50 Top Start-Up. Pricelock’s investors include Goldman Sachs, Barclays, Traveler’s Insurance, RenaissanceRe and Artiman Ventures. To learn more about Pricelock please visit http://www.pricelock.com.