NY Real Estate Group Procures Natural Gas Via EMEX
The Nelson Management Group procured natural gas through EMEX’s live reverse auction and is forecasted to see a $400,000 reduction in energy costs.
In order to mitigate and manage energy commodity risk, EMEX provided a review of Nelson Management Group’s portfolios, including consumption patterns and an assessment of both commodity and ownership risk-tolerances.
Nelson Management Group, which specializes in the management of multi-family properties within the 5 boroughs of New York City, held the live wholesale reverse auction with six natural gas suppliers. By the end of the fast-paced competitive reverse auction that lasted around 10 minutes, the Group was able to take advantage of a forecasted reduction in natural gas costs worth about $400,000 in savings, according to EMEX. The savings will be realized over the 24-month term contract which encompasses two of Nelson Managements facilities in New York.
EMEX says the asset management sector carries higher financial risk-exposure for its energy contracts in part due to its continual acquisition and liquidation of assets, which leads to a greater possibility of incurring early termination fees. EMEX worked with Nelson Management to mitigate the potential for these fees through the custom terms negotiated in its natural gas contracts.
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