CMRC news.........U.S. utility Internet group selects Commerce One
NEW YORK, June 1 (Reuters) - The consortium of U.S. utilities formed early this year
to
develop an Internet-based business-to-business (B2B) marketplace named Commerce
One
Inc. (NasdaqNM:CMRC - news) as its primary technology partner, the companies said
Thursday.
The group of 15 utilities said it added six members -- Carolina Power & Light Co,
(NYSE:CPL
- news); DTE Energy Co.(NYSE:DTE - news); Dominion Resources Inc. (NYSE:D -
news);
El Paso Energy Corp.(NYSE:EPG - news); GPU Inc.(NYSE:GPU - news); and Ontario
Power Generation.
The group also formed Pantellos Corp. to operate and manage an open, independent
Internet
B2B marketplace for the purchase of goods and services other than energy.
When the group was announced in late March, the original members estimated they
accounted
for 50 percent of the non-fuel purchases by utilities, a market they now say totals $130
billion a
year.
The 21 companies have contributed initial capitalisation of $100 million to fund Pantellos'
development. In return, the companies will hold 85 percent of Pantellos' equity, with the
rest
reserved for management, which is now being recruited, according to Pat Hemlepp, a
spokesman for American Electric Power Co. Inc.(NYSE:AEP - news), one of the
original 15.
He declined to say how this equity -- and the investment -- was split among the 21.
Morgan Stanley Dean Witter has been retained as the financial advisor for the new
company,
and the professional services firm of PricewaterhouseCoopers continues to provide
business, the group's statement said.
Besides American Electric Power, the original group included Cinergy (NYSE:CIN -
news), Consolidated Edison Inc (NYSE:ED -
news), Duke Energy (NYSE:DUK - news), Edison International (NYSE:EIX - news),
Entergy Corp. (NYSE:ETR - news),
FirstEnergy Corp. (NYSE:FE - news), FPL Group (NYSE:FPL - news), PG&E Corp.
(NYSE:PCG - news), Public Service
Enterprise Group (NYSE:PEG - news), Reliant Energy (NYSE:REI - news), Sempra
Energy (NYSE:SRE - news), Southern Co
(NYSE:SO - news), TXU Corp. (NYSE:TXU - news) and Unicom (NYSE:UCM -
news).
The group explained Pantellos (pan-TELLos) is derived from a Greek word that can be
interpreted as ``complete'' or ``absolute.''
The name reflects the company's goal of providing integrated e-supply chain solutions to
both buyers and suppliers in the energy
marketplace.
To date, they added, Pantellos has initiated contact with some 1,500 suppliers to begin
forging strong, mutually beneficial
relationships in areas of interest and opportunity to all supply chain participants. |
