By Joey Gardiner, 22 March 2000 13:37
NEWS An Internet marketplace has been launched to allow business users to buy and sell energy online. Called BuyEnergyOnline.com, the company said it hopes to offer savings of up to 20 per cent on business customers' energy procurement costs. The site uses a reverse auction method - the buyer quotes the price it wants to pay and then waits for one of many potential vendors to match it. The scheme has attracted £180,000 of venture capital money so far, and expects to raise a further £10m in the coming months. Michael Boken, managing director of BuyEnergyOnline.com, said the scheme will reduce costs for purchasers and increase sales opportunities for vendors. The site will also offer news and information on the utility industry.
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