USA: Constellation Energy Source, McCormick Sign Energy Alliance
In the strategic partnership, the two companies will develop a multi- faceted program providing McCormick (NYSE: MKC) with an on-going evaluation of energy consumption and a process to optimize energy use and minimize energy costs.
Constellation Energy Source President Greg Jarosinski said his company "will assist McCormick in the management of their energy portfolio. This agreement will allow our experts to analyze and audit their total energy consumption, thus reducing administration time, saving costs, and optimizing profits for McCormick."
Constellation Energy Source has also signed similar national energy outsource agreements in 2000 with The Rouse Company, The Mills Corporation, and Corporate Office Properties Trust.
"With the numerous properties that McCormick operates across the country, this energy outsource agreement makes sense on every level for McCormick and, most importantly, their customers," said Mr. Jarosinski.
"We are committed to working with major corporations like McCormick to manage energy usage. We will monitor and analyze the state-by-state impact of utility deregulation on McCormick nationally and maximize the benefits of energy acquisitions from non-traditional sources," he added.
"If you don't adapt to the changing energy environment quickly, you may not be in a position to take advantage of opportunities to reduce production costs or increase investor value," said Steve Donohue, McCormick's Vice President of Strategic Sourcing.
"The management by Constellation Energy Source of McCormick's blend of office, distribution and production facilities will result in added profitability for the company and, through our energy-efficiency efforts, value for the environment and our customers," Mr. Donohue added.
Constellation Energy Source is a member of Constellation Energy Group (NYSE: CEG), a holding company whose subsidiaries include energy related businesses focused on power marketing, generation, and portfolio management, plus Baltimore Gas and Electric Company, which delivers service to more than 1.1 million electric customers and nearly 600,000 natural gas customers in Central Maryland. Constellation Energy Group reported combined revenues in 1999 of nearly $3.8 billion, and mid-year 2000 assets of $10 billion.
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