PHOTOS & VIDEO: As first reported on our News Alerts yesterday, the Energy Market Exchange (EMEX) reverse auction held yesterday morning at the Township, ended as a resounding success for Lakewood’s residents.
Six major electric companies elected to take part in the auction, which resulted in a savings for the Township of $128,545.75 per year and $257,091.50 over two years. EMEX executives monitored the auction remotely and explained the ongoing proceedings to Mayor Isaac Akerman and Yehuda Abraham, the Township purchasing agent, who watched the auction as it unfolded.
“This represents a 26.37% savings over what the township has been paying until now and will help to somewhat ease the financial burden in the township,” said Mayor Albert Akerman said. “I look forward to continuing to pursue ideas such as this to reign in government spending just as each household looks to contain expenses in these difficult times. I am very glad to bring closure to this project which was started last year by then-Mayor Miller and myself. I am very grateful to him for his help and support.”
Abraham, who spearheaded the project and guided it to its completion, was pleased with the outcome.
“Officials at EMEX, themselves, were surprised at the fast pace of the auction and the final results. They attributed much of the success of the auction to relatively mild weather predictions for the remainder of the winter. This effort signals a significant move forward for our township.” TLS.
WOW…!!! GREAT JOB !!!
This is the second aticle about this. At least explain what the heck a reverse energy auction is?!!
Nice job. Keep up the good work.
Hey Mayor Ackerman, what’s up with your tie?
Good work!
Kudos!! This is the second aticle about this. At least explain what the heck a reverse energy auction is?!!
A Reverse Auction is the exact opposite of a traditional auction; whereas in a traditional auction “bidders” will outbid one another and the price will rise. A reverse auction is when “bidders” outbid one another and the price is lowered.
Hope this helps!
Yehuda Abraham comes through again!!!!! A Great asset to our Kehilla. Thank you for all you do for us.
If Reb Abraham keeps this up we may get some tax relief!
does this mean that all 25000 property tax payers will get 5 dollars off their tax bill? sounds awesome!
ok now lets lower the taxes!!!
Issac is the man , this stuff happens with sincere leadership . Yes it’s only $5 per person but it adds up and it’s better than other township. The taxes in lakewood are more under controll than most townships although its still way too high . But at least in this town the residents are aware and the poloticians know that so they work to keep taxes down.
The truth is reverse auctions, don’t benefit the end user. Only 6 supplier responded. At the time this auction was held, there were at least 20 different suppliers providing services to NJ customers. You get sub tier suppliers like Liberty Power, Hudson Energy, APG&E, South Jersey Energy. Notice how most of the big players did not participate, Constellation, Direct Energy, First Energy, Integrys, PPL, etc. You get the best price of those willing to participate, not the best price the market can provide. Also, even the best supplier only has to be better than the last supplier, they don’t have to put forth their best possible rate. Lastly, reverse auctions are held at some arbitrary date that has nothing to do with what the market is doing. You could have run that auction on a day the market went higher rather than getting quality advice from an actual energy expert. Suppliers try and take advantage of you on a platform like this. There should never be a reason why a supplier should move almost 2 cents off their original price they showed within a few minutes!