BOSTON Apr 12, 2010 (BUSINESS WIRE)-- CRA International, Inc. (NASDAQ: CRAI), a worldwide leader in providing management, economic, and financial consulting services, today announced its role as the Competitive Bidding Process (CBP) Auction Manager for The Cleveland Electric Illuminating Company, The Toledo Edison Company, and Ohio Edison Company. The CBP is a solicitation process by which the utilities are seeking to procure full requirements electricity service for their customers who do not choose alternative generation suppliers.
The CBP auctions will procure service for a 36-month period from June 1, 2011 through May 31, 2014. The first auction is expected to take place in July 2010. As CBP Manager, CRA will manage the auction process. A descending-price clock bidding format will be used. CRA managed a similar competitive bidding process for FirstEnergy's Ohio utilities that culminated in a successful auction in May 2009 and that procured electricity through the delivery period ending May 2011.
The CBP process is being conducted pursuant to the FirstEnergy Ohio utilities' Stipulated Electric Security Plan filing in Case No. 10-0388-EL-SSO and is subject to approval and modification by the Public Utilities Commission of Ohio.
CRA will host the first bidder information session on Thursday, April 15 at 2:00 pm ET via a Webcast. Additional information about the first bidder information session and the competitive bidding process in general can be found at the CBP Information Website at http://www.firstenergycbp.com.
"We are delighted to be working again with the FirstEnergy Ohio utilities, utilizing our experience in designing and managing competitive bidding processes," said CRA's President and Chief Executive Officer Paul Maleh. "We look forward to continuing the successful competitive bidding process for the procurement of generation supplies for the companies' standard service offer electricity customers."
About CRA's Auctions & Competitive Bidding Practice
For 15 years, CRA has been offering businesses, governments, and other market participants extensive experience in the design, implementation, and monitoring of auctions and other transaction mechanisms as well as in advising bidders in these market mechanisms. CRA has developed and/or managed auctions and other market mechanisms for a range of industries including commodities, energy, telecommunications, transportation, oil and gas, natural resources, and metals & minerals.
About CRA International / Charles River Associates (CRA)
Charles River Associates(R) is a global consulting firm specializing in litigation, regulatory, and financial consulting, and management consulting. CRA advises clients on economic and financial matters pertaining to litigation and regulatory proceedings, and guides corporations through critical business strategy and performance-related issues. Since 1965, clients have engaged CRA for its unique combination of functional expertise and industry knowledge, and for its objective solutions to complex problems. Headquartered in Boston, CRA has offices throughout North America, Europe, the Middle East, and Asia. Detailed information about Charles River Associates, a registered trade name of CRA International, Inc., is available at http://www.crai.com.
Statements in this press release concerning the Auctions & Competitive Bidding Practice, CRA's role as the Competitive Bidding Process (CBP) Auction Manager for The Cleveland Electric Illuminating Company, The Toledo Edison Company, and Ohio Edison Company, future business, operating results, estimated cost savings, and financial condition of the Company and statements using the terms "anticipates," "believes," "expects," "should," or similar expressions, are "forward-looking" statements as defined in the Private Securities Litigation Reform Act of 1995. These statements are based upon management's current expectations and are subject to a number of factors and uncertainties. Information contained in these forward-looking statements is inherently uncertain and actual performance and results may differ materially due to many important factors. Such factors that could cause actual results to differ materially from any forward-looking statements made by the Company include, among others, the Company's restructuring costs and attributable annual cost savings, changes in the Company's effective tax rate, share dilution from the Company's convertible debt offering and stock-based compensation, dependence on key personnel, attracting and retaining qualified consultants, dependence on outside experts, utilization rates, factors related to its acquisitions, including integration of personnel, clients, offices, and unanticipated expenses and liabilities, the risk of impairment write downs to the Company's intangible assets, including goodwill, if the Company's enterprise value declines below certain levels, risks associated with acquisitions it may make in the future, risks inherent in international operations, the performance of NeuCo, changes in accounting standards, rules and regulations, changes in the law that affect its practice areas, management of new offices, the potential loss of clients, the ability of customers to terminate the Company's engagements on short notice, dependence on the growth of the Company's business consulting practice, the unpredictable nature of litigation-related projects, the ability of the Company to integrate successfully new consultants into its practice, general economic conditions, intense competition, risks inherent in litigation, and professional liability. Further information on these and other potential factors that could affect the Company's financial results is included in the Company's periodic filings with the Securities and Exchange Commission. The Company cannot guarantee any future results, levels of activity, performance or achievement. The Company undertakes no obligation to update any of its forward-looking statements after the date of this press release.
SOURCE: CRA International, Inc.
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