Fuels Broker Pricelock Expands to Natural Gas, Electricity Coming Soon

Pricelock, which to date has focused on brokering motor fuels, has expanded its procurement services to include an online auction for natural gas procurement by large retail customers and wholesale buyers.

The Pricelock Marketplace online auction offers both live and sealed bid auctions for natural gas supply to government, commercial, and industrial customers as well as other large buyers, such as distribution utilities and electricity generators.

Pricelock said that an auction for electricity will be available "[i]n the near future."

Pricelock said that its natural gas auctions support base usage, peaking, and weather contingent options. Pricelock said that the platform easily identifies pipelines and injection points, and allow suppliers to make multiple offers on a variety of quantities at some or all of the pooling points.

The platform also allows customers to invite specific suppliers to participate, and to limit those suppliers which participate.