Freepoint Commodities Selected by Footprint Power to Manage Salem Harbor Power Station

Freepoint will oversee all aspects of marketing Salem Harbor Power Station's coal and oil plants

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Aug 08, 2012, 09:00 ET

STAMFORD, Conn., Aug. 8, 2012 /PRNewswire/ -- Freepoint Commodities LLC, a physical commodity merchant, today announced the company has been selected by Footprint Power LLC, a New Jersey-based power company, as the energy manager for the 63-acre Salem Harbor Power Station, in Salem, Massachusetts.

Starting immediately, Freepoint will be managing all aspects of marketing for the coal and oil plants at Salem Harbor Power Station. Freepoint will be in charge of fuel procurement and sales, energy hedging, and bidding and scheduling optimization with the New England ISO. Additionally, Freepoint will be providing liquidity to the new enterprise by purchasing existing fuel inventories.

"Winning this assignment to manage the Salem Harbor Power Plants is an exciting accomplishment for us at Freepoint," said Murat Alptekin, Managing Director of Freepoint Commodities. "We are looking forward to bringing our expertise in the North American physical and financial commodity markets and our asset management experience to Salem Harbor Power Station."

About Freepoint Commodities:

Founded by former Sempra Energy Trading executives, Freepoint Commodities is a physical commodity merchant based in Stamford, Connecticut. The company initiated trading in June 2011 and today has more than 200 employees in U.S. offices in Stamford, Denver, Houston, Louisville, and Boise, with international offices in London, Toronto, and Zug. The company's markets currently include North American and European gas and power, crude and oil products, emissions, coal, and metals. Management, employees and private equity funds managed by Stone Point Capital have provided the initial equity capital for the company.