Large Retailers Speak Out in Support of Competitive Electricity Markets

Washington, D.C., May 16, 2005 COMPETE, a national coalition promoting the public interest benefits of competitive electricity markets, today praised 11 of the nation’s largest retailers and commercial property owners for their strong endorsement of state and federal policies promoting competitive electricity markets.

In a May 16 letter to President Bush, 11 companies – including many household name retailers – underscored the “substantial savings on electricity costs” to be derived from competitive electricity markets and further asserted that such savings can, in turn, be “passed on to customers through lower cost consumer goods and services.” “Fostering legislative and regulatory policies which allow commercial electricity users to manage their energy purchases is critical to achieving such savings,” the companies added.

Among those signing the letter to President Bush were: 7-Eleven, A&P, Best Buy, Big Lots Stores, Crescent Real Estate Equities, Federated Department Stores (Bloomingdale’s, Macy’s), Hines, J.C. Penney Company, May Department Stores (Lord & Taylor, Marshall Field’s, Filene’s), RadioShack and Wal-Mart Stores (Wal-Mart, Sam’s Club). Collectively, the signatory companies represent 2.2 million U.S. jobs and 20,000 facilities and spend over $2.2 billion per year on electricity.

“Our nation’s retailers are at the front lines of U.S. economic growth,” said former U.S. Senator Don Nickles, COMPETE’s chairman. “Their first-hand experience, attesting to the lowest-available cost benefits of competitive electricity markets, sends a powerful message to federal lawmakers and regulators. We are pleased to have them join us in this important public policy initiative,” Senator Nickles added.

Copies of the letter were sent to House and Senate leadership and the chairmen and ranking members of the House Energy and Commerce and Senate Energy and Natural Resources Committees, the latter of which begins its mark up of comprehensive energy legislation this week.

A copy of the May 16 letter to President Bush can be found at www.competecoalition.com