IRVINE, Calif., Feb. 14, 2013 (GLOBE NEWSWIRE) -- Universal Bioenergy Inc., (OTCMarkets:UBRG), a publicly traded independent diversified energy company, announced today that its subsidiary NDR Energy Group's new Electric Power Division is now fully operational and is preparing to start marketing electric power. On February 12, 2013, the Company announced NDR Energy received final approval for its "Power Marketing License" from the Federal Energy Regulatory Commission (FERC). With that approval NDR Energy could begin selling electric power immediately. Universal Bioenergy, forecasts that the sales of electricity is projected to generate an estimated $96 to $384 million in additional revenue for the Company.
The Electric Power Division will market and distribute wholesale electric power to its current electric utility customer base, and retail power to its expanding customer base which will include federal and state agencies, U.S. military, cities, municipalities and large commercial and industrial companies. NDR Energy Group will be able to offer integrated energy solutions that will assist its growing customer base to buy, manage and use electricity and natural gas.
NDR Energy Group's President, Ken Harris says, "I'm very excited to announce that with the approval of the FERC Power Marketers License, NDR Energy's Electric Power Division could begin selling electric power within thirty days to our customers. Our sales team is prepared to engage in the marketing and sales of electric power to some of the largest utility companies in the country. Based on our preliminary forecasts, we believe we could initially sell an estimated 100,000 MW per month, and that could later increase to an estimated 300,000, to 400,000 MW per month. Electric power prices are presently in the range of $60 to $80 per MW. This division will allow us to diversify our energy product offerings and provide us with a foundation to rapidly accelerate our growth and increase our margins. NDR signed a Master Power Purchase and Sale Agreement with an electric power company to purchase wholesale electric power. We are in contract negotiations with two of the largest electric power utilities on the west coast to sell them electricity. We are working to consummate those agreements to begin our power sales. The Electric Power Division is fully operational and ready to sell power."
About Universal Bioenergy Inc.
Founded in 2004, Universal Bioenergy Inc., is a publicly traded independent diversified energy company that produces and markets natural gas, petroleum, coal and propane. We market energy resources to the largest public utilities, electric power producers and local gas distribution companies in the U.S., that serve millions of commercial, industrial and residential customers. We are also engaged in the acquisition and development of existing or recently discovered oil and gas fields, leases and surface coal mines. For more information visit www.universalbioenergy.com
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Safe Harbor Statement - There are matters discussed in this media information that are forward looking statements within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. Such statements are only forecasts and actual events or results may differ materially from those discussed. For a discussion of important factors which could cause actual results to differ from the forward looking statements, refer to Universal Bioenergy Inc.'s most recent annual report and accounts and other SEC filings. The company undertakes no obligation to update publicly, or revise, forward looking statements, whether as a result of new information, future events or otherwise, except to the extent legally required.
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Source:Universal Bioenergy Inc.