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ACES Board Chairman, Clifton Karnei announced today that Michael T. Steffes has been named the Acting President and CEO of ACES effective immediately.  Mike has been with ACES for 13 years and most recently served as the Senior Vice President and Chief Operating Officer for the company.  Mike’s appointment allows the company to continue to provide high quality services to its Members and Customers, and to pursue its extensive business plan initiatives without any disruption.  Mike will assume the position of Acting President and CEO effective immediately.

Chairman Karnei stated, “We wish David well with his new opportunity.  He is leaving at a time when the company is in excellent operational and financial condition due to his leadership.  We are also very fortunate to have someone as capable as Mike Steffes to take over for David.  Mike knows ACES’ culture, strategies, business processes, control environment, and commercial operations extremely well, so the company is in good hands.”

Mike Steffes commented, “David Tudor has been a wonderful leader, role model, and mentor to numerous ACES employees since he became the CEO in 1999.  His industry knowledge, innovation, vision, and attitude have helped grow ACES into a national energy organization.  I look forward to continuing his methods and approaches to make ACES even better – what he would want.”

“ACES is a leader in the energy industry with strong and capable management and employees.  I leave this organization with confidence that it will continue to be successful because of the business methodology and unique services it provides on a national scale, and because of the first-class management team that will continue what we have begun.  I am truly fortunate to have been selected to lead the company 14 years ago” said David Tudor.

About ACES

ACES transacts several billion dollars annually on behalf of its Clients, who operate in nearly every wholesale electric market region of the US and have a collective portfolio of approximately 47,000 MW of both load and resources. Providing services “as agent,” ACES represents its Clients in the marketplace, working to manage energy risk. Because ACES does not buy or sell energy on its own behalf, it avoids conflicts of interest and ensures consistent and complete alignment with the best interests of the organizations it serves.

 Questions for ACES can be directed to John Sturm, Vice President of Corporate and Regulatory Affairs, at (317) 344 -7034 or johnst@acespower.com.

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“With the changing market landscape that will bring the MISO Regional Transmission Organization to our area of the country, we had to enhance our operation for the new MISO marketplace in the Entergy region,” said SME General Manager and CEO James Compton. “We felt our best course of action was to join ACES. The key to our Membership decision was ACES’ willingness to take the time and effort up front to learn our system and understand our exact needs surrounding a transition into the MISO marketplace.”

According to ACES President and CEO David Tudor, “SME has a very sound operation, but we appreciate their recognition that ACES has a proven track record of managing risk, assets, and load in the MISO marketplace. When an entity is faced with an entirely new way of doing business, such as transitioning to a Regional Transmission Organization, we have a very cost effective and efficient solution for filling operational gaps.”

About ACES

ACES transacts several billion dollars annually on behalf of its Clients, who operate in nearly everywholesale electric market region of the US and have a collective portfolio of approximately 47,000 MW of both load and resources. Providing services “as agent,” ACES represents its Clients in the marketplace, working to manage energy risk. Because ACES does not buy or sell energy on its own behalf, it avoids conflicts of interest and ensures consistent and complete alignment with the best interests of the organizations it serves.

About SME

South Mississippi Electric is a not-for-profit cooperative that generates, transmits and sells wholesale electric energy to 11 Member distribution cooperatives. These 11 Member systems own and maintain approximately 56,300 miles of distribution lines and provide service to approximately 410,000 homes and businesses in 56 of Mississippi’s 82 counties, across 52 percent of the state’s land mass. South Mississippi Electric’s primary purpose is to provide affordable and reliable electric energy to its Members. The mission is accomplished by focusing on the core fundamentals of power generation, power purchasing, power delivery, and fuel-risk mitigation. For more information, visit www.smepa.coop.

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“The term ‘Power Marketing’ was starting to prove limiting as ACES provides services in energy commodities beyond electricity,” said ACES President and CEO, David Tudor. “Our Clients choose ACES because of our wide range of service offerings, consistent performance, and ‘as agent’ business model. Rebranding as ACES and the new tagline, ‘excellence in energy’, more accurately communicates who we are and the value of our services.”

Earlier in the year, ACES engaged a branding consultant (Kristian Anderson + Associates) to aid the company’s employee team in developing the new name, logo, and tagline. Pete Gall, KA+A’s Director of Brand & Content Strategy said, “We found in ACES a unique culture and business model that seemed to be looking for a way to appeal to a larger audience of clients in the future. We found that the energy markets already viewed them as ‘ACES’ and suggested that shortening the company’s name, updating the logo, and adding a tagline would strengthen an already strong image”.

About ACES

ACES transacts several billion dollars annually on behalf of its Clients, who operate in nearly every wholesale electric market region of the US and have a collective portfolio of approximately 47,000 MW of both load and resources. Providing services “as agent,” ACES represents its Clients in the marketplace, working to manage energy risk. Because ACES does not buy or sell energy on its own behalf, it avoids conflicts of interest and ensures consistent and complete alignment with the best interests of the organizations it serves.

About KA+A

KA+A is not an ad agency, a marketing company, a development shop, or a public relations firm. They are a strategic design consultancy – singularly focused on creating and aligning brands, products, and services for maximum value creation. They do this by delivering compelling brand experiences, developing new business models, innovating new products and services, and solving complex business challenges on behalf of their clients. More information on KA+A can be found at www.kaplusa.com.

Questions for ACES can be direct to John Sturm, Vice President of Corporate and Regulatory Affairs, at (317) 344 -7034 or johnst@acespower.com.

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ACES was previously leasing a facility and decided to make the move based on a favorable real estate market and purchase a facility that would allow for business growth and service expansion.

The ERTC currently houses 25 of ACES’ 211 employees. Commenting on the new facility, ACES’ President and CEO, David J. Tudor stated, “The purchase made sense from both a financial and growth standpoint. The new building will give us the physical space needed to grow with our Clients as well as expand our scope of services being delivered out of the ERTC.”

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Arkansas Electric Cooperative Corporation (AECC), a generation and transmission cooperative serving local distribution cooperatives in the state of Arkansas, has joined as the 19th member of ACES, effective November 1st, 2011. ACES is a 200-employee national energy risk management and trading services company headquartered in Carmel, Indiana.

ACES will provide AECC with a suite of energy risk management services related to credit analysis and monitoring, contract administration, trading controls, risk management policy development, regulatory coverage, portfolio modeling, and transmission and pricing analysis. AECC selected the specific services it initially needs from ACES, but will have the opportunity to select other services as its resource portfolio, energy markets and fuel risks change.

“We are facing a major change in the way we do business primarily driven by the Southwest Power Pool’s developing market and Entergy’s stated intention to join MISO (the Midwest Independent System Operator) in late 2012 or early 2013,” said Ricky Bittle, Vice President of Planning, Rates and Dispatching for AECC. “ACES has broad experience helping G&T cooperatives manage their resources in structured power markets. We will be looking to ACES to augment the capabilities of our existing staff so that we can successfully make that transition.”

David J. Tudor, President & CEO of ACES, added “We are very pleased to have
AECC as our second member in the Southeast U.S. We have a good understanding of the risks and challenges AECC is facing because of Entergy’s decision. Our flexible business model will allow them to decide exactly what kind of assistance their staff needs from us – both now and in the future.”

ACES will station a trading control expert at AECC’s headquarters in Little Rock, according to Jeff Hume, the ACES Director of Business Development who negotiated the membership agreement. “One of the things we emphasized with AECC is the importance of identifying power supply risks so that the board can develop policies and establish limits around those risks. Trading control personnel make sure those limits are maintained.”

About AECC
Arkansas Electric Cooperative Corporation (AECC), based in Little Rock, provides power for about 490,000 members of Arkansas’ 17 electric distribution cooperatives. AECC has annual energy sales of about $669 million and assets of about $1.1 billion which include three hydropower plants, three natural gas/oil-fired plants and two natural gas-fired-only plants. AECC also co-owns portions of three low-cost coal-fired plants. AECC is an active participant in wholesale power markets to take advantage of economical power purchase and sales opportunities.

Questions for Arkansas Electric Cooperative Corporation can be directed to Douglas White, Vice President, Electric Cooperatives of Arkansas, at (501) 570-2291 or dwhite@aecc.com.

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Since 2006 ACES has been providing Roseville with a suite of front office, middle office, back office, and IT and reporting services.

Front office services provided by ACES include as-agent management of day-ahead and real-time power and gas transactions, generation dispatch, development of daily gas and electric strategies, and helping Roseville develop and implement long-term risk-hedging strategies. Middle office services include credit services, contract administration, and trading controls (including the capture, verification, and monitoring of all market transactions). Back office services include the settlement of bilateral and CaISO energy transactions.

“We’re a satisfied customer,” said Michelle Bertolino, Director of Roseville Electric. “We continue to believe that ACES’ services provide good value for Roseville, and allow us to do a better job of managing risk, and power and gas costs.”

“Although we survey customers annually as part of our effort to provide quality services, the ultimate test of how we are performing comes at contract renewal time,” added David J. Tudor, President and CEO of ACES. “Roseville is a valued customer, and we are extremely pleased that they chose to continue taking ACES services.”

About Roseville
Located in Placer County along the eastern edge of the Sacramento Valley, at the base of the Sierra Nevada foothills, Roseville is about 16 miles from Sacramento, the state capital. What started as a town developed by disappointed miners from the famed 1849 Gold Rush has blossomed into a thoroughly developed, independent city with an estimated population of 120,000. Roseville incorporated on April 10, 1909 and is a charter city operating under a City Manager-Council form of government.

About ACES Power Marketing
ACES Power Marketing, headquartered in Carmel, Indiana, began its operations in February of 1999, and is owned by eighteen (18) power supply cooperatives. It also provides services to over 50 customers including cooperatives, municipals, irrigation and public water agencies, financial institutions, industrial companies, and independent power producers.

ACES’ business strategy is unique in the energy marketing and trading industry. It operates as an energy risk management and hedge manager, developing strategies, implementing trading controls, and managing transaction execution for multiple entities as their legal agent. ACES’ business process allows its customers to actively participate in the hedging strategy by collectively utilizing ACES’ infrastructure and resources to assess risks and execute specific, customized portfolio strategies. ACES does not transact for its own account, nor does it speculate in the market for its Clients.

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ACES – a nationally recognized wholesale energy risk management and transaction execution service company – has entered into a long-term services agreement with Okanogan County Public Utility District No. 1, located in Washington State, to assist Okanogan’s current Slice manager by monitoring Slice Contract schedules during non-business (off-peak) hours and, advising on necessary schedule changes. Okanogan’s current Slice manager is Douglas County PUD.

ACES has begun the implementation process, and expects to go-live with its services on October 1, 2011, the anticipated launch date for BPA’s new Slice Product.

The innovative agreement between ACESand Okanogan allows Okanogan to retain its existing Slice manager while insuring that the incremental demands of the new BPA Slice Contract are met, taking advantage of ACES 24-hour operations and seven real-time trading and scheduling desks. “ACES flexible service offerings allowed Okanogan to take just the services we needed,” said John Grubich, Okanogan County PUD General Manager. “This agreement will allow us to retain Douglas PUD as our Slice manager while giving us the flexibility to respond to changes in the new BPA Slice Contract we signed last year.”

“This service agreement with Okanogan fits well with our strategy of controlled, incremental growth, and it creates an opportunity for ACES to expand its existing customer base and service offerings in the Pacific Northwest,” said David J. Tudor, President and CEO of ACES.

About Okanogan

The Mission of the Okanogan County PUD is to provide dependable, not-for-profit utility services governed by, and for the benefit of, their customers in a safe and environmentally responsible manner. Okanogan County PUD serves over 20,000 customers with annual retail sales of over 570,000 MWh.

Questions for Okanogan PUD can be directed to Ron Gadeberg, Power Resource Manager, at (509) 422-8488 or rong@okpud.org.

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Carmel, Indiana

ACES – a nationally recognized wholesale energy risk management and transaction execution service company – significantly expanded its presence in the western U.S. electricity market on May 1st by opening its West Regional Trading Center (WRTC) in Benson, AZ. In conjunction with this opening, nine staff members have transitioned from Arizona Electric Power Cooperative (AEPCO) to become ACES staff, and ACES modified its service agreement with AEPCO to expand the services provided to include electricity and natural gas trade execution services (on an as-agent basis).

Furthermore, on October 1st, 2011, AEPCO will begin providing trade execution services to the Central Arizona Water Conservation District (CAWCD) to support approximately 475MW of peak load, in addition to AEPCO’s existing 575MW of firm peak load. ACES, as AEPCO’s agent in the WECC market, will play a pivotal role in supporting AEPCO’s service agreement with CAWCD, including expanding the trading operations at the new WRTC.

Patrick Ledger, Executive Vice President and CEO of AEPCO stated “Our Board and senior management thoroughly evaluated the decision to leverage our membership in ACES more fully. We feel that blending our existing trading staff into the ACES culture will result in a more efficient and sophisticated trading operation and will benefit AEPCO’s members and customers for a long time to come.”

“Establishing a Regional Trading Center in Arizona has benefits for both ACES and AEPCO. It meets our strategic goal of expanding our business in the West while assisting AEPCO with their business goals,” explained David J. Tudor, President and CEO of ACES.

About AEPCO
AEPCO owns and operates the 600 MW (gross rated) Apache generating station in Cochise, Arizona, east of Benson and south of Willcox. AEPCO is the generating entity of Arizona’s G&T Cooperatives (www.azgt.coop) which also includes Southwest Transmission Cooperative, Inc., (SWTC), the transmission side of operations, and Sierra Southwest Cooperative Services, Inc., (Sierra) which provides the manpower and support services for the three cooperatives. . Arizona’s G&T Cooperatives are members of Touchstone Energy (www.touchstoneenergy.com) with “The Power of Human Connections.”

Questions for Arizona Electric Power Cooperative can be directed to Geoff Oldfather, Communications and Public Relations Manager at (520) 586-5465 or oldfather@ssw.coop.

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Prairie Power, Inc. (PPI), an Illinois based wholesale power cooperative, has joined as the 18th Member-Owner of ACES, effective January 1, 2011. ACES is a 200 employee national energy risk management and trading services company headquartered in Carmel, Indiana.

ACES will provide Prairie Power a broad suite of energy risk management services related to portfolio modeling and risk analytics, transmission congestion evaluations, mid-term trading, and long-term origination. Prairie Power selected the specific services it initially needs from ACES, but will have the opportunity to select other services as its resource portfolio, energy markets, and fuel risks change.

“ACES demonstrated to us they deserved our business and that they have sound, cost-effective solutions to help us manage our wholesale energy needs and risk,” said
Jay Bartlett, Prairie Power President & CEO.

David Tudor, President & CEO of ACES added “Prairie Power gradually
changed its power supply portfolio over the last couple of years and was seeking more
sophisticated analytical tools and market intelligence. We are excited about the opportunity to complement Prairie Power’s fine staff with these services and look forward to a long term, growing relationship.”

About Prairie Power, Inc.
Prairie Power, Inc. is a Member-owned, not-for-profit electric generation and transmission
cooperative located in Jacksonville, IL. PPI produces, purchases, and delivers over 1.5 million megawatt-hours of electricity to its 10 Member-owned electric distribution cooperatives. PPI’s distribution cooperatives provide retail electric service to over 78,000 residential, agricultural, commercial and industrial consumer-members throughout central Illinois. PPI is one of more than 60 generation and transmission (G&T) cooperatives that supply wholesale electric power to rural electric utilities in the United States.

PPI owns and operates approximately 574 miles of transmission at 138 kV, 69 kV, and 34.5 kV serving 78 distribution and transmission substations. PPI owns and operates 22 MW of coal fired base load generation, 150 MW of oil and gas-fired peaking units, and has an 8.2 percent joint ownership interest in the 1,600 MW Prairie State advanced clean-coal technology plant under development in Southern Illinois. PPI is also one of over 700 Touchstone Energy® Cooperatives in the United States. See http://www.ppi.coop/assets.htm for more information.

Questions for Prairie Power can be directed to Greg Nieman, Director Administrative Services, at 217-245-6161 or gnieman@ppi.coop.

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