Power Monitoring Expert v2020: Error while launching PME thick applications (Management Console/Vista/Designer)

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Issue
In few sites after successful installation of PME v2020 it was observed below errors while launching PME thick applications like Management Console, Vista and Designer.

Environment
Power Monitoring Expert v2020

Cause
The issue is due to LAN proxy server settings blocking connection to local address (localhost).

Resolution
To fix this issue either
> Disable Proxy server.
or
> Enable the bypass proxy server for local address.

This setting is accessible by opening Internet Explorer > Tools > Internet Options > Connections > LAN Settings > Proxy Server