General Dynamics Land Systems Makes Strategic Energy Purchases through World Energy
Industrial Leader "Greens" Energy Portfolio, Procures Electricity via Online Auctions
STERLING HEIGHTS, MI and WORCESTER, MA, Jan. 13 /PRNewswire-FirstCall/ - World Energy Solutions, Inc. (NASDAQ: XWES; TSX: XWE), an operator of online exchanges for energy and green commodities, today announced General Dynamics Land Systems (GDLS), a subsidiary of General Dynamics Corporation (NYSE: GD), successfully procured electricity and green power for its division headquarters over the World Energy Exchange(R).
The new 24-month electricity contract commenced January 1, 2010. In addition, General Dynamics Land Systems purchased renewable energy certificates (RECs) for 25% of its total load, the company's most significant investment in green power to date. The RECs come from national wind sources that meet requirements for inclusion in the EPA Green Power Partnership and LEED Certification. The new contract follows a successful electricity and green power procurement World Energy ran for the GDLS Scranton, Pennsylvania facility, which netted 10% renewable energy for the plant.
"World Energy was instrumental in helping us get to market quickly, solicit competitive supply, and secure a new energy contract before Michigan's cap on switching to third-party supply was reached," said Gary King, Director, Manufacturing Development at General Dynamics Land Systems. "With World Energy, we were not only able to secure an electricity contract at approximately 10% below the utility's published rate for 2010, but also able to commit to 25% renewable energy, which is a win for our company, our employees, and the environment."
Added Phil Adams, President, World Energy: "2009 proved to be an important year in the evolution of energy deregulation, one in which long dormant markets finally began to open to competitive supply. Such was the case in Michigan, where new rules created an opening for GDLS' to shop the market, beat the utility's published rate and green its portfolio. We remain laser-focused on helping our customers prepare for, and capitalize on, opportunities in deregulated energy markets, and are happy to have conducted another successful procurement event on behalf of a General Dynamics company."
To date, World Energy has run competitive electricity procurement events for multiple General Dynamics divisions, including General Dynamics Land Systems, General Dynamics Armament and Technical Products (GDATP), and Bath Iron Works.
About General Dynamics
General Dynamics (NYSE: GD), headquartered in Falls Church, Va., employs approximately 92,300 people worldwide. The company is a market leader in business aviation; land and expeditionary combat systems, armaments and munitions; shipbuilding and marine systems; and information systems and technologies. More information about General Dynamics is available online at www.gd.com.
About World Energy Solutions, Inc.
World Energy (NASDAQ: XWES; TSX: XWE) operates online exchanges for energy and green commodities. For buyers and sellers of electricity, natural gas, capacity, and green-energy assets who are impacted by today's volatile markets, World Energy's proven approach has transformed the normally complex procurement process into a powerful, streamlined vehicle for cost savings. In addition to enabling customers to seek competitive pricing on traditional energy commodities, World Energy is taking a leadership position in the emerging environmental-commodities markets. Its award-winning World Green Exchange(R) supports the ground-breaking Regional Greenhouse Gas Initiative's (RGGI) cap and trade program for CO(2) emissions. For more information, please visit www.worldenergy.com.
This press release contains forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ from those indicated in the forward-looking statements. Such risks and uncertainties include, but are not limited to: our revenue is dependent on actual future energy purchases pursuant to completed procurements; the demand for our services is affected by changes in regulated prices or cyclicality or volatility in competitive market prices for energy; we depend on a small number of key energy consumers, suppliers and channel partners; there are factors outside our control that affect transaction volume in the electricity market; and there are other factors identified in our Annual Report on Form 10-K and subsequent reports filed with the Securities and Exchange Commission.
SOURCE World Energy Solutions, Inc.