WORCESTER, MA, Oct. 18 /PRNewswire-FirstCall/ - World Energy Solutions, Inc. (TSX: XWE), the operator of leading online exchanges for energy and energy-related products, announced the State of Connecticut has completed its first successful energy auction through the web-based World Energy Exchange. As a result of the initial auction, Connecticut has achieved a high mix of renewable energy, underscoring the State's commitment to mitigating climate change. In addition, the energy contracts achieved through World Energy are expected to generate a total cost savings of $18 million dollars over the 20 month contract period. By leveraging World Energy's proven web-based platform, the State of Connecticut was able to award a series of contracts to supply the State with more than 505 million kilowatt hours (kWh) per year. As part of that total, the participating agencies were able to contract the equivalent of 134,420 MWh of renewable power, which when combined with the State's Renewable Portfolio Standard, yields a 17 percent greening of the state's overall energy portfolio. Connecticut is one of 10 states participating in the Regional Greenhouse Gas Initiative (RGGI), a pioneering cap and trade system to limit greenhouse gas emissions. Out of the 10 RGGI states, Connecticut becomes the fifth to select World Energy for its energy procurement needs, and the sixth state overall. "The World Energy Exchange and their team of knowledgeable industry experts provided even more value than we had anticipated. We were especially pleased with the aggressive pricing we received for green power and given the success of this first procurement, we look forward to leveraging World Energy again to address other energy needs," commented Secretary Robert Genuario at the State of Connecticut. As energy costs continue to rise and concerns regarding climate change escalate, organizations are actively seeking ways to lower costs and procure energy commodities at an optimal price. State and local governments are leading the way, ensuring green power is a significant part of their energy portfolios. By leveraging World Energy's platform, state government customers receive transparent, fair market pricing for any mix of green power they choose. "Our customers have been recognized for achieving outstanding cost savings on energy procurement and commended for their leadership in greening energy portfolios," said Richard Domaleski, CEO and founder of World Energy. "Our deep market knowledge, when combined with the proven success of the Exchange, enables state and local governments to successfully manage their energy portfolio today and throughout the evolution of the market." About World Energy Solutions, Inc. World Energy operates leading online exchanges for energy and energy-related products. Our proven approach provides market intelligence, promotes liquidity, and creates price transparency for all market participants, enabling our customers to transact with confidence and to seek the best possible price. To date, the company has transacted over 40 billion kwh of electricity, 700 million kwh of green power and Renewable Energy Certificates (RECs) and one trillion cubic feet of natural gas. 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.