State of Delaware Greens Energy Portfolio, Saves Over $13 Million on Electricity Costs with World Energy
Key Contract Renewal Extends World Energy's Leadership in Government Sector
DOVER, DE and WORCESTER, MA, April 19 /PRNewswire-FirstCall/ - World Energy Solutions, Inc. (NASDAQ: XWES; TSX: XWE), a leading energy management services firm, today announced the State of Delaware has successfully contracted for over 800,000,000 kWh of electricity and renewable energy using the World Energy Exchange(R). The 36-month contract - awarded to Washington Gas Energy Services and commencing on July 1, 2010 - is projected to save Delaware and its aggregation partners over $13 million, while advancing the State's sustainability goals. Twenty-five percent of the awarded load will come from renewable sources, which, in addition to State-required renewable portfolio standards (RPS), will bring Delaware's total percentage of clean energy to over thirty.
World Energy worked closely with the State on this strategic energy procurement, providing ongoing counsel, developing and running multiple RFPs, managing communications with the supplier community and, ultimately, running a fair, transparent and highly competitive set of online pricing events. The auctions, conducted April 8, 2010, tested multiple parameters, including term lengths and mixes of green and traditional energy, providing the State excellent price discovery and a competitive dynamic that yielded a high percentage of green power at a low cost.
In a previously released statement, Governor Markell said: "We will continue to push for ways to drive down the cost of government. These electricity agreements not only save taxpayers' money but allow the state to increase the amount of clean power it uses in state facilities. I am pleased we were able to make energy purchases that represent a win-win for Delawareans."
Added Ann Visalli, director of the Office of Management and Budget: "We are very pleased with the results of today's auction. By combining our electricity purchase with all of our aggregation partners, we were able to secure very favorable prices from electricity generators using the innovative reverse auction methodology."
The State's partners for the energy bid included school districts, volunteer fire companies, New Castle County, Kent County, Sussex County, the University of Delaware, Delaware Technical and Community College, the Delaware Solid Waste Authority and the Riverfront Development Corporation, along with other Delaware cities, towns and municipalities.
Concluded Phil Adams, President of World Energy: "Energy buyers like the State of Delaware turn to us for their high-stakes, high-visibility procurements because they know World Energy will deliver. Our track record managing procurements for Government and Utility customers - where there is significant stakeholder scrutiny, a high degree of complexity and the need to optimize the often-conflicting goals of fiscal responsibility and environmental stewardship - is second to none and has earned us a loyal base of repeat customers."
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, demand response, and green-energy assets, 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 CO2 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; 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.