NORWALK, Conn., Dec. 19, 2012 /PRNewswire/ -- Verde Energy USA ("Verde"), a leading electricity retailer and provider of energy efficiency solutions, today announced that it has been selected by the Illinois communities of Glen Ellyn, Hinckley, Oak Lawn, and Somonauk to provide energy under their electricity choice aggregation programs. The selections were made following competitive Request-for-Proposal ("RFP") processes in each of the communities. Including these four new communities, Verde will provide power to twelve municipalities and over 50,000 customers under municipal aggregation, which adds to the thousands of individual customers Verde already services outside of municipal aggregation programs in Illinois. The Company also recently announced the establishment of two energy storage projects in the cities of St. Charles and Naperville.
Under the terms of the agreements with Glenn Ellyn, Hinckley, Oak Lawn and Somonauk, residents will enjoy a fixed-rate supply of electricity, with savings of up to 40 percent off current utility rates*. They will also have unlimited access to Verde Energy Savings Solutions (ESS) tools. These web-based tools, available exclusively to Verde Energy USA customers, allow users to monitor and analyze their monthly energy usage, access information on how they can reduce their energy consumption, and purchase energy-saving products at a discount. Oak Lawn, Hinckley, and Somonauk residents have the option to individually select 100% renewable energy supply. All Glen Ellyn residents will all be enrolled under a 100% renewable product.
Thomas FitzGerald, President and CEO of Verde Energy USA, said, "With these most recent contract wins, we continue to expand our business in Illinois and deepen our relationships with the communities and customers we serve. Our ability to come out on top in these competitive bids demonstrates the on-going strength of Verde Energy Solutions' offerings, both in terms of their cost-effectiveness and clean technologies. We're especially pleased with these wins in the wake of the establishment of our exciting new energy storage projects in St. Charles and Naperville."
These four wins follow the recent announcements of pioneering energy storage projects that Verde has undertaken with the Illinois cities of St. Charles and Naperville. These projects are key examples of Verde's energy solutions capabilities. Verde invested the funds necessary to purchase and install Ice Energy's Ice Bear™ technology, an intelligent, smart grid-enabled, distributed energy storage system, in a municipal building in each community. The system will deliver greater energy efficiency, reduce costs, and enhance grid reliability related to air conditioning. The projects will begin this month and continue throughout 2013, while Verde and the cities collect data and assess results.
*Estimated based on a comparison to the weighted average of ComEd's BES residential (non-electric space heating) Price to Compare (PTC) for the period from November 2012 to May 2013.
About Verde Energy Solutions
Verde Energy USA is a rapidly growing Retail Energy Supplier focused on the residential and small to mid-size commercial power markets. Through Verde Energy Solutions, its wholly-owned subsidiary, Verde aims to broaden and accelerate the adoption of state-of-the-art clean energy technologies. Headquartered in Norwalk, Connecticut, Verde Energy USA has grown substantially since its market launch in November 2009. Currently servicing markets in Connecticut, New Jersey, Pennsylvania, Illinois and Ohio, Verde is strategically positioned for continued growth in new markets including New York, Massachusetts, and Maryland. For more information, visit www.verdeenergyusa.com.
SOURCE Verde Energy USA