As Rate Caps Expire across the State, Commercial and Industrial Customers Turn to World Energy to Capitalize on Newly Competitive Markets
PHILADELPHIA, PA and WORCESTER, MA, June 17 /PRNewswire-FirstCall/ - World Energy Solutions, Inc. (NASDAQ: XWES; TSX: XWE), a leading energy management services firm, today announced it is seeing a surge in new power contracts and supplier participation across Pennsylvania's newly opening service territories. Over the last six weeks, World Energy has transacted over 450 million kWh of electricity for a number of PA customers, including The Hill School, Johnson Matthey, Inc. and Snap-on, delivering valuable energy-cost savings and budget certainty - in some cases through 2013.
World Energy is seeing robust deal activity across Pennsylvania's major service territories, including Allegheny, Duquesne, MetEd, PECO, PENELEC and PPL. Customers of all sizes and across vertical markets, including agriculture, consumer goods, education, healthcare, and manufacturing, are successfully leveraging World Energy's award-winning combination of people, process and technology to put competitive energy markets to work for them.
"With rate caps expiring in 2011, The Hill School expected its cost for electricity to increase significantly, but thanks to World Energy and our consultant, Practical Energy Solutions, we now have a contract which provides much-welcomed budget certainty and protection from upside market movement and volatility," said Don Silverson, CFO of The Hill School. "World Energy made our strategic energy purchase easy by attracting a large pool of qualified suppliers to bid for our business and conducted an online auction process that maximized competition and yielded excellent price results. With the elimination of the competitive transition charge in 2011, we expect to pay less for electricity next year."
Added Dave Laipple, Vice President of Sales and Operations at World Energy: "When rate caps were lifted in Ohio last year, World Energy successfully secured nearly ten percent of the market that switched to competitive supply. We're seeing a similar dynamic in Pennsylvania.
"The good news for Pennsylvania businesses is that today's electricity rates are very attractive and, with all of Pennsylvania's rate caps expiring by the end of the year, there are a lot of suppliers hungry for new opportunities. This is a very potent combination. We are seeing excellent liquidity in the newly-opening Allegheny, MetEd, PECO and PENELEC markets, and strong, ongoing liquidity in PPL and Duquesne. Simply put, this means customers can land great deals."
With offices in Berwyn, PA, and a growing network of channel partners throughout the Commonwealth, including APPI, Applied Energy, Commercial Utility Consultants, EnergyWise Consulting and Practical Energy, World Energy is actively serving the electricity, natural gas and renewable energy needs of Pennsylvania businesses. World Energy also boasts one of the industry's largest pools of registered suppliers and a sales and operations team steeped in Pennsylvania and national deregulated energy markets, making it easy for customers to capitalize on their energy opportunities.
About World Energy Solutions, Inc.
World Energy Solutions, Inc. (NASDAQ: XWES; TSX: XWE) is an energy management services firm that applies an award-winning combination of people, process and technology to help clients manage energy as a strategic asset. To date, the Company has transacted more than $20 billion in energy, demand response and environmental commodities on behalf of its Government, Commercial & Industrial, and Utility customers, creating more than $1 billion in value for them. World Energy is also a leader in the growing global carbon market, where its 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 the following: our revenue and backlog are 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; and there are factors outside our control that affect transaction volume in the electricity market. Additional risk factors are identified in our Annual Report on Form 10-K and subsequent reports filed with the Securities and Exchange Commission.
SOURCE World Energy Solutions, Inc.