NEW YORK and WORCESTER, Mass., March 4, 2014 (GLOBE NEWSWIRE) -- World Energy Solutions, Inc. (Nasdaq:XWES), a leading energy management services firm, today announced it successfully ran a competitive auction on behalf of Rockland Electric Company (RECO). Exceeding expectations, the auction yielded hundreds of thousands of dollars in savings.
The online auction was conducted on January 28, 2014 over the World Energy Exchange® to help RECO hedge approximately 100,000 MWh of power for its full service customers. The auction attracted multiple suppliers, who bid aggressively on blocks of NYMEX NYISO Zone G-Day Ahead (Peak and Off-Peak) products. Driven by the transparency and competitive dynamics of the auction, bidders chased down the price, with the final three bids coming within 5 seconds of the auction's close, further reducing the winning bid.
"We have worked with the World Energy team since 2007 on a number of different auctions and auction formats that have always resulted in fair, market-based prices that have been met with Utility Commission approval," said Joe Briscese, Rockland Electric Company. "World Energy does an excellent job of providing the technology and support to enhance our existing procurement processes, working seamlessly with us to help get the best results for our ratepayers."
Added Lorraine Alexander, Vice President, Wholesale Sales at World Energy Solutions: "When utilities use a sealed bid or over-the-counter process to solicit pricing, they typically get bids that conform to the prevailing market price. Our auction platform, which enables all participants to see the leading bid and react to it in real time, intensified the competition for RECO's auction."
Results of the RECO auction were approved by the New Jersey Board of Public Utilities on January 29, 2014 and subsequently cleared on the NYMEX. Rockland Electric Company serves more than 60,000 residential customers in northern New Jersey.
About World Energy Solutions, Inc.
World Energy Solutions, Inc. (Nasdaq:XWES) is an energy management services firm that brings together the passion, processes and technologies to take the complexity out of energy management and turn it into bottom-line impact for the businesses, institutions and governments we serve. To date, the Company has transacted more than $40 billion in energy, demand response and environmental commodities on behalf of its customers, creating more than $2 billion in value for them. World Energy is also a leader in the global carbon market, where its World Energy Exchange® supports the Regional Greenhouse Gas Initiative (RGGI), the first mandatory market-based regulatory program in the U.S. to reduce greenhouse gas emissions. For more information, please visit http://www.worldenergy.com/" rel="nofollow">www.worldenergy.com.
This press release contains forward-looking statements. The words "anticipates," "believes," "estimates," "expects," "intends," "may," "plans," "projects," "will," "would" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. The Company has based these forward-looking statements on its current expectations and projections about future events, including without limitation, its expectations of backlog and energy prices. Although the Company believes that the expectations underlying any of its forward-looking statements are reasonable, these expectations may prove to be incorrect and all of these statements are subject to risks and uncertainties. Should one or more of these risks and uncertainties materialize, or should underlying assumptions, projections or expectations prove incorrect, actual results, performance or financial condition may vary materially and adversely from those anticipated, estimated or expected. Such risks and uncertainties include, but are not limited to the following: the Company's revenue and backlog are dependent on actual future energy purchases pursuant to completed procurements; the demand for the Company's services is affected by changes in regulated prices or cyclicality or volatility in competitive market prices for energy; the potential impact on the Company's historical and prospective financial results of a change in accounting policy may negatively impact its stock price; and other factors outside the Company's control that affect transaction volume in the electricity market. Additional risk factors are identified in the Company's Annual Report on Form 10-K for the year ended December 31, 2012 and subsequent reports filed with the Securities and Exchange Commission. The forward-looking statements made in this press release are made as at the date hereof. The Company undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events, other than as required by securities laws.