NEW YORK and WORCESTER, Mass., June 5, 2014 (GLOBE NEWSWIRE) -- World Energy Solutions, Inc. (Nasdaq:XWES), a leading energy management services firm, today announced it has partnered with the U.S. General Services Administration (GSA) to successfully procure over 290 million kWh of electricity – including 10% from renewable sources – for 27 federal accounts located throughout New Jersey. Five federal agencies participated in the auctions, including the General Services Administration, Veterans Administration, U.S. Bureau of Prisons, NOAA, and the National Park Service's Ellis Island and Liberty State Park accounts.
Through a series of competitive online auctions run on the World Energy Exchange® on May 6, 2014, GSA tested four different products and terms in a fair and transparent manner, receiving 42 bids from six qualified retail electricity suppliers in under one hour. Highlighting the competitiveness of the pricing events, the average margin between the lowest and second lowest bids was $.00176 per kWh, representing more than $540,000.
The online event resulted in the awarding of new contracts for terms ranging from 24-36 months. In aggregate, the participating agencies are expected to realize annual energy savings of $2.2 million per year. GSA was able to accomplish these cost reductions while increasing the amount of renewable energy purchased by the participating agencies by over 10 million kWh, or 10%.
"Once again GSA is demonstrating its commitment to saving taxpayer dollars while increasing the amount of renewable energy that federal agencies use," said Denise L. Pease, GSA Northeast and Caribbean Regional Administrator.
Added Jonathan Harvey, Vice President, Government, at World Energy Solutions, "GSA's excellence in Federal energy procurement and green-power purchasing continues to reward participating federal agencies with competitive contract rates, enhanced sustainability profiles, and a transparent process that answers to the taxpayer."
Thus far in 2014, GSA and World Energy have teamed to procure over 1.4 billion kWh of power for Federal facilities in New Jersey, New York and Texas. Since 2001, GSA and World Energy have procured more than 14 billion kWh of electricity supply and 170 million Dth of natural gas supply for federal facilities over the course of hundreds of successful procurement events.
About GSA
As the federal government's workplace solutions provider, the U.S. General Services Administration works to foster an effective, sustainable and transparent government for the American people. GSA's expertise in government workplace solutions include:
- Effective management of government assets, including more than 9,600 government-owned or leased buildings and 215,000 vehicles in the federal fleet, and preservation of historic federal properties;
- Leveraging the government's buying power through responsible acquisition of products and services making up approximately 14 percent of the government's total procurement dollars;
- Providing innovative technology solutions to enhance government efficiency and increase citizen engagement; and
- Promoting responsible use of federal resources through development of government-wide policies ranging from federal travel to property and management practices.
For more information about GSA, please visit www.gsa.gov.
About World Energy Solutions, Inc.
World Energy Solutions, Inc. (Nasdaq:XWES) is an energy technology and services firm transforming energy procurement and energy efficiency for commercial, industrial, institutional, government and utility customers. The Company's award-winning, cloud-based auction platform, the World Energy Exchange®, its team of energy experts, and a network of more than 500 suppliers and 300 channel partners form an ecosystem that enables customers to minimize their total cost of energy. To date, World Energy has transacted over $45 billion in energy, demand response and environmental commodities, creating more than $3 billion in value for its customers. 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 www.worldenergy.com.
This press release contains forward-looking statements which involve risk and uncertainties. The words "anticipates," "believes," "estimates," "expects," "intends," "may," "plans," "forecasts," "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, and its expectations in growth in revenue, operating results, operating margins, and free cash flow. 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, 2013 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. Readers are cautioned not to place undue reliance on forward-looking statements as actual results could differ materially from the forward-looking statements expressed in this press release. Forward-looking statements are provided for the purpose of presenting information about management's current expectations relating to the future, and readers are cautioned that such statements may not be appropriate for other purposes. 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.