SOURCE: World Energy Solutions

World Energy Solutions

December 14, 2010 08:01 ET

World Energy Grows Wholesale Market Share, Continues to Attract Leading Utilities

Company's Wholesale Customer Count Tops 65; Utilities Drawn to Efficiency, Flexibility and Transparency of World Energy's Auction Process and Platform

WORCESTER, MA--(Marketwire - December 14, 2010) - World Energy Solutions, Inc. (NASDAQ: XWES) (TSX: XWE), a leading energy management services firm, today announced demand for its online auction services is growing steadily among Wholesale energy customers. Over 65 top utilities are under contract with the Company for help buying and selling power, natural gas, capacity and other physical and financial products -- up from just two at the beginning of 2007. With success conducting an array of Wholesale transactions, from spot market buys to seasonal capacity and annual energy procurements, World Energy is helping utilities manage tactical and strategic programs with increased efficiency, transparency and success.

Since formally launching its Wholesale product line, World Energy has amassed a who's who of utility customers, including: CenterPoint Energy, Central Vermont Public Service, Consolidated Edison, Detroit Edison, Dominion East Ohio, Idaho Power, Integrys, Metropolitan Water District of Southern California, South Jersey Gas, TransAlta and Vectren. Just as importantly, World Energy's precise and transparent processes have earned its customers high marks from public utility commissions (PUCs) and independent auditors across the country.

"World Energy has a nice touch: their approach is collaborative and focused on adding value," said Kirk Shields, Manager of Power Supply at Central Vermont Public Service. "They worked hard to ensure our process was comprehensive and efficient -- and delivered on both fronts."

Added Tim Rundall, Director, Gas Supply & Allocations at South Jersey Gas: "World Energy runs a tight process, one that is competitive, transparent and well documented. This combination has helped us extract good prices from the market in a way that provides an excellent audit trail for both internal and external review."

Concluded Dan Tipton, Vice President, Wholesale Markets at World Energy: "We understand each utility brings its own methodology and experience to energy transactions. Our role is to support and enhance these existing processes, not prescribe new ones, something that has earned us a place in the buying and selling programs of our customers. Through our work together, World Energy's customers have won the praise of industry monitors and achieved a perfect record of PUC rate-case approvals."

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 global carbon market, where its World Green Exchange® 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.

Contact Information

  • For additional information, contact:
    Dan Mees
    World Energy Solutions, Inc.
    (508) 459-8156
    Email Contact

    Erika Moran
    The Investor Relations Group
    (212) 825-3210
    Email Contact