SOURCE: World Energy Solutions

World Energy Solutions

March 23, 2011 08:01 ET

World Energy Solutions Adds SAIC to Rapidly Growing Client Roster

Firm Helps Engineering Giant Source Electricity and Green Power at Great Savings

MCLEAN, VA and WORCESTER, MA--(Marketwire - March 23, 2011) -   World Energy Solutions, Inc. (NASDAQ: XWES), a leading energy management services firm, today announced it has helped Science Applications International Corporation (SAIC) (NYSE: SAI) successfully secure a new power contract for its Maryland office facilities. Through a series of competitive auctions run on the World Energy Exchange®, World Energy enabled SAIC to lock in a 36-month contract for electricity and renewable energy at more than $670,000 in savings.

Prior to auction, World Energy worked closely with SAIC to analyze its usage across facilities and evaluate its current contract terms, determining that going out to market, rather than accepting aggressive renewal offers from the incumbent supplier, would best meet SAIC's business needs. World Energy then ran several auctions for the company, attracting 8 suppliers and soliciting more than 60 bids that tested various term lengths, product types, and mixes of renewable and traditional energy.

The online events resulted in excellent price discovery and very competitive pricing. SAIC was able to lock in a 36-month contract -- one year longer than expected -- and secure 10% renewable power at rates below both its current contract and the offered renewal rate, saving the company $672,000 over the 3-year term.

"We were very close to renewing with our incumbent electricity supplier but suspected we could do much better by engaging the competitive market," said Michael Mondshine, Vice President, at SAIC. "We chose to work with World Energy as we tested this expectation and the results were outstanding. As a leading integrator of energy, environment and infrastructure solutions, we are focused on achieving critical energy budget certainty and savings while improving the sustainability of our business operations."

Added Phil Adams, President, World Energy Solutions: "Sourcing energy is one of the cornerstones of effective energy management, and no one has more expertise and success in this space than World Energy. With less than 10 percent of B2B energy buyers availing themselves of technology-based procurement approaches, our chance to grow market share and deliver millions more in value to our customers is extremely strong. Our work together with SAIC, both as partners in the government energy space and on this successful procurement for their Maryland facilities, is another compelling proof point of the power of World Energy's approach to energy management."

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 $20 billion in energy, demand response and environmental commodities on behalf of its 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