SOURCE: World Energy Solutions

December 07, 2010 08:01 ET

World Energy Successfully Supports Tenth RGGI Auction

More Than 300 Million RGGI CO2 Allowances Transacted to Date Over World Energy's Auction Platform

WORCESTER, MA--(Marketwire - December 7, 2010) -  World Energy Solutions, Inc. (NASDAQ: XWES) (TSX: XWE), a leading energy management services firm, today announced it has successfully supported the fourth quarterly auction of carbon dioxide (CO2) allowances in 2010, and tenth overall, administered by Regional Greenhouse Gas Initiative, Inc. (RGGI, Inc.) on December 1, 2010.

According to RGGI, Inc., the offering of current control period CO2 allowances (2009-2011) in the auction yielded a total of $46,044,300 from the sale of 24,755,000 allowances. The auction clearing price was $1.86 per allowance, the minimum reserve price for the auction. States also offered a smaller number of CO2 allowances for a future control period (2012-2014). The offering of future control period allowances yielded a total of $2,179,920 from the sale of 1,172,000 allowances. The auction clearing price was $1.86 per allowance.

In a previously released statement, David Littell, a Commissioner of the Maine Public Utilities Commission and Chair of the Regional Greenhouse Gas Initiative, Inc. Board of Directors, said: "With each successful auction, RGGI shows that market-based climate protection programs work and can boost our economy with funds to help our businesses become more efficient, support job growth, and lower our electric bills. RGGI continues to set the example of successful regional climate change innovations."

Proceeds from the RGGI auctions now total more than $777.5 million, over 80 percent of which is being re-invested by states in strategic energy programs. While programs vary, overall, states are investing the majority of proceeds to realize energy savings in homes and businesses.

Added Richard Domaleski, CEO of World Energy: "Over the course of ten auctions, more than 300 million RGGI CO2 emission allowances have been transacted on our platform. The smooth running of the RGGI auction process testifies to World Energy's experience and innovation in supporting auction-based emission reduction programs."

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: our revenue is 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; there are factors outside our control that affect transaction volume in the electricity market; and there are other factors 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