BOSTON, Jan. 28, 2009 (GLOBE NEWSWIRE) -- EnerNOC, Inc. (Nasdaq:ENOC), a leading developer and provider of clean and intelligent energy solutions, today announced that it has entered into an eight-year contract with Public Service Company of Colorado, an Xcel Energy company, to provide up to 44 megawatts of demand response capacity in Xcel Energy's Colorado service territory. The contract allows EnerNOC to begin delivering capacity as soon as it is able to sign up customers.
"We conducted a rigorous analysis of service and technology providers and concluded that EnerNOC's capabilities and strong track record of delivering demand response capacity to utilities will enable us to roll out a cost-effective, innovative offering to benefit our customers," said Fred Stoffel, Xcel Energy.
Under this contract, EnerNOC will enable and manage a network of commercial, institutional, and industrial facilities to reduce electricity demand during periods of peak demand or high wholesale electricity prices. EnerNOC will install its technology - free of charge - at each participating facility and provide year-round payments to participants for being "on call." When Xcel Energy calls a demand response event, EnerNOC will dispatch its network to reduce non-essential energy usage and collect real-time data to verify that each facility is achieving its energy reduction goals.
Tim Healy, EnerNOC's Chairman and CEO, said, "By utilizing demand response to economically meet peak demand in its service territory, Xcel Energy is reinforcing its position as an energy industry leader."
EnerNOC provides demand response and energy efficiency solutions throughout North America in open markets such as New England, New York, PJM Interconnection, Texas, and California, as well as under bilateral agreements with utilities such as the Tennessee Valley Authority, Tampa Electric Company, Salt River Project, and Public Service Company of New Mexico.
EnerNOC is currently recruiting commercial, institutional, and industrial customers throughout Xcel Energy's Colorado service territory to become part of its demand response network. To inquire about joining EnerNOC's demand response network, please visit www.enernoc.com/get-started.
About EnerNOC
EnerNOC, Inc. is a leading developer and provider of clean and intelligent energy solutions to commercial, institutional and industrial customers, as well as electric power grid operators and utilities. EnerNOC's technology-enabled demand response and energy management solutions help optimize the balance of electric supply and demand. The Company uses its Network Operations Center, or NOC, to remotely manage and reduce electricity consumption across a network of commercial, institutional and industrial customer sites and make demand response capacity and energy available to grid operators and utilities on demand. For more information, visit www.enernoc.com.
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Safe Harbor Statement
Statements in this press release regarding management's future expectations, beliefs, intentions, goals, strategies, plans or prospects, including, without limitation, statements relating to the future growth and success of the Company's demand response and energy management solutions and the ability of EnerNOC's utility customers to derive cost-effective benefits from such solutions, may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by terminology such as "anticipate," "believe," "could," "could increase the likelihood," "estimate," "expect," "intend," "is planned," "may," "should," "will," "will enable," "would be expected," "look forward," "may provide," "would" or similar terms, variations of such terms or the negative of those terms. Such forward-looking statements involve known and unknown risks, uncertainties and other factors including those risks, uncertainties and factors referred to under the section "Risk Factors" in EnerNOC's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2008, as filed with the Securities and Exchange Commission on November 13, 2008, as well as other documents that may be filed by EnerNOC from time to time with the Securities and Exchange Commission. As a result of such risks, uncertainties and factors, the Company's actual results may differ materially from any future results, performance or achievements discussed in or implied by the forward-looking statements contained herein. EnerNOC is providing the information in this press release as of this date and assumes no obligations to update the information included in this press release or revise any forward-looking statements, whether as a result of new information, future events or otherwise.