HARRISBURG, Pa. and WORCESTER, Mass., Dec. 11, 2013 (GLOBE NEWSWIRE) -- World Energy Solutions, Inc. (Nasdaq:XWES), a leading energy management services firm, today announced it has helped HACC, Central Pennsylvania's Community College, successfully procure over 69 million kWh of electricity for its campuses in Gettysburg, Harrisburg, Lancaster, Lebanon and York. The competitive procurement delivered more than $375,000 in savings.
Through a series of online auctions run on the World Energy Exchange®, HACC was able to test – in a transparent manner and on an "apples to apples" basis – various contract terms and energy products in both the PPL and Met Ed service territories. In all, 11 suppliers placed 229 bids over the course of 22 auctions, driving significant savings while netting the College 10 percent renewable power. The new contracts start in May and December 2014, running for 29 and 36 months, respectively. They also include a 100 percent bandwidth provision for HACC's largest accounts, enabling the College to reduce energy usage – through planned energy efficiency measures – without penalty.
By purchasing 10 percent renewable power for its entire electricity load, HACC is expected to reduce its carbon dioxide emissions by an additional 1,686 metric tons each year. This reduction is the equivalent of each of the following:
- Annual greenhouse gas emissions from 351 passenger vehicles
- CO2 emissions from 189,000 gallons of gasoline consumed
- CO2 emissions from 3,921 barrels of oil consumed
-
CO2 emissions from the electricity use of 232 homes for one year
(Source: EPA Greenhouse Gas Equivalencies Calculator)
"With World Energy we gained a highly-competitive, transparent process and an expert energy team that helped us secure a product that benefits our bottom line and supports our energy efficiency and sustainability efforts," said Richard Cardamone, executive director of business affairs at HACC.
Added Phil Adams, CEO of World Energy Solutions, "The price of energy secured by an aggregation or buying group is only as good as the strategy and process used to obtain it. In energy, 'volume discounts' alone are no substitute for the online auction process and market expertise we marshal on behalf of our customers, including many successful aggregations. We applaud HACC and organizations like it that are demanding more from energy procurement."
About HACC
HACC, Central Pennsylvania's Community College, offers nearly 200 career and transfer associate degree, certificate and diploma programs to more than 20,000 students at five campuses in Gettysburg, Harrisburg, Lancaster, Lebanon and York and through virtual learning. In addition, HACC serves more than 29,000 students in noncredit workforce development, public safety, adult basic education and continuing education programs offered at all campuses and off-site locations in many communities in Central Pennsylvania. For more information about what HACC has to offer, visit www.hacc.edu.
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 $40 billion in energy, demand response and environmental commodities on behalf of its customers, creating more than $2 billion in value for them. 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 http://www.worldenergy.com/" rel="nofollow">www.worldenergy.com.
This press release contains forward-looking statements. The words "anticipates," "believes," "estimates," "expects," "intends," "may," "plans," "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. 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, 2012 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. 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.