WORCESTER, Mass., March 11, 2014 (GLOBE NEWSWIRE) -- World Energy Solutions, Inc. (Nasdaq: XWES), a leading energy management services firm, today announced it successfully supported the 23rd quarterly auction of carbon dioxide (CO2) allowances administered by Regional Greenhouse Gas Initiative, Inc. (RGGI, Inc.) on March 5, 2014.
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According to RGGI, Inc., 23,491,350 CO2 allowances were sold at the auction at a clearing price of $4.00. Allowances sold include the 18,491,350 allowances offered for sale by the nine participating states and all of the 5,000,000 allocation year 2014 cost containment reserve (CCR) allowances. The auction generated $93.96 million for reinvestment by the RGGI states in a variety of consumer-benefit initiatives, including energy efficiency, renewable energy, direct bill assistance and greenhouse gas abatement programs. Cumulative proceeds from all RGGI CO2 allowance auctions currently total over $1.6 billion.
In a previously released statement, Kenneth Kimmell, Commissioner of the Massachusetts Department of Environmental Protection and Chair of the RGGI, Inc. Board of Directors, said: "The results of the first auction held since the nine states lowered the cap on allowances and made other program changes are what we expected. There was an increase in the allowance price, all the allowances we offered were sold, and the CCR operated as intended. These early results demonstrate RGGI is on track to reduce carbon emissions by 80-90 million tons through 2020 while helping states fund clean energy investments."
More details of the auction results can be found in the RGGI press release dated March 7, 2014 and at www.rggi.org.
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.
