BOSTON, March 4, 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 a five-year contract with Idaho Power, a subsidiary of IDACORP, Inc., to provide up to 65 megawatts of demand response capacity in southern Idaho. Pending regulatory approval, EnerNOC will begin to deliver capacity under this contract this summer.
"Investing in this demand response initiative helps us meet our commitment to our customers to continue to provide responsible, reliable, fair-priced energy and continue to diversify our power portfolio. By choosing EnerNOC's demand response application, which has been successfully deployed by many of our respected industry peers, we get the firm capacity we need to respond to peak load demands during our summer peak season," said Warren Kline, Customer Service and Regional Operations Vice President of Idaho Power.
"This is Idaho Power's first comprehensive demand response offering targeting commercial and industrial customers, and demonstrates that more and more utilities are embracing demand response as a necessary component of their resource portfolio," said Tim Healy, Chairman and CEO of EnerNOC.
EnerNOC will enable and manage a network of commercial and industrial facilities throughout Idaho Power's service area to reduce electricity demand during system peaks. Idaho Power experienced a new summer peak of 3,214 MW in June 2008. EnerNOC will install its technology, free of charge to the customer, at each participating facility and provide payments to participants for being "on call" during the summer months. In addition, each facility will get free basic access to EnerNOC's PowerTrak(r) energy management software, which will enable them to identify additional cost-saving opportunities through better energy management. When a demand response event is called, EnerNOC will dispatch its network to reduce non-essential electricity usage and collect real-time data to verify that each facility is achieving its pre-determined energy reduction goals.
This contract is subject to the approval of the Idaho Public Utilities Commission.
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, Public Service Company of New Mexico, and Xcel Energy.
About Idaho Power
Formed in 1998, IDACORP, Inc. is the holding company for Idaho Power, a regulated electric utility that began operations in 1916. Today, Idaho Power employs nearly 2,000 people to serve a 24,000 square-mile service area in southern Idaho and eastern Oregon. With 17 low-cost hydroelectric projects as the core of its generation portfolio, Idaho Power's 487,000 residential, business and agricultural customers pay some of the nation's lowest prices for electricity. Idaho Power offers energy efficiency programs and incentives for residential, commercial, industrial and irrigation customers. To learn more about Idaho Power's energy efficiency programs, visit the Energy Center at www.idahopower.com/energycenter. To learn more about Idaho Power or IDACORP, visit www.idahopower.com or www.idacorpinc.com.
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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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 success of EnerNOC'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. In addition, certain of the EnerNOC's contracts and expansion of existing contracts may be subject to approval of state or local regulatory agencies. There can be no assurance that such approvals will be obtained. 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 most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q, as well as other documents that may be filed by EnerNOC from time to time with the Securities and Exchange Commission, 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, EnerNOC'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.