BOSTON, May 19, 2009 (GLOBE NEWSWIRE) -- EnerNOC, Inc. (Nasdaq:ENOC), a leading developer and provider of clean and intelligent energy solutions, today announced that it has secured over $100 million of future potential revenue in the PJM Interconnection (PJM) market as a result of the 2012/13 Reliability Pricing Model Base Residual Auction (BRA). This future potential revenue is for demand response capacity to be delivered from June 1, 2012 through May 31, 2013.
"EnerNOC's financial strength and technological differentiation has helped it establish strong penetration in the PJM market, and we're excited to build upon that leadership position," said Tim Healy, EnerNOC's Chairman and CEO. "PJM's market structure enables demand response and energy efficiency to play an important role in enhancing grid reliability and helping to reduce energy costs for all end users."
Between its new and existing resources, EnerNOC captured 35% of the total quantity of demand response capacity that cleared in the BRA. With the exception of the capacity that EnerNOC will deliver to Allegheny Power under a previously announced contract, all of EnerNOC's new capacity in the BRA cleared in higher-priced, constrained regions. EnerNOC may choose to procure additional capacity obligations for the 2012/13 delivery year through PJM-administered incremental auctions.
"The current auction has delivered record amounts of demand resources and added energy efficiency. This demonstrates how our markets facilitate the use and growth of alternative resources in meeting our electricity needs and preserving the reliability of the electricity grid," PJM Senior Vice President-Markets Andrew L. Ott said in a statement issued on May 15.
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
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. Any statements contained herein which do not describe historical facts, including but not limited to statements in this press release regarding management's future expectations, beliefs, intentions, future potential revenues, and the opportunity to increase industry leadership, are forward-looking statements which involve risks and uncertainties that could cause actual results to differ materially from those discussed in such forward-looking statements. Such risks and uncertainties include: (1) the possibility that the rules and pricing of PJM's open market bidding programs may change, (2) the Company's ability to provide PJM the capacity that it has committed to provide pursuant to PJM program rules, (3) uncertainties relating to the amount of electricity consumption by the Company's end-use customers, (4) any changes in the rates of termination of contracts with the Company's end-use customers, and (5) 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. 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.