ABILENE, Texas and WORCESTER, Mass., April 11, 2013 (GLOBE NEWSWIRE) -- World Energy Solutions, Inc. (Nasdaq:XWES), a leading energy management services firm and approved energy services provider in the TIPS/TAPS purchasing program, today announced it has helped Abilene Independent School District (AISD), a public school district serving over 17,000 students in Abilene and Impact, Texas, successfully procure over 62 million kWh of electricity.
Through a series of online auctions run on the World Energy Exchange®, Abilene ISD was able to test market prices for various electricity terms and products in an efficient and transparent manner. In all, the competitive event attracted twelve suppliers, who over the course of one hour submitted more than 120 bids for AISD's business. The auctions resulted in a new 36-month electricity contract that is expected to save the school district more than $1.4 million. Delivery under the new contract terms begins in June 2014.
"With our existing electricity contract in force through May 2014, World Energy helped us get aggressive and proactively price the market to find and secure a great rate for our future energy needs," said Scott McLean, Associate Superintendent of Operations, Abilene Independent School District. "World Energy was able to attract a dozen energy suppliers to compete for our business. Building on that participation, the transparency of the online auction helped us see how the suppliers priced the various products and terms we were interested in, while the structure of the auctions drove participants to deliver their best prices.
"I really appreciate how transparent and data-driven World Energy's process is. I saw every bid submitted by every supplier; could easily calculate savings based on relevant comparisons; and had all the documentation on hand at the conclusion of the auction to make a quick and informed buying decision. In addition, we were able to leverage World Energy's TIPS/TAPS contracting vehicle for this procurement, which made it easy for us to take our energy requirements out to market. Previously we relied on energy brokers to forward a recommendation to us without actually seeing for ourselves how the bids came in. I can say with great confidence that World Energy's online auction process is a big improvement and left no doubt decisions were made based upon actual market conditions."
Added Brian Dafferner, Vice President of ERCOT at World Energy Solutions: "Teaming with Abilene ISD to deliver great results for the school district is an important win for World Energy and a bellwether procurement in the State of Texas. The AISD electricity procurement showcases the power and value of our online auction approach: twelve bidders, 120+ bids in one hour, total transparency. That's a new paradigm for Texas energy buyers, one that should shake up the status quo."
World Energy's Texas operations include offices in Dallas, Fort Worth, and Houston, with additional sales personnel throughout the State. For more information on how TIPS/TAPS and World Energy Solutions can help with your next energy purchase, please contact Jon Dumas, Account Manager, World Energy Solutions, at jdumas@worldenergy.com or (713) 395-1990 ext. 204; or visit our website at www.worldenergy.com/tipstaps-partnership/.
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 $30 billion in energy, demand response and environmental commodities on behalf of its customers, creating more than $1 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/">www.worldenergy.com.
This press release contains forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ from those indicated in the forward-looking statements. Such risks and uncertainties include, but are not limited to, the following: our revenue and backlog are dependent on actual future energy purchases pursuant to completed procurements; the demand for our services is affected by changes in regulated prices or cyclicality or volatility in competitive market prices for energy; the potential impact on our historical and prospective financial results of a change in accounting policy may negatively impact our stock price; and other factors outside our control that affect transaction volume in the electricity market as well as our overall business. Additional risk factors are identified in our Annual Report on Form 10-K and subsequent reports filed with the Securities and Exchange Commission.