June 17, 2008
EnerNOC Signs Contract With Tennessee Valley Authority
EnerNOC, Inc. (NASDAQ: ENOC), a leading developer and provider of clean and intelligent energy solutions, today announced that it has signed a contract with the Tennessee Valley Authority (TVA) to provide a minimum of 110 megawatts (MW) of demand response capacity. The program will initially target commercial and industrial customers of four power distributors within the seven-state TVA service area: Memphis Light, Gas and Water; Nashville Electric Service; Knoxville Utilities Board; and Huntsville Utilities. The contract, which is part of TVA's recently-announced energy efficiency and demand response plan, follows a successful demand response program between EnerNOC and TVA last summer, during which EnerNOC quickly and reliably delivered demand response capacity where and when needed.
"Our customers valued last summer's demand response program," said Jim Purcell, Energy Services Manager at Nashville Electric Service (NES). "In partnership with TVA and NES, EnerNOC is delivering a valuable service which saves customers on their electricity bill, and we are happy to see the program continue."
TVA has a peak demand of approximately 33,500 MW, greater than that of New England or Ontario. During the record breaking heat wave of 2007, TVA purchased as much as 20 percent of its energy from other suppliers. Demand response and energy efficiency are cost-effective alternatives for meeting future energy needs and are part of TVA's comprehensive program to reduce peak demand, reliably meet growing energy needs, and arm ratepayers with the tools and resources they need to be better energy consumers.
EnerNOC was selected by TVA in part because of its ability to deliver demand response capacity within five minutes of notification. EnerNOC's patented systems for automated curtailment enable it to remotely manage thousands of end-user sites from its Network Operations Center (NOC) in Boston, MA. Last summer, EnerNOC delivered greater than 101 percent average performance over six TVA-dispatched demand response events.
"We laid the groundwork last summer for a successful deployment with TVA," said EnerNOC Chairman and CEO, Tim Healy. "We believe that our technology provides us with a distinct advantage and the ability to meet the complex requirements of demanding markets, like TVA. This contract represents another great opportunity for us to showcase the positive impact of demand response both for utilities and ratepayers."
EnerNOC is currently recruiting commercial, institutional, and industrial customers throughout the Memphis, Nashville, Knoxville and Huntsville, AL areas to take part in this opportunity and become part of EnerNOC's demand response network. In return for agreeing to reduce non-essential electricity usage during times of peak demand, customers have the ability to receive periodic payments for being "on call" throughout the year, as well as additional payments based on delivered energy reductions during events. To learn more or to inquire about becoming part of EnerNOC's demand response network, please email [email protected], with the subject line "TVA."
This contract is effective immediately and is not subject to additional regulatory approval.
About Tennessee Valley Authority
TVA is the nation's largest public power provider and is completely self-financing. TVA provides power to large industries and 159 power distributors that serve approximately 8.8 million consumers in seven southeastern states. TVA also manages the Tennessee River and its tributaries to provide multiple benefits, including flood damage reduction, navigation, water quality and recreation.
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.
Safe Harbor Statement
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 growth and success of the Company's demand response and energy management solutions, including statements related to the Company's ability to successfully deliver capacity to utilities and grid operator customers, such as the Tennessee Valley Authority, and the positive impact of demand response for utilities and ratepayers, may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. 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 Quarterly Report on Form 10-Q for the period ended March 31, 2008, as filed with the Securities and Exchange Commission on May 13, 2008, 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, the Company'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.