EnerNOC Signs 110 Megawatt Contract With Southern California Edison
EnerNOC, Inc. (NASDAQ: ENOC), a leading developer and provider of clean and intelligent energy solutions, today announced that it has entered into a new demand response agreement with Southern California Edison (SCE).
The agreement includes up to 110 megawatts of capacity over its term, which expires in 2012. The capacity under an initial 40 megawatt agreement, which expires at the end of this year, will be enrolled under the new agreement, resulting in a four-year extension and an additional 70 megawatts of contracted capacity between the parties. The new agreement is subject to final approval by the California Public Utilities Commission.
EnerNOC will continue to aggregate demand response capacity from commercial, institutional and industrial customers within SCE’s approximately 50,000 square-mile service territory. During periods of peak demand, SCE will signal EnerNOC to provide demand response capacity. EnerNOC will do so by remotely initiating demand response measures at participating customers’ sites and monitoring performance in near real-time from its Network Operations Center.
“We are excited to build upon the relationship that we have forged with EnerNOC. Demand response programs are an essential part of providing clean, cost-effective technology solutions to further enhance the reliability of the electric power grid,” said Lisa Cagnolatti, SCE vice president, Business Customer Division.
“By effectively working together with SCE over the past year, we have laid the groundwork to continue to expand the role of demand response in Southern California,” said Tim Healy, chairman and CEO of EnerNOC. “California’s energy demand cannot be met by supply-side solutions alone, and we believe that technology-enabled demand response is an important and sustainable component of our energy future.”
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 solutions and the expansion of the role of those solutions in the California market, 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.