BOSTON, MA, July 29, 2008 - EnerNOC, Inc. (NASDAQ: ENOC), a leading developer and provider of clean and intelligent energy solutions, today announced that in a precedent-setting ruling the Connecticut Department of Public Utility Control (DPUC) has determined that the energy savings generated by EnerNOC’s monitoring-based commissioning solution (PowerTrak™ Analytics, or PTA) at Western Connecticut State University (WCSU) qualify for Class III renewable energy credits (RECs).
“This important ruling recognizes the significant, measurable and ongoing benefits our technology provides to our customers and the environment,” said Tim Healy, chairman and CEO of EnerNOC. “We applaud the Connecticut DPUC for its forward-thinking approach to promoting clean energy and addressing climate change.”
WCSU has been an EnerNOC demand response customer since 2004. In order to capture additional value, WCSU selected EnerNOC’s energy efficiency offering, enabling EnerNOC to integrate its PowerTrak Analytics hardware and software with the campus’ existing Building Management System (BMS). This always on, two-way connectivity allows EnerNOC and WCSU to identify, implement and track innovative low-cost and no-cost energy efficiency measures. WCSU has already implemented measures that have accounted for approximately $120,000 in savings to date.
In the ruling issued on July 25th, the DPUC stated, “The Department finds that EnerNOC’s PTA system’s installation and function constitutes a retro-commissioning as envisioned in the Class III Decision and the [Connecticut Energy Efficiency Fund’s] definition.” The ruling also stated, “Based on the evidence submitted, the Department finds that the WCSU electrical savings from the installation and functioning of EnerNOC’s PowerTrak Analytics hardware and software qualifies as a Class III renewable energy source in accordance with Conn. Gen. Stat. 16‑1(a)(44).”
Connecticut has mandated that by 2010, 14 percent of electricity used in the state be obtained from renewable sources. By 2020, the minimum requirement nearly doubles to 27 percent. Class III RECs in Connecticut include a number of demand-side measures, such as the installation of customer-sited CHP systems, electricity savings from conservation and load management efforts, and systems that recover waste heat or pressure from commercial and industrial processes. These credits can be traded on the open market.
“With aggressive federal legislation pending aimed at reducing our nation’s carbon footprint, businesses and institutions need to take a proactive role to plan for their energy future. EnerNOC is committed to helping our customers meet the evolving requirements of energy legislation in ways that are cost-effective and deliver significant financial as well as environmental benefits,” continued Healy. “Rulings like this one by the DPUC help to highlight the importance of energy efficiency moving forward.”
For more information on Class III RECs in Connecticut, please visit http://www.ct.gov/dpuc/.
For more information on EnerNOC’s energy efficiency solutions, please visit http://www.enernoc.com/ea.html, or email info@enernoc.com, subject line “Energy Efficiency.”
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.
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 success of EnerNOC’s demand response and energy management solutions and the ability of EnerNOC’s customers to derive financial benefits from such solutions, 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, 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. |
