BOSTON, MA, March 4, 2008 – EnerNOC, Inc. (NASDAQ: ENOC), a leading developer and provider of clean and intelligent energy solutions, today announced that it has entered the final stages of two four-year contracts with ISO New England, Inc. (“ISO-NE”) for demand response capacity in Southwest Connecticut. These emergency contracts, which commenced operation in June 2004 to address acute electric transmission reliability issues, have demonstrated the effectiveness of demand response as a viable, quick-to-market grid stability solution for grid operators and utilities. The Company also announced plans to maintain up to 170 MW of demand response capacity that it currently manages in Connecticut under these two contracts with ISO-NE and another with Connecticut Light and Power (CL&P), once those contracts expire, through a new contract with CL&P.
“ISO New England and CL&P have proven to be pioneers in leveraging demand response to meet increased demand for electricity,” said David Brewster, President of EnerNOC. “The success of EnerNOC’s contracts with these parties is a strong validation for demand response as a clean and reliable solution for transmission and generation constrained markets. We’re encouraged by ISO-NE’s commitment to a vibrant and increasing role for demand resources, and, similarly, we are excited to have the opportunity to continue to work with CL&P to maintain this valuable demand response capacity that we have diligently worked to deliver in its service territory.”
“CL&P is very pleased with EnerNOC’s performance under our existing agreement,” said Ronald Araujo, Manager, Conservation and Load Management at CL&P. “Our new agreement with EnerNOC will enable us to continue to work together to maintain up to 170 MW of reliable demand response capacity in Connecticut, which is an important element of our Conservation and Load Management program, for the benefit of Connecticut ratepayers.”
EnerNOC’s contracts with ISO-NE for capacity in the Southwest Connecticut region expire on May 31, 2008. ISO-NE has elected not to exercise its option to extend the contracts for an additional year. Under the terms of the original agreements, the assets under management, totaling nearly 85 megawatts, remain under the control of EnerNOC. The majority of these assets will be redeployed under the new contract with CL&P.
The new contract between EnerNOC and CL&P, which expires on May 31, 2010, will assume 60 MW of EnerNOC’s existing demand response capacity as of June 1, 2008. This represents all of the capacity from EnerNOC’s contracts with ISO-NE that is located within CL&P’s service territory. Starting January 1, 2009, the new contract will assume 110 MW of additional demand response capacity that EnerNOC currently manages under an existing contract with CL&P. The new contract will maintain this full 170 MW until the start of the Forward Capacity Market in June 2010.
The new contract is subject to approval by the Connecticut Department of Public Utility Control.
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 growth of the Company's demand response and energy management solutions, including the Company’s ability to successfully deliver capacity under its new agreement with CL&P, may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In addition, certain of the Company’s contracts and expansion of existing contracts may be subject to approval of state or local regulatory agencies. There can be no assurance that such approvals will be obtained. 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 final prospectus, as filed with the Securities and Exchange Commission on November 14, 2007, 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.
|
