COLUMBUS, Ohio and WORCESTER, Mass., Jan. 30, 2014 (GLOBE NEWSWIRE) -- World Energy Solutions, Inc. (Nasdaq:XWES), a leading energy management services firm, today announced Vectren Energy Delivery of Ohio (Vectren) has successfully conducted its annual natural gas auction for its Standard Choice Offer (SCO) load on the World Energy Exchange®. The auction secured natural gas supplies for Vectren customers from April 1, 2014 to March 31, 2015 and established a retail price adjustment (RPA) of $1.05 per thousand cubic feet (Mcf).
On January 14, 2014, World Energy Solutions, Vectren's auction manager, conducted a descending clock auction to determine the RPA. The following day, the Public Utilities Commission of Ohio (PUCO) approved the results. In all, bids were submitted by seven natural gas suppliers based on fixed adjustments to the NYMEX settlement price. Five winning bidders will supply Vectren customers with natural gas beginning April 1, 2014.
Vectren's SCO rate changes monthly and is calculated as the sum of the RPA plus the New York Mercantile Exchange (NYMEX) month-end settlement price. The price adjustment reflects the winning bidders' estimate of their cost to deliver natural gas from the production area to Vectren's service area.
"For six consecutive years, World Energy has played a vital role in our process for sourcing competitive natural gas supply for customers who have not enrolled in Vectren's Choice program," said Scott Albertson, Vice President, Regulatory Affairs and Gas Supply at Vectren. "We appreciate the efficiency of the auction and the fact that it has resulted in a market-based price for customers through a process that is supported by the PUCO."
The PUCO announced its acceptance of the Vectren auction results in a press release dated January 15, 2014. More details are available at www.puco.ohio.gov, case number 07-1285-GA-EXM.
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 $40 billion in energy, demand response and environmental commodities on behalf of its customers, creating more than $2 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 www.worldenergy.com.
This press release contains forward-looking statements. The words "anticipates," "believes," "estimates," "expects," "intends," "may," "plans," "projects," "will," "would" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. The Company has based these forward-looking statements on its current expectations and projections about future events, including without limitation, its expectations of backlog and energy prices. Although the Company believes that the expectations underlying any of its forward-looking statements are reasonable, these expectations may prove to be incorrect and all of these statements are subject to risks and uncertainties. Should one or more of these risks and uncertainties materialize, or should underlying assumptions, projections or expectations prove incorrect, actual results, performance or financial condition may vary materially and adversely from those anticipated, estimated or expected. Such risks and uncertainties include, but are not limited to the following: the Company's revenue and backlog are dependent on actual future energy purchases pursuant to completed procurements; the demand for the Company's services is affected by changes in regulated prices or cyclicality or volatility in competitive market prices for energy; the potential impact on the Company's historical and prospective financial results of a change in accounting policy may negatively impact its stock price; and other factors outside the Company's control that affect transaction volume in the electricity market. Additional risk factors are identified in the Company's Annual Report on Form 10-K for the year ended December 31, 2012 and subsequent reports filed with the Securities and Exchange Commission. The forward-looking statements made in this press release are made as at the date hereof. The Company undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events, other than as required by securities laws.
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Source:World Energy Solutions, Inc.