NEW LONDON, N.H. and WORCESTER, Mass., June 25, 2013 (GLOBE NEWSWIRE) -- World Energy Solutions, Inc. (Nasdaq:XWES), a leading energy management services firm, today announced it has helped Colby-Sawyer College successfully procure more than 10 million kWh of electricity at a savings over its prior contract, even as wholesale market prices had climbed. Additionally, World Energy enabled Colby-Sawyer College to secure renewable energy credits (RECs) for its entire energy purchase, greening its portfolio at a discount.
Through a series of online auctions run on the World Energy Exchange®, Colby-Sawyer College tested various terms and products in a transparent, objective manner. The competitive event attracted multiple suppliers, delivering a winning price 8 percent below its prior contract, even as wholesale rates had increased 11 percent. The auction also provided essential price discovery that enabled the college to secure RECs through World Energy, minimizing the premium the school paid for green power. Delivery under the new 36-month contract begins in August.
"I had the pleasure of watching the World Energy auctions with members of my team, and we were really impressed with the results," said Tom Galligan, President of Colby-Sawyer College. "Bringing energy suppliers into a competitive, real-time auction scenario like this makes so much sense. We really got to see the market at work, and more importantly, working for us."
Added Doug Atkins, Vice President for Administration: "With a rise in wholesale electricity rates since our last contract, we were fully expecting to pay more for energy this time around. World Energy's terrific auction process gave us an advantage in procuring our energy, and the savings it yielded in this market speaks volumes for how effective and empowering their process is."
By purchasing RECs for its entire electricity load, Colby-Sawyer College is expected to reduce its carbon dioxide emissions by 2,554 metric tons each year. This reduction is the equivalent of each of the following:
- Annual greenhouse gas emissions from 532 passenger vehicles
- CO2 emissions from 286,362 gallons of gasoline consumed
- CO2 emissions from 5,940 barrels of oil consumed
- CO2 emissions from the electricity use of 382 homes for one year
(Source: EPA Greenhouse Gas Equivalencies Calculator)
Concluded Phil Adams, CEO of World Energy Solutions: "When it comes to our auctions – the way they are structured, the results they deliver and the excitement they generate – we have found that seeing is believing. I couldn't be happier that the President of Colby-Sawyer and his team experienced the auctions firsthand and are now strong proponents of the process. It's also very satisfying to see colleges and universities in growing numbers embracing our approach as the best way to get the most from competitive electricity markets."
About Colby-Sawyer College
Colby-Sawyer College is a comprehensive college that integrates the liberal arts and sciences with professional preparation. Founded in 1837, Colby-Sawyer is located in the scenic Lake Sunapee Region of central New Hampshire. Colby-Sawyer's goal of achieving a carbon-neutral campus by 2050 was established in its Climate Action Plan and approved by the college's Board of Trustees on May 7, 2010. Milestones along the way include a 50 percent reduction in emissions by 2015 (achieved in part in August 2010 with the college's first contract with World Energy) and a 70 percent reduction by 2020. For more information about Colby-Sawyer College, please visit www.colby-sawyer.edu.
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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CONTACT: For additional information, contact: Dan Mees World Energy Solutions, Inc. (508) 459-8156 firstname.lastname@example.org Susan Forman Dian Griesel, Inc. (212) 825-3210 email@example.com Kate Seamans Colby-Sawyer College (603) 526-3878 firstname.lastname@example.org
Source:World Energy Solutions, Inc.