NORTH HAVEN, Conn. and WORCESTER, Mass., Aug. 12, 2013 (GLOBE NEWSWIRE) -- World Energy Solutions, Inc. (Nasdaq:XWES), a leading energy management services firm, today announced it has helped the Town of North Haven, CT successfully procure over 30 million kWh of electricity. The resulting 36-month contract, which commences January 2015, is projected to save the Town more than $200,000 over its prior contract, while providing valuable budget certainty through December 2017.
Through a series of online auctions run on the World Energy Exchange®, the Town of North Haven tested various terms and products in a fair, transparent and objective manner. The competitive event attracted multiple suppliers, who submitted more than 40 bids for the Town's business, delivering a winning price 10 percent below its prior contract in a rising commodity market.
"We are thrilled to lock in a new, long-term electricity contract that delivers both rate savings and budget certainty for our residents," said Edward J. Swinkoski, Director of Finance / Administration, Town of North Haven. "World Energy gives the buyer an advantage in energy procurement, one that really helped us get the most from the competitive market."
Added First Selectman Michael J. Freda: "Embracing a technology-based approach to energy procurement in partnership with World Energy shows great leadership on the part of the Town of North Haven, the kind that makes an economic difference and sets a positive example."
Noted Phil Adams, CEO of World Energy Solutions: "Teaming with the Town of North Haven is another important win for us in the State of Connecticut and further validation of the effectiveness of our approach. While our online auctions have been a staple at the State level for many years, I am encouraged to see more cities, towns and area businesses trying our auctions for the first time and experiencing the qualitative and quantitative benefits they deliver."
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.
Source:World Energy Solutions, Inc.