New PPL Rates Seen as Boon to Competitive Market
WEST CHESTER, PA and WORCESTER, MA, Oct. 15 /CNW/ - World Energy Solutions, Inc. (NASDAQ: XWES; TSX: XWE), an operator of online exchanges for energy and green commodities, today announced it has run numerous online electricity procurement events on behalf of Pennsylvania businesses in advance of the State's newly opening markets, including Pennsylvania Power & Light (PPL). By doing so, World Energy has helped its customers, in industries such as health care and manufacturing, secure energy contracts over the World Energy Exchange(R) for up to 36 months at attractive rates, providing valued budget certainty and cost savings.
With utility rate caps set to expire across the State in 2010 and 2011, beginning with PPL on January 1, 2010, Pennsylvania businesses are weighing their options. Some are choosing to wait to see where utility prices set, so they can benchmark against them. Others are choosing not to wait, looking for ways to mitigate risk and achieve budget certainty. Either way, World Energy can help, bringing together the people, process and technology customers need to make the most of their next strategic energy procurement.
"Energy is a large cost for our company and something we did not want to leave to chance," said Jeff Davis, Senior VP/CFO at Presbyterian Senior Living, which runs retirement communities in 22 locations across Pennsylvania, Delaware, Maryland and Ohio. "World Energy impressed us with its systematic, proactive approach to our energy needs, delivering a competitive event that produced an electricity price within our budget and that we could lock in early for 24 months."
Added Dale Good, Director of Corporate Operations at Martin Limestone, Inc., a provider of aggregates and minerals for the construction industry, "A combination of budget needs and current low energy commodity prices made us eager to secure a favorable electricity rate in advance of the PPL rate re-set. With World Energy, we were able to lock in an excellent rate - no higher than our current 2009 tariffed rate - for 30 months."
PPL: The Wait Is Over
On October 8, 2009, PPL announced the results of its final rate-setting auction, which established the utility's 2010 electricity rates for all its customers, including medium and large commercial and industrial accounts. World Energy sees these new rates as a positive development, one that will enhance competition and ultimately benefit area businesses. This sentiment was echoed by PPL's president, David G. DeCampli, who stated in the Company's press release on the new rates: "customers who shop for better deals may be able to further lessen the impact of higher prices in 2010."
Added Dave Laipple, VP at World Energy, "As we saw in the Duke and First Energy Ohio service territories earlier this year - where World Energy has delivered over $15 million in savings to its customers - when competitive markets open, we know how to move fast and deliver customers a strategic edge. We see a similar opportunity in Pennsylvania behind PPL and believe the new rates will drive even more competition and savings opportunities for customers."
With offices in West Chester, PA, and a growing network of channel partners throughout the State, including EnergyWise Consulting and Commercial Utility Consultants, World Energy is actively serving the electricity, natural gas and renewable energy needs of Pennsylvania businesses. World Energy also boasts a large nationwide network of registered suppliers and a sales and operations team steeped in Pennsylvania and national deregulated energy markets.
"Energy is a business where customers ultimately determine value," concluded Laipple. "Our whole approach helps customers go to market when they need to in order to secure terms that best meet their strategic objectives. For some in the PPL market, this has meant going in before the re-set. For others, the newly established rate provides the impetus to test the market now with other suppliers, a process World Energy is in business to optimize."
About World Energy Solutions, Inc.
World Energy (NASDAQ: XWES; TSX: XWE) operates online exchanges for energy and green commodities. For buyers and sellers of electricity, natural gas, capacity, and green-energy assets who are impacted by today's volatile markets, World Energy's proven approach has transformed the normally complex procurement process into a powerful, streamlined vehicle for cost savings. In addition to enabling customers to seek competitive pricing on traditional energy commodities, World Energy is taking a leadership position in the emerging environmental-commodities markets. Its award-winning World Green Exchange(R) supports the ground-breaking Regional Greenhouse Gas Initiative's (RGGI) cap and trade program for CO2 emissions. For more information, please visit www.worldenergy.com.
This press release contains forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ from those indicated in the forward-looking statements. Such risks and uncertainties include, but are not limited to: our revenue is dependent on actual future energy purchases pursuant to completed procurements; the demand for our services is affected by changes in regulated prices or cyclicality or volatility in competitive market prices for energy; we depend on a small number of key energy consumers, suppliers and channel partners; there are factors outside our control that affect transaction volume in the electricity market; and there are other factors identified in our Annual Report on Form 10-K and subsequent reports filed with the Securities and Exchange Commission.
SOURCE WORLD ENERGY SOLUTIONS, INC.
For further information: For further information: Investor Relations: Phil Adams, World Energy Solutions, Inc., (508) 459-8100, firstname.lastname@example.org; or Craig Armitage, The Equicom Group, (416) 815-0700 x278, email@example.com; Media Relations: Dan Mees, World Energy Solutions, Inc., (508) 459-8156, firstname.lastname@example.org