Date Set for Nation's First Auction of Greenhouse Gas Emissions
WORCESTER, MA, March 17 /CNW/ - World Energy Solutions, Inc. (TSX: XWE),
a leading operator of online exchanges for energy and environmental
commodities, today announced that the company has been selected by the
Regional Greenhouse Gas Initiative (RGGI), Inc. to provide services related to
the design and implementation of a regional allowance auction.
RGGI is a cooperative effort by ten Northeast and Mid-Atlantic states to
design and implement a regional cap-and-trade program initially covering
carbon dioxide emissions from power plants in the region.
According to RGGI, the first ever CO(2) allowance auction in the nation
for a mandatory emissions reduction program is scheduled to take place on
September 10, 2008, followed by a second auction on December 17, 2008.
Regional auctions will take place on a quarterly basis, with the first
compliance period for the RGGI cap-and-trade program to begin on January 1,
"World Energy is thrilled to be selected by RGGI as their provider of
online auction services. This selection validates both World Energy's
capabilities and the value of auctions as an allocation methodology," said
Richard Domaleski, Chief Executive Officer, World Energy Solutions. "Pending
final contract negotiations, we look forward to forging a strong partnership
in support of the Regional Greenhouse Gas Initiative cap-and-trade system."
In a statement issued by RGGI, Inc., Pete Grannis, Chair, RGGI, Inc. and
Commissioner of the New York State Department of Environmental Conservation
said, "Absent federal leadership, the Northeast and Mid-Atlantic states of
RGGI are taking action to cut greenhouse gas emissions and reduce their impact
on the environment. Our CO(2) auction will be the first in the nation and it
is one that should be replicated at the federal level."
To read the full statement issued by RGGI, Inc., visit:
This selection is tentative pending the outcome of a contract negotiation
process and final agreement of contract terms and conditions.
About World Energy
World Energy operates leading online exchanges for energy and
environmental commodities. Our proven approach provides market intelligence,
promotes liquidity, and creates price transparency for all market
participants, enabling our customers to transact with confidence and to seek
the best possible price. To date, the company has transacted over
40 billion kwh of electricity, 700 million kwh of green power and Renewable
Energy Certificates (RECs) and one trillion cubic feet of natural gas. 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.
For further information:
For further information: Investor Relations, Phil Adams, World Energy
Solutions Inc., (508) 459-8100, email@example.com; or Craig Armitage, The
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