Auction Yields $80.4 Million for Investment in the Clean Energy Economy
WORCESTER, MA, June 16 /CNW/ - World Energy Solutions, Inc. (NASDAQ: XWES; TSX: XWE), a leading energy management services firm, today announced it has successfully supported the second quarterly auction of carbon dioxide (CO(2)) allowances in 2010, and eighth overall, administered by Regional Greenhouse Gas Initiative, Inc. (RGGI, Inc.) on June 9, 2010.
According to RGGI, Inc., 40,685,585 CO(2) allowances for the first three-year control period (2009-2011) offered in last Wednesday's auction sold at $1.88 per allowance, while 2,137,993 CO2 allowances for the second control period (2012-2014) sold at $1.86 per allowance. Proceeds from all auctions held to date now total more than $662.8 million, with states investing the vast majority of proceeds to improve energy efficiency and accelerate the deployment of renewable energy technologies.
In a previously released statement, David Littell, Commissioner of the Maine Department of Environmental Protection and Chair of the RGGI, Inc. Board of Directors, said: "(Last) Wednesday's auction continues RGGI's track record of successful implementation. As we work to advance legislation at the federal level, the RGGI programs continue to be a model for strong national policy, developing best practices for the implementation of cap-and-trade programs."
Added Jonathan Schrag, Executive Director of RGGI, Inc.: "World Energy continues to play an important role in providing transparent and efficient distribution of RGGI CO(2) allowances, as evidenced by another well executed auction."
Concluded Richard Domaleski, CEO of World Energy: "Eight successful cap-and-trade auctions in a row, combined with the recent renewal of our contract with RGGI, Inc., testify to the strength and consistency of our offering in this space. We look forward to helping RGGI continue to lead by example in cap-and-trade."
On May 6, 2010, World Energy announced the renewal of its contract with RGGI, Inc. to supply auction software and services for the ten state RGGI programs through July 31, 2012.
About World Energy Solutions, Inc.
World Energy Solutions, Inc. (NASDAQ: XWES; TSX: XWE) is an energy management services firm that applies an award-winning combination of people, process and technology to help clients manage energy as a strategic asset. To date, the Company has transacted more than $20 billion in energy, demand response and environmental commodities on behalf of its Government, Commercial & Industrial, and Utility customers, creating more than $1 billion in value for them. World Energy is also a leader in the growing global carbon market, where its World Green Exchange(R) supports the ground-breaking Regional Greenhouse Gas Initiative's (RGGI) cap-and-trade program for CO(2) 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; 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: Dan Mees, World Energy Solutions, Inc., (508) 459-8156, firstname.lastname@example.org; Erika Moran, The Investor Relations Group, (212) 825-3210, email@example.com