Auction Yields More than $66 Million for Re-Investment in State Green
WORCESTER, MA, Sept. 14 /CNW/ - World Energy Solutions, Inc. (NASDAQ: XWES; TSX: XWE), an operator of online exchanges for energy and green commodities, today announced it has successfully supported the fifth carbon allowances auction administered by Regional Greenhouse Gas Initiative, Inc. (RGGI, Inc.) on September 9, 2009.
According to RGGI, Inc., 28,408,945 allowances for the 2009 vintage were sold at a clearing price of $2.19 per allowance, while 2,172,540 allowances for the 2012 vintage were sold at a clearing price of $1.87 per allowance. In total, the fifth RGGI auction yielded more than $66.2 million for energy efficiency, renewable energy and other programs that benefit energy consumers and create green jobs.
The auction marks one year since the debut of the Regional Greenhouse Gas Initiative (RGGI) auctions and brings the total amount of proceeds to more than $432 million since September of 2008.
In a previously released statement, Pete Grannis, Chair of the Regional Greenhouse Gas Initiative, Inc. Board of Directors, said: "Once again the RGGI auction was a success, with demand running much higher than supply and compliance entities getting most of the allowances. RGGI has established a price for carbon, demonstrated that auctions are an efficient and effective way to allocate CO2 allowances and enabled the states to return millions of dollars in benefits to consumers through investment in energy savings and clean energy." (http://www.rggi.org/docs/Auction_5_News_Release_MM_Report.pdf)
Added Richard Domaleski, CEO of World Energy: "We take great pride in our relationship with RGGI and in reliably delivering the auction platform for this breakthrough cap and trade program, identified by Point Carbon as 'the third largest carbon market in the world.' For governments and international bodies actively developing or planning their emissions trading schemes, the results of the RGGI auctions speak volumes: 5 historic auctions; more than 140 million primary allowances transacted; and over $400 million generated for re-investment in State Green Energy programs."
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 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; 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.
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