Auction Yields $87.9 Million for Investment in the Clean Energy Economy
WORCESTER, MA, March 16 /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 first quarterly auction of carbon dioxide (CO2) allowances in 2010, and seventh overall, administered by Regional Greenhouse Gas Initiative, Inc. (RGGI, Inc.) on March 10, 2010.
According to RGGI, Inc., all 40,612,408 CO(2) allowances for the first three-year control period (2009-2011) offered in Wednesday's auction sold at $2.07 per allowance, while 2,091,000 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 $582.3 million, with RGGI states investing the proceeds to improve energy efficiency and accelerate the deployment of renewable energy technologies, creating thousands of jobs.
In a previously released statement, David Littell, Commissioner of the Maine Department of Environmental Protection and Chair of the Regional Greenhouse Gas Initiative, Inc. Board of Directors, said: "RGGI has provided a roadmap to a clean energy future. With each successful auction, the RGGI states continue to show that cap-and-trade works and can jumpstart a green economy with fewer emissions, lower electric bills and more jobs."
Added Richard Domaleski, CEO of World Energy: "Since winning the contract to provide the RGGI auction platform back in early 2008, we have relished the opportunity to contribute to the success of America's landmark carbon cap-and-trade program. Seven successful auctions later, I am delighted to say it remains a singular honor to work with RGGI, Inc. on behalf of the RGGI states while showcasing for the world how well auction-based cap-and-trade works."
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, demand response, and green-energy assets, 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; 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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