Auction "Runs Like Clockwork," Yields More than $61 Million
WORCESTER, MA, Dec. 9 /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 sixth carbon allowances auction administered by Regional Greenhouse Gas Initiative, Inc. (RGGI, Inc.) on December 2, 2009.
According to RGGI, Inc., all 28,591,698 allowances for the 2009 vintage sold at $2.05 per allowance, while 1,599,000 allowances for the 2012 vintage sold at $1.86 per allowance. In total, the sixth RGGI auction yielded more than $61.5 million, increasing the total amount of RGGI auction proceeds to more than $494.4 million.
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 auctions continue to run like clockwork. Six successful auctions, more than 100 bidders and $494 million for green energy and green jobs - RGGI is showing that cap-and-trade works."
Added Richard Domaleski, CEO of World Energy: "As world leaders meet in Copenhagen to discuss a future framework for reducing greenhouse gas emissions, we take great pride in the role we play in the execution of the RGGI auctions. RGGI provides an object lesson in how to structure and run carbon compliance auctions."
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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