Online Auction Event Draws Multiple Suppliers, Delivers Big Savings
DETROIT, MI and WORCESTER, MA, March 30 /CNW/ - World Energy Solutions, Inc. (NASDAQ: XWES; TSX: XWE), an operator of online exchanges for energy and green commodities, today announced it has helped Detroit Edison, an operating unit of DTE Energy (NYSE: DTE), successfully procure MISO capacity over the World Energy Exchange(R) to meet summer peak demand. The March 16th auction attracted more than a dozen suppliers, resulting in a competitive event that yielded more than 50 offers in 30 minutes and a winning price that beat expectations by over 50 percent.
The procurement marks the fifth online capacity auction World Energy has run on behalf of Detroit Edison, an engagement that has consistently delivered excellent results for the company while steadily drawing increased participation among suppliers.
"We are reaping the rewards of an excellent partnership," said Angela Wojtowicz, Supervisor, Midterm Optimization, Detroit Edison. "We have tested the market and know World Energy delivers something special - an exceptional team, process and technology platform that have become integral to our approach to the capacity market. World Energy has worked hard for our business and continues to deliver results that literally make us cheer."
Added Phil Adams, President of World Energy: "Shaping the procurement process of a major utility like Detroit Edison, and earning a role in its ongoing execution, is a tremendous testament to the value we are providing our Wholesale energy customers. This market is populated by some of the most sophisticated and discriminating energy buyers in the world, so our ability to deliver liquid and transparent markets efficiently is always being put to the test. As evidenced by our work with Detroit Edison, I am glad to say we are successfully meeting this challenge and rapidly growing our Wholesale business."
About Detroit Edison
Detroit Edison is an investor-owned electric utility serving over 2 million customers in Southeastern Michigan and a subsidiary of DTE Energy (NYSE: DTE), a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Information about DTE Energy is available at www.dteenergy.com.
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.
For further information: For further information: Investor Relations, Phil Adams, World Energy Solutions, Inc., (508) 459-8100, email@example.com or Craig Armitage, The Equicom Group, (416) 815-0700 x278, firstname.lastname@example.org; Media Relations, Dan Mees, World Energy Solutions, Inc., (508) 459-8156, email@example.com