State of Connecticut Completes Renewable Energy Auction with World Energy

    Successful Auction Yields Savings and High Percentages of
    Renewable Energy

    WORCESTER, MA, Oct. 18 /CNW/ - World Energy Solutions, Inc. (TSX: XWE),
the operator of leading online exchanges for energy and energy-related
products, announced the State of Connecticut has completed its first
successful energy auction through the web-based World Energy Exchange. As a
result of the initial auction, Connecticut has achieved a high mix of
renewable energy, underscoring the State's commitment to mitigating climate
change. In addition, the energy contracts achieved through World Energy are
expected to generate a total cost savings of $18 million dollars over the
20 month contract period.
    By leveraging World Energy's proven web-based platform, the State of
Connecticut was able to award a series of contracts to supply the State with
more than 505 million kilowatt hours (kWh) per year. As part of that total,
the participating agencies were able to contract the equivalent of 134,420 MWh
of renewable power, which when combined with the State's Renewable Portfolio
Standard, yields a 17 percent greening of the state's overall energy
portfolio. Connecticut is one of 10 states participating in the Regional
Greenhouse Gas Initiative (RGGI), a pioneering cap and trade system to limit
greenhouse gas emissions. Out of the 10 RGGI states, Connecticut becomes the
fifth to select World Energy for its energy procurement needs, and the sixth
state overall.
    "The World Energy Exchange and their team of knowledgeable industry
experts provided even more value than we had anticipated. We were especially
pleased with the aggressive pricing we received for green power and given the
success of this first procurement, we look forward to leveraging World Energy
again to address other energy needs," commented Secretary Robert Genuario at
the State of Connecticut.
    As energy costs continue to rise and concerns regarding climate change
escalate, organizations are actively seeking ways to lower costs and procure
energy commodities at an optimal price. State and local governments are
leading the way, ensuring green power is a significant part of their energy
portfolios. By leveraging World Energy's platform, state government customers
receive transparent, fair market pricing for any mix of green power they
    "Our customers have been recognized for achieving outstanding cost
savings on energy procurement and commended for their leadership in greening
energy portfolios," said Richard Domaleski, CEO and founder of World Energy.
"Our deep market knowledge, when combined with the proven success of the
Exchange, enables state and local governments to successfully manage their
energy portfolio today and throughout the evolution of the market."

    About World Energy Solutions, Inc.

    World Energy operates leading online exchanges for energy and
energy-related products. Our proven approach provides market intelligence,
promotes liquidity, and creates price transparency for all market
participants, enabling our customers to transact with confidence and to seek
the best possible price. To date, the company has transacted over 40 billion
kwh of electricity, 700 million kwh of green power and Renewable Energy
Certificates (RECs) and one trillion cubic feet of natural gas. For more
information, please visit

    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.

For further information:

For further information: Investor Relations, Phil Adams, World Energy
Solutions Inc., (508) 459-8100,; or Craig Armitage, The
Equicom Group, (416) 815-0700 x278,; Media
Relations, Kyle Flaherty, Horn Group, (781) 356-7166,

Organization Profile


More on this organization

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890