Comverge Secures Future Potential Revenue in PJM's 2015/2016 RPM Auction
24 5월 2012 - 10:00PM
Comverge, Inc. (Nasdaq:COMV), the leading provider of Intelligent
Energy Management (IEM) solutions for Residential and Commercial
& Industrial (C&I) customers, today announced it has
secured a strong position in the 2015/2016 Reliability Pricing
Model Base Residual Auction. As a result of the auction success,
Comverge's future potential revenue in the PJM capacity program
increased by 140% compared to its 2011 results.
The award builds on Comverge's continuing strong growth in
C&I demand response markets. Comverge experienced 75
percent year-over-year growth for first quarter 2012 as strong
growth in all customer market verticals continues to accelerate.
Comverge added more than 800 new megawatts (MW) under management in
2011 and reported its strongest ever operational and financial
performance.
"The results of the PJM 2015/2016 auction build on the very
strong growth in our commercial demand response business," said R.
Blake Young, Comverge President and CEO. "Results were consistent
with our overall balanced market approach with an emphasis on
growing our RTO position as prices continue to strengthen and the
market opportunity continues to be significant. We believe that
pricing for both the limited and extended summer products will
enable demand response ample opportunity in continuing to provide
cost effective and reliable capacity to PJM when it is most
needed."
Comverge services the C&I market by working with utilities
and directly with commercial and industrial partners in open
markets such as PJM, ISO-New York, ISO-New England, and ERCOT.
Comverge currently manages 3,416 MWs in the C&I
market.
PJM Interconnection is a regional transmission organization that
manages the electric transmission system to ensure reliability and
operates wholesale electricity markets in all or parts of 13 states
and the District of Columbia. The Reliability Pricing Model auction
ensures that electricity providers have enough capacity (power to
be drawn from when needed) to reliably serve the 60 million people
in the PJM region. PJM awarded a total of 14,833 MWs to demand
response resources in the 2015/2016 Base Residual Auction, an
increase of 5% from the previous 2014/2015 Base Residual Auction.
Comverge market share is approximately 7% of the total awarded
Demand Response resources in the 2015/2016 auction.
About Comverge
With more than 500 utility and 2,100 commercial customers, as
well as five million deployed residential devices, Comverge brings
unparalleled industry knowledge and experience to offer the most
reliable, easy-to-use, and cost-effective intelligent energy
management programs. We deliver the insight and control that
enables energy providers and consumers to optimize their power
usage through the industry's only proven, comprehensive set of
technology, services and information management solutions. For more
information, visit www.comverge.com.
Caution Regarding Forward Looking
Statements
This release contains forward-looking statements that are made
pursuant to the safe harbor provisions of Section 21E of the
Securities Exchange Act of 1934. The forward-looking statements in
this release are not and do not constitute historical facts, do not
constitute guarantees of future performance and are based on
numerous assumptions which, while believed to be reasonable, may
not prove to be accurate. These forward looking statements include
projected revenue expected from PJM, projected contracted revenues,
the amount of revenue and megawatts that will be generated by open
market programs and certain assumptions upon which such
forward-looking statements are based. The forward-looking
statements in this release do not constitute guarantees of future
performance and involve a number of factors that could cause actual
results to differ materially, including risks associated with
Comverge's business involving our products, the development and
distribution of our products and related services, regulatory
changes or grid operator rule changes, regulatory approval of our
contracts, economic and competitive factors, our key strategic
relationships, and other risks more fully described in our form
10-Q filed on May 10, 2012. Comverge assumes no obligation to
update any forward-looking information contained in this press
release or with respect to the announcements described herein.
CONTACT: Jason Cigarran
Vice President, Marketing and Investor Relations
Comverge, Inc.
678-823-6784
jcigarran@comverge.com
Media Relations
Simon Jones
PR for Comverge, Inc.
415.856.5155
Vice President, Blanc and Otus
sjones@blancandotus.com
Comverge, Inc. (MM) (NASDAQ:COMV)
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