BOSTON--(BUSINESS WIRE)--EnerNOC, Inc. (NASDAQ: ENOC), a leading developer and provider of clean and intelligent energy solutions, today announced that it has entered into a five-year contract with the State of Rhode Island. The contract will allow EnerNOC to enable and manage demand response capacity from city, town and government-related buildings into the Independent System Operator of New England, Inc. ("ISO-NE") market, creating a valuable revenue stream for the State both today and in the future as part of ISO-NE's Forward Capacity Market.
"As Rhode Island is facing skyrocketing energy costs and consumers are being asked to pay more for electricity, reducing non-essential consumption is an important component of our commitment to support reliable, cost-effective and environmentally sustainable energy solutions," said Governor Donald L. Carcieiri.
Under contract terms, individual government buildings can enroll in EnerNOC's technology-enabled demand response network. Each site will be paid for agreeing to reduce non-essential electricity consumption during periods of peak demand. In addition, each participating site will gain basic access to EnerNOC's PowerTrak energy management platform, which enables users to view and analyze their energy consumption data in near real time and measure efficiency gains.
"This is a positive development in Rhode Island's broader mission to promote environmentally responsible energy policies, while generating revenue for the State that can be used to fund other government programs," said Andrew Dzykewicz, commissioner of the Office of Energy Resources for the State of Rhode Island. "EnerNOC is a valued partner that is helping us to maximize our participation in today's energy markets and to navigate the evolving demand response landscape."
"EnerNOC's continued success with state governments is encouraging, and we look forward to working with the State of Rhode Island to maximize the effectiveness of New England's energy resources," said Tim Healy, chairman and chief executive officer of EnerNOC.
For information about joining EnerNOC's demand response network, email email@example.com.
EnerNOC, Inc. is a leading developer and provider of clean and intelligent energy solutions to commercial, institutional, and industrial customers, as well as electric power grid operators and utilities. EnerNOC's technology-enabled demand response and energy management solutions help optimize the balance of electric supply and demand. The Company uses its Network Operations Center, or NOC, to remotely manage and reduce electricity consumption across a network of commercial, institutional, and industrial customer sites and make demand response capacity and energy available to grid operators and utilities on demand. For more information visit www.enernoc.com.
Safe Harbor Statement
Statements in this press release regarding management's future expectations, beliefs, intentions, goals, strategies, plans or prospects, including, without limitation, statements relating to the future success of EnerNOC's demand response and energy management solutions and the ability of EnerNOC's customers to derive financial benefits from such solutions, may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by terminology such as "anticipate," "believe," "could," "could increase the likelihood," "estimate," "expect," "intend," "is planned," "may," "should," "will," "will enable," "would be expected," "look forward," "may provide," "would" or similar terms, variations of such terms or the negative of those terms. Such forward-looking statements involve known and unknown risks, uncertainties and other factors including those risks, uncertainties and factors referred to under the section "Risk Factors" in EnerNOC's Quarterly Report on Form 10-Q for the period ended March 31, 2008, as filed with the Securities and Exchange Commission on May 13, 2008, as well as other documents that may be filed by EnerNOC from time to time with the Securities and Exchange Commission. As a result of such risks, uncertainties and factors, EnerNOC's actual results may differ materially from any future results, performance or achievements discussed in or implied by the forward-looking statements contained herein. EnerNOC is providing the information in this press release as of this date and assumes no obligations to update the information included in this press release or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
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