Agri-Mark Makes Strategic Power Purchases With World Energy Solutions
Online Auctions Heighten Competition for Leading Dairy Cooperative's Business,
Yielding Rate Savings in Rising Power Markets and Green Energy
METHUEN and WORCESTER, Mass., July 17, 2013 (GLOBE NEWSWIRE) -- World Energy
Solutions, Inc. (Nasdaq:XWES), a leading energy management services firm,
today announced it has helped Agri-Mark, a dairy cooperative of 1,250 farm
families, including the award winning Cabot and McCadam brands, successfully
procure 18 million kWh of electricity for its West Springfield, MA and
Chateaugay, NY manufacturing plants.
Through a series of online auctions run on the World Energy Exchange®,
Agri-Mark was able to test various terms and products in both markets in a
transparent manner and on an "apples to apples" basis. The West Springfield
auctions netted Agri-Mark 10 percent green power at a discounted rate, while
the Chateaugay event helped the co-op secure attractive fixed pricing for a
portion of its load within the ReCharge NY program, providing valuable budget
"Because energy prices had risen since our last contracts, we needed a
procurement process that would maximize competition for our business and
deliver the best prices," said Alan DiBenedetto, Senior Vice President –
Corporate Controller at Agri-Mark. "Not only did World Energy deliver that
competitive process across two very different markets, significantly
increasing the number of suppliers bidding for our business, but the way the
auctions were structured yielded excellent results that helped us meet our
strategic energy needs for each plant."
Added Jim Tringe, Operations Planning and Development Analyst at Agri-Mark:
"Because World Energy runs the auction tranches in series, enabling suppliers
to 'sharpen their pencils' along the way, the winning bid for the green-power
product offered in our West Springfield event actually came in below the best
bid for 'brown' power. This made it possible for us to pursue our green energy
strategy without premium pricing.
"For our Chateaugay facility, that same process helped us systematically
evaluate more than 50 bids for fixed-rate products. This enabled us to take
some of our load off the utility's index rate, which had risen significantly
over the past six months, and lock in at a great price for the next two years.
We are very excited about the outcome of these auctions. We feel we've
realized a lot of value from World Energy's approach to energy management."
Concluded Phil Adams, CEO of World Energy Solutions: "We expect to deliver
great results to our clients, but we still get excited to see customers
experience for themselves the advantage of our auction process. It was great
to see Agri-Mark try the auction for one of their facilities, embrace it, and
come back for more. It was also gratifying to see this deal led by our
Connecticut mid-market team, who are gaining traction upselling the auction
Agri-Mark, with $880 million in 2012 sales, markets more than 300 million
gallons of farm-fresh milk each year for more than 1,250 dairy farm families
in New England and New York. The cooperative is headquartered in Methuen,
Mass., has been marketing milk for dairy farmers since 1913, and actively
represents their legislative interests in the Northeast and in Washington,
D.C. Agri-Mark farmers own the award-winning Cabot brand of Vermont Cheddar,
butter and other dairy products in addition to the McCadam brand of New York
Cheddar, Pepper Jack and other cheeses. For more information about Agri-Mark,
visit our web site at www.agrimark.coop.
About World Energy Solutions, Inc.
World Energy Solutions, Inc. (Nasdaq:XWES) is an energy management services
firm that brings together the passion, processes and technologies to take the
complexity out of energy management and turn it into bottom-line impact for
the businesses, institutions and governments we serve. To date, the Company
has transacted more than $40 billion in energy, demand response and
environmental commodities on behalf of its customers, creating more than $2
billion in value for them. World Energy is also a leader in the global carbon
market, where its World Energy Exchange® supports the Regional Greenhouse Gas
Initiative (RGGI), the first mandatory market-based regulatory program in the
U.S. to reduce greenhouse gas emissions. For more information, please visit
This press release contains forward-looking statements. The words
"anticipates," "believes," "estimates," "expects," "intends," "may," "plans,"
"projects," "will," "would" and similar expressions are intended to identify
forward-looking statements, although not all forward-looking statements
contain these identifying words. The Company has based these forward-looking
statements on its current expectations and projections about future events,
including without limitation, its expectations of backlog and energy prices.
Although the Company believes that the expectations underlying any of its
forward-looking statements are reasonable, these expectations may prove to be
incorrect and all of these statements are subject to risks and uncertainties.
Should one or more of these risks and uncertainties materialize, or should
underlying assumptions, projections or expectations prove incorrect, actual
results, performance or financial condition may vary materially and adversely
from those anticipated, estimated or expected. Such risks and uncertainties
include, but are not limited to the following: the Company's revenue and
backlog are dependent on actual future energy purchases pursuant to completed
procurements; the demand for the Company's services is affected by changes in
regulated prices or cyclicality or volatility in competitive market prices for
energy; the potential impact on the Company's historical and prospective
financial results of a change in accounting policy may negatively impact its
stock price; and other factors outside the Company's control that affect
transaction volume in the electricity market. Additional risk factors are
identified in the Company's Annual Report on Form 10-K for the year ended
December 31, 2012 and subsequent reports filed with the Securities and
Exchange Commission. The forward-looking statements made in this press release
are made as at the date hereof. The Company undertakes no obligation to update
any forward-looking statement to reflect events or circumstances after the
date on which the statement is made or to reflect the occurrence of
unanticipated events, other than as required by securities laws.
CONTACT: Dan Mees
World Energy Solutions, Inc.
Dian Griesel, Inc.
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