Town of North Haven Cuts Electricity Costs by 10% With World Energy Solutions
Online Auctions Help Town Secure 36-Month Power Contract, Drive $200,000+ in
NORTH HAVEN, Conn. and WORCESTER, Mass., Aug. 12, 2013 (GLOBE NEWSWIRE) --
World Energy Solutions, Inc. (Nasdaq:XWES), a leading energy management
services firm, today announced it has helped the Town of North Haven, CT
successfully procure over 30 million kWh of electricity. The resulting
36-month contract, which commences January 2015, is projected to save the Town
more than $200,000 over its prior contract, while providing valuable budget
certainty through December 2017.
Through a series of online auctions run on the World Energy Exchange®, the
Town of North Haven tested various terms and products in a fair, transparent
and objective manner. The competitive event attracted multiple suppliers, who
submitted more than 40 bids for the Town's business, delivering a winning
price 10 percent below its prior contract in a rising commodity market.
"We are thrilled to lock in a new, long-term electricity contract that
delivers both rate savings and budget certainty for our residents," said
Edward J. Swinkoski, Director of Finance / Administration, Town of North
Haven. "World Energy gives the buyer an advantage in energy procurement, one
that really helped us get the most from the competitive market."
Added First Selectman Michael J. Freda: "Embracing a technology-based approach
to energy procurement in partnership with World Energy shows great leadership
on the part of the Town of North Haven, the kind that makes an economic
difference and sets a positive example."
Noted Phil Adams, CEO of World Energy Solutions: "Teaming with the Town of
North Haven is another important win for us in the State of Connecticut and
further validation of the effectiveness of our approach. While our online
auctions have been a staple at the State level for many years, I am encouraged
to see more cities, towns and area businesses trying our auctions for the
first time and experiencing the qualitative and quantitative benefits they
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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