Vectren Energy Delivery of Ohio Conducts Annual Standard Choice Offer Natural
Gas Auction With World Energy Solutions
Event Marks Sixth Consecutive Success for Vectren With World Energy; Results
Approved by The Public Utilities Commission of Ohio
COLUMBUS, Ohio and WORCESTER, Mass., Jan. 30, 2014 (GLOBE NEWSWIRE) -- World
Energy Solutions, Inc. (Nasdaq:XWES), a leading energy management services
firm, today announced Vectren Energy Delivery of Ohio (Vectren) has
successfully conducted its annual natural gas auction for its Standard Choice
Offer (SCO) load on the World Energy Exchange®. The auction secured natural
gas supplies for Vectren customers from April 1, 2014 to March 31, 2015 and
established a retail price adjustment (RPA) of $1.05 per thousand cubic feet
On January 14, 2014, World Energy Solutions, Vectren's auction manager,
conducted a descending clock auction to determine the RPA. The following day,
the Public Utilities Commission of Ohio (PUCO) approved the results. In all,
bids were submitted by seven natural gas suppliers based on fixed adjustments
to the NYMEX settlement price. Five winning bidders will supply Vectren
customers with natural gas beginning April 1, 2014.
Vectren's SCO rate changes monthly and is calculated as the sum of the RPA
plus the New York Mercantile Exchange (NYMEX) month-end settlement price. The
price adjustment reflects the winning bidders' estimate of their cost to
deliver natural gas from the production area to Vectren's service area.
"For six consecutive years, World Energy has played a vital role in our
process for sourcing competitive natural gas supply for customers who have not
enrolled in Vectren's Choice program," said Scott Albertson, Vice President,
Regulatory Affairs and Gas Supply at Vectren. "We appreciate the efficiency of
the auction and the fact that it has resulted in a market-based price for
customers through a process that is supported by the PUCO."
The PUCO announced its acceptance of the Vectren auction results in a press
release dated January 15, 2014. More details are available at
www.puco.ohio.gov, case number 07-1285-GA-EXM.
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.
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