June 7 (Bloomberg) -- Enernoc Inc., a power-management service provider, agreed to help a unit of PPL Corp. reduce its customers’ electricity consumption when demand is high.
The 300-megawatt demand-response capacity agreement will help PPL Electric Utilities Corp. reach state load-reduction targets, Enernoc said today in a statement.
Enernoc pools electricity consumption from multiple companies, which receive lower power rates in exchange for allowing their service to be cut at times of high demand. The Boston-based company will monitor customers’ power usage to cut demand on PPL Electric’s grid by as much as 300 megawatts. The contract must be approved by the Pennsylvania Public Utility Commission.
Enernoc fell 49 cents, or 3 percent, to $15.94 at 12:07 p.m. in Nasdaq Stock Market trading. Its shares have fallen 33 percent this year.
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