Enernoc Surges After Forecasting PJM Sales to Reach $275 Million in 2014
Enernoc Inc. (ENOC), an electricity demand- reduction service, surged as much as 16 percent after forecasting that sales within the power grid operated by PJM Interconnection LLC will exceed $275 million in 2014.
Enernoc rose at much as $3.05, or 18 percent, to $20.10 in Nasdaq Stock Market trading. The share were at $19.79, up 16 percent, at 10:25 a.m, trimming the Boston-based company’s loss this year to 18 percent.
Rising demand for Enernoc’s energy-reduction services during periods of high electricity use are expected to boost its revenue, based on an auction for its services to be provided in 2014 and 2015 that PJM announced on May 13, Enernoc said today in a statement. Norristown, Pennsylvania-based PJM runs the electricity market and grid in 13 states stretching from Illinois to New Jersey.
Enernoc aggregates 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 company’s sales in the first quarter were $31.8 million.
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