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June 23, 2009
2009 and 2012 Vintages Sold, Raising More than $104 Million for Green Economy Investment
Worcester, MA – June 23, 2009 – World Energy Solutions, Inc. (NASDAQ: XWES; TSX: XWE), an operator of online exchanges for energy and green commodities, today announced it successfully supported the fourth carbon allowances auction administered by Regional Greenhouse Gas Initiative, Inc. (RGGI, Inc.) on June 17, 2009.
According to the RGGI independent market monitor, all 30,887,620 allowances for the 2009 vintage were sold at a clearing price of $3.23 per allowance. In a parallel offering, the RGGI states also auctioned allowances for the second three-year control period beginning January 1, 2012. The 2,172,540 allowances for the 2012 vintage cleared at a price of $2.06 per allowance. In total, the fourth RGGI auction netted $104.2 million for energy efficiency, renewable energy and other programs that benefit energy consumers and create green jobs.
In a previously released statement, Pete Grannis, Chair of the Regional Greenhouse Gas Initiative, Inc. Board of Directors, said: “RGGI’s reliable auction process continues to set an example for the nation. RGGI proves that auction-based cap-and-trade works, and can lead us to a new economy with green jobs, a clean energy infrastructure and a better environment.” (The complete RGGI, Inc. news release can be read at: (http://www.rggi.org/docs/Auction_4_News_Release_MM_Report.pdf).
Added Richard Domaleski, CEO of World Energy: “World Energy is extremely proud to provide the auction technology and services that help support the RGGI programs’ success.
“Whether an eventual U.S. cap and trade program involves the auctioning of 1% or 100% of its allowances, the need for an auction infrastructure remains the same. Having transacted over 110 million primary RGGI allowances over the course of four very successful auction events, World Energy has clearly demonstrated the scalability and reliability of our online platform. Our success supporting RGGI, Inc.’s exceptional execution of these auctions has helped establish World Energy as a leader in global cap and trade technology and innovation.”
About World Energy Solutions, Inc.
World Energy (NASDAQ: XWES; TSX: XWE) operates online exchanges for energy and green commodities. For buyers and sellers of electricity, natural gas, capacity, and green- energy assets who are impacted by today’s volatile markets, World Energy’s proven approach has transformed the normally complex procurement process into a powerful, streamlined vehicle for cost savings. In addition to enabling customers to seek competitive pricing on traditional energy commodities, World Energy is taking a leadership position in the emerging environmental-commodities markets. Its award-winning World Green Exchange® supports the ground-breaking Regional Greenhouse Gas Initiative’s (RGGI) cap and trade program for CO2 emissions. For more information, please visit www.worldenergy.com.
This press release contains forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ from those indicated in the forward-looking statements. Such risks and uncertainties include, but are not limited to: our revenue is dependent on actual future energy purchases pursuant to completed procurements; the demand for our services is affected by changes in regulated prices or cyclicality or volatility in competitive market prices for energy; we depend on a small number of key energy consumers, suppliers and channel partners; there are factors outside our control that affect transaction volume in the electricity market; and there are other factors identified in our Annual Report on Form 10-K and subsequent reports filed with the Securities and Exchange Commission.
SOURCE: World Energy Solutions, Inc.
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