Worcester, MA, Nov. 6, 2007 - World Energy Solutions, Inc. (TSX: XWE), the operator of leading online exchanges for energy and energy-related products, announced advanced technology company Lockheed Martin’s Moorestown, NJ facility has completed its third successful energy auction through the web-based World Energy Exchange.
- Projected energy cost savings of nearly $1.5 million, after a total of six suppliers made forty-one bids
- Price locked, saving more than half a cent per kWh as compared to market benchmark
- 36 month contract for more than 82 million kilowatt hours (kWh) per year
- Reduced risk by including capacity to ensure efficient and reliable energy delivery
Commentary & Quotes
Steven Silberstein,
Facilities Engineering Energy Procurement Manager, Lockheed Martin Moorestown Facility
“Through three successful auctions, we have consistently procured energy efficiently and effectively. The purchase of energy can be a risky endeavor when you face a volatile market and traditional energy brokerages. With this auction, we purchased energy below the two-year low industry price in a time where energy costs elsewhere are rising. By signing a fixed price contract we have, in essence, removed all the pricing volatility and now have budget certainty for the next 36 months.”
Richard Domaleski, CEO and founder of World Energy
“Our customers consistently yield very real cost savings using the World Energy Exchange. Establishing an online reverse auction for customers like Lockheed Martin is not simply a matter of relying on our technology to deliver the best results. Our market expertise, proven process, and deep supplier base minimize risk and reduce costs by providing users with liquidity and price transparency, while supporting Sarbanes-Oxley compliance requirements.”
About Lockheed Martin
Headquartered in Bethesda, MD, Lockheed Martin employs about 140,000 people worldwide and is principally engaged in the research, design, development, manufacture, integration and sustainment of advanced technology systems, products and services.
About World Energy Solutions, Inc.
World Energy operates leading online exchanges for energy and energy-related products. Our proven approach provides market intelligence, promotes liquidity, and creates price transparency for all market participants, enabling our customers to transact with confidence and to seek the best possible price. To date, the company has transacted over 40 billion kwh of electricity, 700 million kwh of green power and Renewable Energy Certificates (RECs) and one trillion cubic feet of natural gas. 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.
