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November 12, 2007
Auction Results Provide Another Example of World Energy’s Value to the Wholesale Market
Worcester, MA. Nov. 12, 2007 – World Energy Solutions, Inc. (TSX: XWE), the operator of leading online exchanges for energy and energy-related products, announced that Detroit Edison, an operating unit of DTE Energy (NYSE:DTE) has completed a successful web-based auction to meet capacity needs for the summer of 2008.
Using the web-based World Energy Exchange, Detroit Edison was able to:
- Complete a web-based capacity auction in the Midwest ISO (MISO).
- Bring transparency into the capacity market in the MISO.
- Create a highly competitive marketplace that included numerous suppliers
- Examine different variables including a flexible RFP architecture and robust price discovery modeling
- Realize significant market liquidity
Commentary & Quotes:
Christy Wicke, Manager-Operational Optimization, Detroit Edison
“One of our main objectives at Detroit Edison is to continuously streamline all of our processes while always maintaining an unbiased and transparent audit trail. The World Energy Exchange gave us the flexibility to construct multiple variations of our product and maintain a high level of integrity and separation within the process to assure our compliance objectives. Their team was supportive and adaptive, and the World Energy Exchange delivered a great result.”
Philip V. Adams, President and COO, World Energy
“Working with World Energy, Detroit Edison was able to purchase capacity in an environment which revealed competitive pricing in an efficient way. The fact that Detroit Edison is the first to complete this type of auction within the MISO shows their desire to continually innovate and find the best and most beneficial means in purchasing capacity. The success of this auction also contributes to the rapidly growing reputation of World Energy Exchange as an increasingly valuable tool in the wholesale market.” For more detailed information regarding the World Energy Exchange, please visit: http://www.worldenergy.solutions/wee.html
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.
About Detroit Edison
Detroit Edison is an investor-owned electric utility serving 2.2 million customers in Southeastern Michigan and a subsidiary of DTE Energy (NYSE:DTE), a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Information about DTE Energy is available at www.dteenergy.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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