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June 4, 2008
World Energy’s Online Energy Procurement Platform Enables Vesuvius to Better Control its Electricity Purchases
June 4, 2008 - Worcester, MA . World Energy Solutions, Inc. (TSX: XWE) today announced that Vesuvius has successfully transacted its first online electricity procurement event on the World Energy Exchange. Vesuvius, a world leader in the design, engineering, manufacture and delivery of refractory products, systems and services for high-technology industrial applications, posted a Request for Pricing (RFP) on World Energy's advanced online post and respond procurement platform. Eight suppliers responded with initial or refreshed offers. Over a span of two weeks, Vesuvius filtered out non-competitive suppliers, and eventually awarded the deal to the bidders whose proposals best fulfilled their cost, delivery and other requirements.
"This was an eye-opening experience, and a completely novel approach for Vesuvius in terms of procuring electricity," said Jennifer Byers-York, Energy Procurement Manager for Vesuvius. "We had been procuring electricity the same way we purchased other materials: using paper-based RFPs. We believed that if we moved our electricity procurement activities to World Energy's online procurement platform, we could save time and have more control over the entire electricity procurement process."
World Energy helped Vesuvius craft two RFPs with pricing and load requirements, then posted them online using the World Energy Exchange platform. The platform notified suppliers of the RFPs and invited them to submit offers. Eight suppliers came forth, with Vesuvius ultimately choosing a different supplier for each of
the RFPs.
"We were thrilled with the outcome," said Byers-York. "World Energy's robust online procurement platform and extensive market expertise made the process seamless, quick and efficient. I'm confident our new electricity suppliers' margins are much lower than the incumbent we were working with previously."
"This is a terrific example of the value that World Energy's post and respond procurement platform provides to our clients," said Phil Adams, President & COO. "Vesuvius was able to track the market over time before locking in a price, giving them much more control over their energy purchase. At a time of unprecedented
volatility in the commodities markets, providing companies with more power over their energy purchases is increasingly important, and can have a significant impact on the bottom line."
About World Energy Solutions, Inc.
World Energy operates leading online exchanges for energy and environmental commodities. 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 42 billion kwh of electricity, nearly a billion 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.
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