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October 6, 2008
October 6, 2008, Worcester, MA – World Energy Solutions, Inc. (TSX: XWE) today announced Vectren Energy Delivery of Ohio (Vectren) successfully conducted a natural gas auction for its Standard Sales Offer (SSO) on the World Energy Exchange.
The auction resulted in a retail price adjustment of $2.35 per thousand cubic feet (Mcf), which will be in effect from October 1, 2008 through March 31, 2010. Auction results were approved by the Public Utilities Commission of Ohio (PUCO) within 24 hours.
In a previously released statement, PUCO Chairman Alan R. Schriber stated: “We are pleased with the results of this auction. We believe customers in Vectren’s service territory will see a savings on the natural gas commodity price.” (The full statement can be read at www.puco.ohio.gov/puco/mediaroom/MediaReleaseBorderless.cfm?id=8732).
Vectren conducted the August 19, 2008 auction to enable interested suppliers to compete for the right to provide natural gas supply for its choice-eligible sales customers. Vectren’s choice program gives customers the option of purchasing their natural gas from a supplier other than Vectren, with Vectren retaining all delivery, billing and services responsibilities for the commodity.
“Working with World Energy was a very smooth process,” said Scott Albertson, Director of Regulatory Affairs at Vectren Energy Delivery of Ohio. “We were impressed with the efficiency of the auction, the price transparency it provided, and the results it yielded.”
Added Phil Adams, President, World Energy: “We are pleased to be working with Vectren and glad our results will potentially benefit Vectren’s customers. World Energy is once again proving the power of its online exchange in the wholesale energy markets, bringing together bidders and delivering competitive prices to help our customers meet their strategic goals.”
About World Energy Solutions, Inc.
World Energy (TSX: XWE) operates online exchanges for energy and green commodities. For buyers and sellers of electricity, natural gas and green energy assets who are impacted by today’s highly volatile energy markets, World Energy’s proven approach has transformed the normally complex procurement process into a powerful, streamlined vehicle for cost savings. In addition to helping its customers obtain favorable pricing on traditional energy commodities, World Energy is taking an active role in creating the green commodities markets. To date, the company has transacted nearly 1 billion kWh of green power and Renewable Energy Certificates (RECs), and its trading platform powers the ground-breaking Regional Green House 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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