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December 22, 2008
December 22, 2008, Worcester, MA - World Energy Solutions, Inc. (TSX: XWE) today announced it has successfully supported the second carbon dioxide (CO2) emissions allowances auction administered by Regional Greenhouse Gas Initiative, Inc. (RGGI, Inc.). According to RGGI, Inc., all 31,505,898 allowances offered for sale on December 17, 2008 were sold at a clearing price of $3.38 per allowance, producing approximately $106.5 million in proceeds for all ten RGGI states. The states will invest those funds in energy efficiency and clean energy technologies.
RGGI, Inc. reported that 69 participants from the energy, financial and environmental sectors took part in the bidding, indicating continued strong performance for RGGI CO2 allowance auctions. The demand for the allowances was robust at 3.5 times available supply.
In a previously released statement, Pete Grannis, Chair of Regional Greenhouse Gas Initiative, Inc. Board of Directors, said: "The RGGI auctions continue to be the place where market participants come to buy the allowances they need. Once again the results prove that distributing allowances via auctions in a carbon dioxide cap and trade program can be successful. We look forward to developing a partnership with the Obama Administration to create a strong federal climate action plan." (The complete RGGI, Inc. press release can be read at: http://www.rggi.org/docs/Auction_2_Release_Final_08_12_19b.pdf)
"This is by far the largest single auction of carbon emissions allowances in the world to date," said Henrik Hasselknippe, Director at Point Carbon, a leading provider of market intelligence and analysis for the energy and environmental markets. "Auctions are widely expected to be the main source of allocation in the future global carbon market, making it important for market participants to gain experience with auctions now."
Added Richard Domaleski, CEO of World Energy, "RGGI continues to make history with another successful auction event for its groundbreaking compliance program. We are proud to be part of RGGI's pioneering efforts, and see the appointment of RGGI board member, Lisa Jackson, to lead the Environmental Protection Agency in President-elect Obama's cabinet as further validation of the work RGGI has done.
"I am proud of the exemplary effort of our team and the robust performance of our platform in seamlessly administering RGGI's auctions. With more than 46 million environmental attributes transacted over the World Green Exchange(R), in a variety of commodities such as CERs, VERs, RECs, SRECs, Alberta Offsets and RGGI Allowances, we continue to enhance our leadership position in the world's environmental markets."
About World Energy
World Energy Solutions, Inc (TSX: XWE) operates online exchanges for energy and green commodities. For buyers 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 minimize pricing on traditional energy commodities, World Energy is taking a leadership position in the emerging environmental commodities markets. To date, the company has transacted nearly one billion kWh of green power and RECs as well as a variety of mandatory and voluntary carbon credits. Its award-winning World Green Exchange(R) 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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