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November 10, 2010
Expiring Rate Caps Create Groundswell of Opportunity for Customers to Source Competitive Energy Supply and Save
Philadelphia, PA and Worcester, MA – November 10, 2010 – World Energy Solutions, Inc. (NASDAQ: XWES; TSX: XWE), a leading energy management services firm, today announced it is continuing to gain market share in Pennsylvania as it helps a growing number of businesses successfully procure power in the State’s newly competitive electricity markets. With all of Pennsylvania’s electricity rate caps expiring by year’s end, World Energy and its channel partners are working diligently with companies and government agencies to capitalize on this landmark opportunity.
In 2010 alone, World Energy has transacted over 1.5 billion kWh of electricity for dozens of Pennsylvania customers, including Altoona Water Authority, Chester Water Authority, D.F. Stauffer Biscuit Co., The Hill School, Johnson Matthey, Inc., Ottens Flavors, The Original Philadelphia Cheesesteak Company, Pennsylvania Academy of the Fine Arts, The Rittenhouse Hotel and Condominium Residences, Snap-on, Vertex, Inc. and York County, delivering valuable budget certainty and millions of dollars in energy savings.
“We needed a way to get in front of the changes in our energy market and maximize competition for our business,” said Russell Williams, Executive Manager and Chief Engineer of the Chester Water Authority. “World Energy and its online auctions really delivered, helping us minimize our electricity costs through 2012.”
Added George Robinson, President of Ottens Flavors, a global supplier of flavors based in Philadelphia: “The opening of the electricity market here provided us a great opportunity to meet two important company objectives: advancing our corporate stewardship through the procurement of green power and reducing overall energy costs to enhance our competitiveness. With World Energy we were able to meet both these objectives, securing 100 percent green energy while coming in under our energy budget for 2011. I am delighted with the results.”
World Energy is continuing to see robust deal activity and supplier participation across Pennsylvania’s major service territories, including Allegheny, Duquesne, MetEd, PECO, PENELEC and PPL. Customers of all sizes and across vertical markets, including agriculture, consumer goods, education, government, healthcare, hospitality and manufacturing, are successfully leveraging World Energy’s award-winning combination of people, process and technology to put competitive energy markets to work for them and secure favorable energy contracts that advance their business goals.
Added Kenneth Antos, Vice President of Retail Sales at World Energy: “We are witnessing a sea change in Pennsylvania’s electricity markets that is benefitting the State’s business customers. Our market reach and advanced processes, combined with historically low power prices and a hungry field of competitive suppliers, are translating into big wins for customers, ones that are giving them more control over their energy destinies and saving them money. We expect these trends to continue through the remainder of 2010 and urge companies that haven’t yet switched to competitive supply to do so quickly before new utility rates go into effect January 1, 2011.”
With offices in Berwyn, PA, and a growing network of channel partners throughout the Commonwealth, including APPI, Applied Energy, Commercial Utility Consultants, EnergyWise Consulting, Practical Energy and Tangent Energy, World Energy is actively serving the demand response, electricity, natural gas and renewable energy needs of Pennsylvania businesses. World Energy also boasts one of the industry’s largest pools of registered suppliers and a sales and operations team steeped in Pennsylvania and national deregulated energy markets, making it easy for customers to make the most of their energy opportunities.
About World Energy Solutions, Inc.
World Energy Solutions, Inc. (NASDAQ: XWES; TSX: XWE) is an energy management services firm that applies an award-winning combination of people, process and technology to help clients manage energy as a strategic asset. To date, the Company has transacted more than $20 billion in energy, demand response and environmental commodities on behalf of its Government, Commercial & Industrial, and Utility customers, creating more than $1 billion in value for them. World Energy is also a leader in the global carbon market, where its World Green Exchange® 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 the following: our revenue and backlog are 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; and there are factors outside our control that affect transaction volume in the electricity market. Additional risk factors are 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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