WORCESTER, MA, May 6 /PRNewswire-FirstCall/ - World Energy Solutions, Inc. (NASDAQ: XWES; TSX: XWE), a leading energy management services firm, today announced it has renewed its contract with RGGI, Inc., a non-profit corporation created to provide technical and administrative services to the states participating in the Regional Greenhouse Gas Initiative (RGGI), to supply auction software and services for the ten state RGGI programs through July 31, 2012. Under the terms of the contract, World Energy will continue to act as the auction manager for RGGI's CO(2) emissions reduction program, the first such program in U.S. history.
Since the first auction in September 2008, the RGGI states have auctioned more than 200 million emission allowances on the World Energy platform, yielding $582.3 million for states to invest in green energy programs. To date, the RGGI auctions are the largest carbon emission allowance auctions ever conducted (source: Point Carbon). World Energy remains the only publicly-traded company with hands-on experience implementing and executing auction-based cap-and-trade.
"We are very pleased to retain the services of World Energy for another two years," said Jonathan Schrag, Executive Director of RGGI, Inc. "Over the last 18 months, World Energy has played an important role in providing transparent and efficient distribution of RGGI CO(2) allowances. We commend them for the excellence of their online auction platform and for the people behind it who ensure a high-quality and successful process. We look forward to continuing our relationship to ensure seamless auction implementation."
Concluded Richard Domaleski, CEO of World Energy: "The RGGI contract renewal represents a seal of approval for the hard work, innovation and, most importantly, results we have delivered for this breakthrough program. We look forward to helping RGGI continue to lead by example in cap-and-trade and to the new opportunities this strategic engagement presents us."
The next RGGI auction is scheduled for June 9, 2010.
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 growing global carbon market, where its World Green Exchange(R) supports the ground-breaking Regional Greenhouse Gas Initiative's (RGGI) cap-and-trade program for CO(2) 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; 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.
