Comverge (COMV) Gets Approval For 165MW Demand Response Contract, Secures 680MW Capacity

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08:28:23 am on June 3, 2009

Comverge (COMV), a demand response up and comer similar to EnerNoc (ENOC), has announced this morning that it has approved regulatory approval for its 15 year, 125 MW contract with Arizona Public Services originally announced in September of last year.  It’s the largest commercial & industrial VPC demand response contract in the industry to date and will enable Arizona Public Services to help its customers reduce the amount of electricity that is required at peak demand times beginning next year.

“This contract represents a milestone not only for Comverge’s C&I portfolio, which has increased by more than 1,500 megawatts in the last two years, but for the industry at large suggesting the increasing importance demand response will play in our energy management efforts for years to come. We continue to execute our strategy to expand our reach geographically and bring our solutions to the residential and C&I markets.

“Second, Comverge secured more than 680 megawatts of demand response capacity in the PJM Interconnection (PJM) market as a result of the 2012/13 Reliability Pricing Model Base Residual Auction.  Comverge Chairman, President and CEO, Robert M. Chiste, stated, “The approval of this landmark contract combined with our latest award in the PJM 2012/2013 auction demonstrates Comverge’s growing presence in the C&I demand response market and further establishes our position as the industry’s most comprehensive demand response and smart grid solutions provider, serving the residential, commercial, industrial and institutional markets. We expect to generate approximately $145 million of estimated future revenues from the APS contract and performance resulting from the 2012 PJM auction.”

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