Comverge (COMV) Secures $74 Million In PJM Auction, Increases Market Share

Comverge (COMV) didn’t have as much success in securing future revenues in the PJM market as EnerNOC (ENOC) did, but they have announced that they secured more than $74 million in future contracted revenue as a result of the 2013/2014 Reliability Pricing Model Base Residual Auction.

===>  Click Here For Your FREE Comverge Analysis

What is this PJM market you ask?  PJM Interconnection is a regional transmission organization that manages and operates the wholesale electricity market in 13 states including the District of Columbia.  The auction ensures that electricity providers have enough capacity to serve over 50 million people.  Demand response services are becoming an increasingly important part of the equation with growth in the PJM market of 32% over last year.  Comverge increased its market share to more than 10% in the 2013/2014 auction.

Comverge CEO R Blake Young commented: “These auction results are proof of Comverge’s growing footprint in the commercial and industrial demand response market.  Our ability to serve both the commercial and residential markets with proven and comprehensive demand response and intelligent energy management solutions, combined with a strong balance sheet, puts us in position to capitalize on the growing energy management market in ways that no other company can.”

COMV shares are down 3% today and are technically broken, trading below the 50 and 200 day moving averages.  It appears it may want to test the 2010 lows around the 9.50 level soon.

Leave a Reply

Your email address will not be published. Required fields are marked *