EnerNOC (ENOC) Expects $200 Million In Demand Response Revenue From PJM Market In 2013

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09:57:25 am on May 18, 2010

EnerNOC (ENOC) has announced that based on the 2013/2014 Reliability Pricing Model Base Residual Auction results, it now expects to recognize over $200 million in DemandSMART revenue from the PJM market in 2013. They have also increased their base residual market share from 35% in 2012/2013 to 40% in 2013/2014.

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CEO Tim Healy commented: “EnerNOC’s financial strength positioned us well to bid strategically into the 2013/2014 auction, ensuring a clear path to over $200 million in recognized DemandSMART revenue for 2013 from this one region alone.  Perhaps even more encouraging is the fact that, according to a recent announcement by PJM, the 2013/2014 Base Residual Auction had only 6% penetration by demand response, which will leave plenty of room for growth beyond 2013/2014. We’re also encouraged by some early reports that the positive PJM capacity pricing trends experienced in this auction may continue beyond 2013.”

Yesterday, Canaccord Adams reiterated its Buy rating on ENOC based on the strong auction results.

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