EnerNOC (ENOC) Soars Above 50DMA After Forecasting $275 Million PJM Demand Response Revenue In 2014

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07:38:35 pm on May 17, 2011

Shares of EnerNOC (ENOC) got a much needed pop (to the tune of nearly 20%)yesterday after the company announced it expects to receive $275 million in revenue in 2014 in the PJM demand response market.  The prediction is based on the results of PJM’s 2014/2015 Reliability Pricing Model Base Residual Auction.

"The results of the Base Residual Auction highlight the value of demand response as a cost-effective capacity resource," said Tim Healy, Chairman and CEO of EnerNOC. "We’re excited to have the opportunity to build on our leadership position in PJM and to continue to help make the PJM market more reliable and efficient."

Shares of ENOC surged above the 50dma on the news, clearing an important area of resistance.  Perhaps this is the beginning of the right side of a large base.  

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