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March 23, 2009
Two Vintage Allowances Sold, Raising More than $117 Million
Worcester, MA – March 23, 2009 –World Energy Solutions, Inc. (TSX: XWE), an operator of online exchanges for energy and green commodities, today announced it has successfully supported the third carbon dioxide (CO2) emissions allowances auction administered by Regional Greenhouse Gas Initiative, Inc. (RGGI, Inc.) on March 18, 2009.
According to RGGI, Inc., all 31,513,765 allowances for the 2009 vintage were sold at a clearing price of $3.51 per allowance. In a parallel offering, the RGGI states also auctioned allowances for the second three-year control period beginning in 2012. The 2,175,513 allowances for the 2012 vintage cleared at a price of $3.05 per allowance. In total, the auction raised $117,248,629.80 for energy efficiency, renewable energy and other consumer benefit programs in the ten RGGI states.
In a previously released statement, Pete Grannis, Chair of the Regional Greenhouse Gas Initiative, Inc. Board of Directors, said: “The states are very pleased with the results from the latest RGGI auction. Our continued success provides further support for President Obama’s position that a national cap and trade program with allowance auctions is the right policy for the country and the right approach for addressing the most pressing environmental and economic issue of our time: climate change.” (The complete RGGI, Inc. press release can be read at: http://www.rggi.org/docs/Auction_3_News_Release_MM_Report.pdf)
Added Jonathan Schrag, Executive Director of the Regional Greenhouse Gas Initiative, Inc., “Once again, RGGI, Inc. has administered a fair and competitive auction for RGGI CO2 allowances. The report by our market monitor ensures a high level of transparency for RGGI auctions and confirms that our contractors, especially World Energy Solutions, are doing excellent work.”
Noted Richard Domaleski, CEO of World Energy: “World Energy is proud to contribute its online auction expertise and services to support RGGI’s pioneering efforts. I am pleased with the exemplary effort of our team and the robust performance of our platform, which continue to support RGGI, Inc.’s seamless program administration.
“RGGI’s success is exerting tremendous influence both here and abroad, providing a working model for Obama’s cap and trade plans and showing world governments the efficacy of auction-driven cap and trade. These points are underscored by the ongoing appointments of RGGI Board members to positions in the EPA, Australia’s recent Request for Expressions of Interest for an in-country cap and trade auction solution, and increased experimentation in the EU with auctioning allowances.”
About World Energy
World Energy Solutions, Inc. (TSX: XWE) operates online exchanges for energy and green commodities. For buyers and sellers of electricity, natural gas, capacity, and green- energy assets who are impacted by today’s volatile markets, World Energy’s proven approach has transformed the normally complex procurement process into a powerful, streamlined vehicle for cost savings. In addition to enabling customers to seek competitive pricing on traditional energy commodities, World Energy is taking a leadership position in the emerging environmental-commodities markets. Its award-winning World Green Exchange® supports the groundbreaking Regional Greenhouse Gas Initiative’s (RGGI) cap and trade program for CO2 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; we depend on a small number of key energy consumers, suppliers and channel partners; 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.
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