Worcester, MA – September 11, 2013 – World Energy Solutions, Inc. (NASDAQ: XWES), a leading energy management services firm, today announced it successfully supported the 21st quarterly auction of carbon dioxide (CO2) allowances administered by Regional Greenhouse Gas Initiative, Inc. (RGGI, Inc.). The auction held Wednesday, September 4, 2013 marks five years since the launch of the RGGI auctions in 2008.
According to RGGI, Inc., 38,409,043 CO2 allowances were sold at the auction at a clearing price of $2.67, generating $102.5 million for reinvestment by the RGGI states in a variety of consumer-benefitting initiatives, including energy efficiency, renewable energy, direct bill assistance and greenhouse gas abatement programs. The next RGGI auction is scheduled for December 4, 2013.
In a previously released statement, Collin O’Mara, Secretary of the Delaware Department of Natural Resources and Environmental Control and Chair of the RGGI, Inc. Board of Directors, said: “Having realized a more than 30 percent reduction in regional power sector carbon dioxide pollution, the RGGI states continue to operate one of the most cost-effective market-based carbon reduction programs in the world. States, regions, and countries are increasingly recognizing that RGGI’s system of auctioning allowances provides flexibility with market certainty. Coupled with the reinvestment of allowance proceeds in strategic energy programs, the result is a program that cost-effectively reduces carbon pollution while also supporting economic growth.”
More details of the auction results can be found in the RGGI, Inc. press release dated September 6, 2013 and at www.rggi.org.
About World Energy Solutions, Inc.
World Energy Solutions, Inc. (NASDAQ: XWES) is an energy management services firm that brings together the passion, processes and technologies to take the complexity out of energy management and turn it into bottom-line impact for the businesses, institutions and governments we serve. To date, the Company has transacted more than $40 billion in energy, demand response and environmental commodities on behalf of its customers, creating more than $2 billion in value for them. World Energy is also a leader in the global carbon market, where its World Energy Exchange® supports the Regional Greenhouse Gas Initiative (RGGI), the first mandatory market-based regulatory program in the U.S. to reduce greenhouse gas emissions. For more information, please visit www.worldenergy.com.
This press release contains forward-looking statements. The words “anticipates,” “believes,” “estimates,” “expects,” “intends,” “may,” “plans,” “projects,” “will,” “would” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. The Company has based these forward-looking statements on its current expectations and projections about future events, including without limitation, its expectations of backlog and energy prices. Although the Company believes that the expectations underlying any of its forward-looking statements are reasonable, these expectations may prove to be incorrect and all of these statements are subject to risks and uncertainties. Should one or more of these risks and uncertainties materialize, or should underlying assumptions, projections or expectations prove incorrect, actual results, performance or financial condition may vary materially and adversely from those anticipated, estimated or expected. Such risks and uncertainties include, but are not limited to the following: the Company’s revenue and backlog are dependent on actual future energy purchases pursuant to completed procurements; the demand for the Company’s services is affected by changes in regulated prices or cyclicality or volatility in competitive market prices for energy; the potential impact on the Company’s historical and prospective financial results of a change in accounting policy may negatively impact its stock price; and other factors outside the Company’s control that affect transaction volume in the electricity market. Additional risk factors are identified in the Company’s Annual Report on Form 10-K for the year ended December 31, 2012 and subsequent reports filed with the Securities and Exchange Commission. The forward-looking statements made in this press release are made as at the date hereof. The Company undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events, other than as required by securities laws.
Source: World Energy Solutions, Inc.