Deal Advances World Energy’s Leadership in Mass. Energy Economy
BOSTON and WORCESTER, MA, July 9, 2009 /PRNewswire-FirstCall via COMTEX/ – World Energy Solutions, Inc. (NASDAQ: XWES; TSX: XWE), an operator of online exchanges for energy and green commodities, and Science Applications International Corporation (SAIC) (NYSE: SAI) today announced the Commonwealth of Massachusetts has contracted for over 363 million annual kWh of electricity using the World Energy Exchange(R). The 24-month contracts, which commenced July 1, 2009, are projected to deliver over $10M in savings to the State. The awarded supplier is Direct Energy.
SAIC and World Energy conducted the online auctions on May 19, 2009, marking the fourth successful event they have assisted the Commonwealth with since teaming in 2005 to support the State’s energy procurements. The auctions attracted many of New England’s top energy suppliers, were highly competitive and resulted in contracts that will power accounts for the State’s executive agencies, including the Department of Capital Asset Management, Department of Conservation and Recreation, State Police, Trial Court, and Department of Corrections. A number of large non-executive State agencies also awarded contracts through the auction, including the Massachusetts Turnpike Authority.
“World Energy has worked in the energy markets since 2001 to establish itself as the trusted, low-cost service provider for our customers, including Federal, State and Local governments, utilities and the Fortune 1000,” said Richard Domaleski, CEO of World Energy. “In that time, we have earned a reputation for running transparent, protest-free events, just one of the many reasons States such as Connecticut, Maryland and Massachusetts are among our biggest repeat customers.
“As a Worcester, Mass.-based company, we take great pride in our relationship with the Commonwealth of Massachusetts and greatly value the opportunity it continues to provide World Energy to showcase our people, process and technology, and ultimately the value we deliver our customers.”
Added J.T. Grumski, SAIC senior vice president and business unit general manager, “We received more than 140 bids through the auction event. The State was able to quickly compare prices for various terms and make awards shortly after receiving the last bid. This helped lower bid prices by reducing suppliers’ market risk exposure. There was a great deal of excitement in the room as representatives from many of the State agencies watched the results unfold in real-time during the live viewing of the auction in Boston.”
SAIC is a FORTUNE 500(R) scientific, engineering, and technology applications company that uses its deep domain knowledge to solve problems of vital importance to the nation and the world, in national security, energy and the environment, critical infrastructure, and health. The company’s approximately 45,000 employees serve customers in the U.S. Department of Defense, the intelligence community, the U.S. Department of Homeland Security, other U.S. Government civil agencies and selected commercial markets. SAIC had annual revenues of $10.1 billion for its fiscal year ended January 31, 2009. For more information, visit www.saic.com.
About World Energy Solutions, Inc.
World Energy (NASDAQ: XWES; 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(R) supports the ground-breaking Regional Greenhouse Gas Initiative’s (RGGI) cap and trade program for CO2 emissions. For more information, please visit www.worldenergy.com.