Comverge Announces 40-Megawatt C&I Demand Response Contract with Southern California Edison
All Three Large Investor-Owned Utilities in California now have VPC Contracts with Comverge, Totaling Approximately 200 Megawatts
EAST HANOVER, N.J., June 3, 2008 /PRNewswire-FirstCall via COMTEX News Network/ -- Comverge, Inc. (Nasdaq: COMV), a leading clean capacity provider through demand response and energy efficiency, announced today they have entered into a new contract with Southern California Edison (SCE) to implement a Virtual Peaking Capacity(R) (VPC) program of up to 40 megawatts. The program will utilize demand response resources from SCE's commercial and industrial customers to provide the utility with capacity and energy resources for a term of four years.
Under the VPC program, Comverge will build, operate and maintain a demand response system designed to improve electricity reliability during times of peak usage. This fully outsourced, pay-for-performance program allows SCE to call upon needed capacity under the contract that can be dispatched throughout SCE's service territory.
"Southern California Edison relies on innovative companies such as Comverge. We appreciate technology that further enhances the reliability of the electric grid, and helps our company meet its goals of providing cleaner, greener energy solutions," said Lisa Cagnolatti, SCE vice president, business customer division.
The Comverge VPC program is designed to grow with the needs of SCE and help make the region's existing demand response resources more efficient, reliable and environmentally friendly. This program and contract was restructured pursuant to the California Public Utilities Commission's earlier decision, where the Commission initially denied the original contract as submitted, but recommended the parties resubmit a new agreement as part of the SCE's application for demand response programs in development. This new agreement remains subject to regulatory approval.
"Demand Response is a key clean energy component to any utility's resource plan," said Robert M. Chiste, Chairman, President and CEO. "Our new commercial and industrial program in SCE's territory is designed to provide a cost-effective and environmentally responsible solution to peaking and emergency energy situations in Southern California. We look forward to working together with SCE and their customers to meet California's growing energy capacity needs."
About Comverge
Comverge is a leading provider of clean energy solutions that improve grid reliability and supply electric capacity on a more cost effective basis than conventional alternatives by reducing base load and peak load energy consumption. For more information, visit www.comverge.com.
About Southern California Edison
An Edison International (NYSE: EIX) company, Southern California Edison is the largest electric utility in California, serving a population of more than 13 million via 4.8 million customer accounts in a 50,000-square-mile service area within central, coastal and Southern California. For more information on Edison SmartConnect, please visit www.sce.com/smartconnect.
For Comverge Investors:
This release contains forward-looking statements that are made pursuant to the safe harbor provisions of Section 21E of the Securities Exchange Act of 1934. The forward-looking statements in this release are not and do not constitute historical facts, do not constitute guarantees of future performance and are based on numerous assumptions which, while believed to be reasonable, may not prove to be accurate. These forward-looking statements include projected megawatt build-out, regulatory approval and certain assumptions upon which such forward-looking statements are based. The forward-looking statements in this release do not constitute guarantees of future performance and involve a number of factors that could cause actual results to differ materially, including risks associated with Comverge's business involving our products, the development and distribution of our products and related services, economic and competitive factors, our key strategic relationships, and other risks more fully described in our most recently filed Quarterly Report on Form 10-Q and Annual Report on Form 10-K. Comverge assumes no obligation to update any forward-looking information contained in this press release or with respect to the announcements described herein.
For Additional Information
Christina Kelly
Communications Marketing Manager
Comverge Inc.
509-435-6341
ckelly@comverge.com |