Comverge Praises President-Elect Obama's Commitment to Clean Energy Reforms
EAST HANOVER, N.J., November 5, 2008 Congratulates President-elect Obama on Historic Victory
Comverge, Inc. (Nasdaq: COMV), a leading provider of demand response and energy efficiency, applauds President-elect Barack Obama on his commitment to usher in a new era in America's energy policy -- an era that calls upon comprehensive clean energy solutions to power our future.
Comverge believes that throughout their campaigns, both presidential candidates vigorously promoted national agendas to advance clean energy resources as a critical component in America's drive toward ending its dependence on foreign oil. According to President-elect Obama's website, the Obama-Biden plan aims to "create five million new jobs by strategically investing $150 billion over the next ten years to catalyze private efforts to build a clean energy future," and to "deploy the cheapest, cleanest, fastest energy source -- energy efficiency." Other goals of the plan include:
Reducing electricity demand 15 percent by 2020 which could save
consumers approximately $130 billion,
Reducing carbon dioxide emissions by more than 5 billion tons, and
Encouraging the deployment of technologies to create a digital
"smart grid"
Robert M. Chiste, Chairman, President and CEO of Comverge, said, "Comverge is uniquely positioned to support these goals and lead by example while demonstrating the benefits inherent in President-elect Obama's commitment to a clean energy future. Our clean energy technologies for demand management and smart grid are very cost-effective now, even without government subsidies."
"What will be required are aggressive goals and the removal of specific regulatory barriers, which have had the unintended consequence of hindering many of the country's utilities from aggressively pursuing demand management programs. The megawatt NOT produced creates the most desirable electric capacity, since it is low cost, clean, and requires no taxpayer subsidy," continued Mr. Chiste. "We believe regulatory reforms could quickly be enacted to dramatically enhance the adoption of specific clean energy programs for demand management and a smart electric grid."
Comverge congratulates President-elect Obama on his historic victory and looks forward to working with the new Administration, Congress, and regulators to advance these essential clean energy reforms.
About Comverge
Comverge, with over 2200 megawatts of clean energy capacity under management, 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.
For Additional Information
Michael Picchi
Executive Vice President and CFO
770-696-7660
Chris Neff
Director of Marketing
Comverge, Inc
973-947-6064
