DistribuTECH, San Diego, Calif., February 1, 2011 – Comverge, Inc. (Nasdaq: COMV), a leading provider of Intelligent Energy Management solutions for Residential and Commercial and Industrial customers, today announced that it has been selected by PPL Electric Utilities to support its residential energy efficiency and conservation program. Comverge will work with PPL Electric Utilities to address a portion of the demand response targets mandated by Pennsylvania Act 129 through May 2013 with the option for an additional five year contract renewal. Pennsylvania Act 129 requires PPL Electric Utilities to reduce peak demand by 4.5 percent during the summer of 2012 and overall customer energy consumption by 3 percent by May 2013.
Based in Allentown, PA, PPL Electric Utilities provides electric delivery service to 1.4 million customers in 29 counties of eastern and central Pennsylvania and has consistently ranked among the best utilities for customer service in the United States. To support the program with PPL Electric Utilities, Comverge will leverage the enterprise-class capabilities of its IntelliSOURCE Platform to manage the successful delivery of the company’s residential direct load control. Under the agreement, Comverge will recruit, enroll and install 50,000 energy management devices that will be owned and managed by the Comverge IntelliSOURCE Platform.
“To consistently rank among the best utilities for customer service in the country is a testament to the team at PPL Electric Utilities and we are proud to be helping them maintain that reputation,” said Comverge President and CEO, R. Blake Young. “This agreement is also a testament to our ability to deliver on sophisticated payment-by-results contracts with our comprehensive intelligent energy management solutions. No other competitor in the market can deliver these types of offerings because they don’t have the vertically integrated services, technology and software that Comverge provides.”
Comverge has worked with PPL Electric Utilities since 2001, supporting the advanced metering initiatives of its largest commercial and industrial clients. The new contract builds on both that role and Comverge’s strong recent momentum in the state, which includes a recent 3-year agreement with PECO, one of Pennsylvania’s largest utilities, to provide a comprehensive program to support the PECO Smart IdeasSM initiative.
With more than 500 utility and 2,100 commercial customers, as well as five million residential deployments, Comverge brings unparalleled industry knowledge and experience to offer the most reliable, easy-to-use, and cost-effective intelligent energy management programs. We deliver the insight and control that enables energy providers and consumers to optimize their power usage through the industry's only proven, comprehensive set of technology, services and information management solutions. For more information, visit www.comverge.com
CAUTION REGARDING FORWARD-LOOKING STATEMENTS
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 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 anticipated revenues to be recognized by Comverge, projected reductions in overall energy consumption by utility customers as a result of Comverge’s efforts over the life of the contract as described above, regulatory support, risks associated with Comverge’s business involving its products, their development and distribution 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 Current Report or with respect to the announcements described herein.
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