Comverge Announces Development of Fourth “Virtual Peaking Capacity™” Program
East Hanover, New Jersey June 11, 2004 Comverge, Inc. announced today that it signed a second long-term contract with ISO New England to operate a Virtual Peaking Capacity™ program in Southwestern Connecticut. ISO New England is the Regional Transmission Organization (RTO) responsible for the day-to-day reliable operation of New England's bulk power generation and transmission system.
Under the Virtual Peaking Capacity™ program, Comverge will install, own and operate a demand-side load management system marketed to small commercial and residential energy consumers. This fully outsourced service solution will allow ISO New England to call upon needed capacity reduction that can be dispatched within five minutes throughout the designated service territory. Available demand reduction is targeted at twelve (12) megawatts by 2006. The program is a key component of ISO New England’s program to improve system reliability within the Southwest Connecticut region during periods of peak electricity demand.
Frank Magnotti, President of Comverge Enterprises, the Comverge Group responsible for development and operations of Comverge’s Virtual Peaking Capacity programs, said, “With the addition of this, our fourth fully outsourced load management program, we will have the capacity to deliver over 190 megawatts of peak load reduction to customers in California, Utah and Connecticut. Our newest program, soon to be available to residential and commercial customers in southwestern Connecticut, will be called the CoolSentry™ program.”
Robert M. Chiste, Chief Executive Officer of Comverge added, “ISO New England, the Connecticut Department of Utility Control and the Federal Energy Regulatory Commission have recognize d that Virtual Peaking Capacity™ programs are attractive, cost-effective and environmentally friendly mainstream components of a balanced approach in ensuring service reliability, including demand side solutions in addition to new generation and distribution options. Our Virtual Peaking Capacity™ programs are becoming well accepted as a significant component of a portfolio of potential solutions available to the North American electric utility industry. In addition to our rapidly growing VPC business, our other demand response hardware and software system sales to-date have enabled five thousand (5,000) megawatts of potential demand reduction for the benefit of North American utilities and other electricity providers. Our focus on demand response and load management has established Comverge as the indus try leader and we will continue to expand our efforts to bring ‘demand management’ programs to utilities throughout North America.”
About Comverge, Inc.
Comverge, Inc., The Power in Power Technology™, is a leading energy intelligence company whose investors include Nth Power, EnerTech Capital, Data Systems & Software, Inc. (NASDAQ: DSSI), E.ON Venture Partners GmbH (NYSE: EON), Ridgewood Capital, Easton Hunt Capital Partners, L.P., Norsk Hydro Technology Ventures (NYSE: NHY) and Shell Internet Ventures, an affiliate of the Royal Dutch/Shell Group of Companies (NYSE: RD). Comverge has more than 500 energy supplier clients worldwide, with offices and research facilities in Atlanta, Georgia; East Hanover, New Jersey; Newark, California; Pensacola, Florida; and Tel Aviv, Israel. The Company’s PowerCAMP™ Group provides End-to-End Energy Intelligence™ software solutions. Comverge’s Technologies Group provides integrated, full-spectrum solutions for direct or voluntary load control programs, remote meter reading, price-responsive programs, time-of-use billing, distributed generation monitoring, theft/outage detection and more. Comverge’s Enterprise Group provides pioneering turnkey business solutions including owned and operated systems, Virtual Peaking Capacity™ “negawatt” contracts, and joint ventures. For more information visit www.comverge.com.