Norcross, GA, January 4, 2012 - Comverge, Inc. (Nasdaq: COMV), the leading provider of Intelligent Energy Management solutions for Residential and Commercial & Industrial (C&I) customers, today announced that, subject to approval by the Pennsylvania Public Utility Commission, it has been selected by PECO Energy Company, an electric and natural gas utility subsidiary of Exelon Corporation (NYSE: EXC), for two programs in 2012 to deliver more than 65 megawatts (MW) of reduced electricity demand to C&I sites throughout Southeastern Pennsylvania.
PECO Demand Response (DR) Aggregator Contracts Program
Comverge has been awarded 50 MW in PECO’s DR Aggregator Contracts program, which is designed to achieve demand reductions from eligible C&I customers during the utility’s top 100 peak hours. The goal of the program is to achieve PECO energy savings targets as set forth in Pennsylvania Act 129. Comverge will recruit C&I customers in PECO’s service territory to fulfill its contracted MW reductions. Comverge anticipates that program participants will primarily include existing PECO customers that are participating in similar PJM Interconnection programs.
PECO Distributed Energy Resources Program
Comverge has also been awarded 16.5 MW in PECO’s Distributed Energy Resources program, which targets PECO C&I customers who either have existing backup generation resources or are interested in installing other types of distributed generation systems with an emphasis on clean generation sources. For this program, Comverge plans to utilize new and existing PECO customers under contract in the PJM market.
These new agreements are part of the PECO Smart Ideas Program, which also includes the services Comverge provides for the PECO Smart A/C Saver Program launched in early 2010. Under that contract, Comverge has installed more than 77,000 residential and small commercial energy management devices making it the largest deployment in Pennsylvania and one of the largest in the country. PECO Smart A/C Saver Program installations will continue until May 2012. Based in Philadelphia, PECO is the state’s largest utility, serving 1.6 million electric and 485,000 natural gas customers in Southeastern Pennsylvania.
“PECO has done a tremendous job implementing intelligent energy management programs that help it meet the requirements of Pennsylvania Act 129,” said Comverge President and CEO, R. Blake Young. “Our ability to provide hardware, software and services that can help utilities manage large amounts of MWs for both residential and C&I customers is a major differentiator for Comverge.”
“These initiatives position PECO as one of the state’s leaders in addressing the energy efficiency and demand response targets mandated by Pennsylvania Act 129," said Paul Miles, Manager of PECO’s Marketing Technical Services. “The IntelliSOURCE platform, as well as Comverge’s knowledgeable team stationed in our service area, has been instrumental in our efforts so far.”
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.
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, and should not be construed as historical facts, do not constitute guarantees of future performance and are based on numerous assumptions that, while believed to be reasonable, may not prove to be accurate. These forward looking statements include successful implementation of the programs, anticipated results and achievement of the proposed MW targets, regulatory approval, expectations of future performance under the programs and certain assumptions upon which such forward-looking statements are based. The forward-looking statements in this release 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, regulatory changes, 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 information or announcements described herein.
For Additional Information
Vice President, Marketing and Investor Relations