ORLANDO, Fla. and WORCESTER, Mass., June 17, 2014 (GLOBE NEWSWIRE) -- World Energy Solutions, Inc. (Nasdaq:XWES), a leading energy management services firm, today announced that OUC, the second largest municipal utility in Florida, has successfully sourced summer natural gas supply over the World Energy Exchange® for the fourth consecutive year. The online auctions secured firm natural gas supplies for the May 1, 2014 to September 30, 2014 delivery period.
On April 9, 2014, World Energy Solutions ran 22 real-time auctions for OUC on the World Energy Exchange®, the Company's award-winning, cloud-based auction platform. The auctions featured two pricing indices, eleven receipt points, and individual offer customization for turn-back optionality, generating over 110 unique bids from 11 wholesale suppliers offering over 600,000 MMBtu per day of natural gas supply. Three suppliers were ultimately awarded firm natural gas supply contracts to fill a portion of OUC's summer natural gas requirements.
"World Energy has done an excellent job for us over the years adapting its auction platform to support and enhance our energy procurement process," said Robert Pollack, Energy Specialist at OUC. "The auctions deliver a dual benefit. First, they help streamline and automate a complex procurement process in a way that attracts multiple bidders and generates robust competition. Second, by using the World Energy Exchange, we get detailed documentation that provides proof to our regulatory entities that we have run a fair and competitive process."
Added Lorraine Alexander, Vice President of Wholesale Sales at World Energy Solutions, "The World Energy auction process is designed with flexibility in mind so that we may provide tailored offerings which accommodate the diverse needs of our utility customers. OUC's variety of products is served efficiently and effectively by our proven, competitive, auction process as we are able to streamline bid receipt, summarize pricing differentials, and generate the most optimal mix of awards to suit OUC's specific needs."
About OUC
Established in 1923 by a special act of the Florida Legislature, OUC—The Reliable One is the second largest municipal utility in Florida. OUC provides electric and water services to nearly 230,000 customers in Orlando, St. Cloud and parts of unincorporated Orange and Osceola counties.
About World Energy Solutions, Inc.
World Energy Solutions, Inc. (Nasdaq:XWES) is an energy technology and services firm transforming energy procurement and energy efficiency for commercial, industrial, institutional, government and utility customers. The Company's award-winning, cloud-based auction platform, the World Energy Exchange®, its team of energy experts, and a network of more than 500 suppliers and 300 channel partners form an ecosystem that enables customers to minimize their total cost of energy. To date, World Energy has transacted over $45 billion in energy, demand response and environmental commodities, creating more than $3 billion in value for its customers. For more information, please visit www.worldenergy.com.
This press release contains forward-looking statements. The words "anticipates," "believes," "estimates," "expects," "intends," "may," "plans," "projects," "will," "would" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. The Company has based these forward-looking statements on its current expectations and projections about future events, including without limitation, its expectations of backlog and energy prices. Although the Company believes that the expectations underlying any of its forward-looking statements are reasonable, these expectations may prove to be incorrect and all of these statements are subject to risks and uncertainties. Should one or more of these risks and uncertainties materialize, or should underlying assumptions, projections or expectations prove incorrect, actual results, performance or financial condition may vary materially and adversely from those anticipated, estimated or expected. Such risks and uncertainties include, but are not limited to the following: the Company's revenue and backlog are dependent on actual future energy purchases pursuant to completed procurements; the demand for the Company's services is affected by changes in regulated prices or cyclicality or volatility in competitive market prices for energy; the potential impact on the Company's historical and prospective financial results of a change in accounting policy may negatively impact its stock price; and other factors outside the Company's control that affect transaction volume in the electricity market. Additional risk factors are identified in the Company's Annual Report on Form 10-K for the year ended December 31, 2013 and subsequent reports filed with the Securities and Exchange Commission. The forward-looking statements made in this press release are made as at the date hereof. The Company undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events, other than as required by securities laws.