HAVERHILL, Mass. and WORCESTER, Mass., Sept. 29, 2014 (GLOBE NEWSWIRE) -- World Energy Solutions, Inc. (Nasdaq:XWES), a leading energy management firm, today announced it has helped the City of Haverhill, Massachusetts, successfully procure over 44 million kWh of electricity to power the City's 185 accounts.
Through a series of competitive online auctions run on September 2, 2014 over the cloud-based World Energy Exchange®, the City of Haverhill tested 12 different terms and products, receiving 114 bids from seven qualified electricity suppliers over the course of two hours. The auctions resulted in two new 24-month fixed-price contracts, signed that day, which start in December 2014.
"World Energy significantly increased the competition for the City of Haverhill's business with a process that not only attracted more suppliers to our procurement event and yielded more aggressive bidding, but also gave us the power to make a more informed energy-purchasing decision that benefitted our taxpayers," said Mayor James J. Fiorentini, City of Haverhill.
Added Orlando Pacheco, Purchasing Agent and Energy Manager, City of Haverhill: "Two things really stood out for us in these auctions. First, they enabled us to see how the market would price our accounts both in aggregate and separately. Surprisingly, we got a much better rate by bringing our water/wastewater and non-water/wastewater electricity accounts to auction separately, rather than bundling them, which saved us $74,000. Second, the design of the auctions led the winning bidder in one of the awarded tranches to outbid itself in the final seconds, putting over $38,000 of their margin back into the City's coffers."
Concluded Phil Adams, CEO of World Energy Solutions: "I am pleased the City of Haverhill experienced first-hand how our auction design – from the way we build and sequence RFPs to the Anglo-Dutch feature that prompts suppliers to put their last and final bids in blind – brings added buying power to our customers. Our reputation in government energy procurement is second to none and has been earned over the course of 10+ years delivering fair, transparent and hyper-competitive auction events that yield tremendous price discovery and savings for our customers."
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 which involve risk and uncertainties. The words "anticipates," "believes," "estimates," "expects," "intends," "may," "plans," "forecasts," "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, and its expectations in growth in revenue, operating results, operating margins, and free cash flow. 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. Readers are cautioned not to place undue reliance on forward-looking statements as actual results could differ materially from the forward-looking statements expressed in this press release. Forward-looking statements are provided for the purpose of presenting information about management's current expectations relating to the future, and readers are cautioned that such statements may not be appropriate for other purposes. 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.