WORCESTER, Mass., June 12, 2014 (GLOBE NEWSWIRE) -- World Energy Solutions, Inc. (Nasdaq:XWES), a leading energy management services firm, today announced it successfully supported the 24th quarterly auction of carbon dioxide (CO2) allowances administered by Regional Greenhouse Gas Initiative, Inc. (RGGI, Inc.) on June 4, 2014.
According to RGGI, Inc., all 18,062,384 CO2 allowances offered for sale were sold at the auction at a clearing price of $5.02. The auction generated $90.67 million for reinvestment by the RGGI states in a variety of consumer-benefit initiatives, including energy efficiency, renewable energy, direct bill assistance and greenhouse gas abatement programs. Cumulative proceeds from all RGGI CO2 allowance auctions currently total $1.75 billion.
In a previously released statement, Kelly Speakes-Backman, Commissioner of the Maryland Public Service Commission and Chair of the RGGI, Inc. Board of Directors, said: "The release of EPA's proposed carbon pollution rules has prompted many states to evaluate how they can cost-effectively reduce power-sector carbon pollution in as simple and transparent a manner as possible. With the RGGI states on pace to reduce our 2020 power-sector carbon emissions to levels about half that of 2005, the RGGI program has demonstrated a proven market-based model to do so."
| Auction 24 Results At-A-Glance | |
| Auction Date | June 4, 2014 |
| Allowances Offered for Sale | 18,062,384 |
| Allowances Sold | 18,062,384 |
| Ratio of Bids to Initial Supply | 2.9 |
| Clearing Price | $5.02 |
| Reserve Price | $2.00 |
| Proceeds from Auction 24 | $90,673,167.68 |
| Total Cumulative Proceeds (All Auctions) | $1,752,397,202.64 |
| Number of Bidders in Auction 24 | 43 |
| Percent of Allowances Purchased by Compliance Entities & their Corporate Affiliates in Auction 24 | 55% |
| Percent of Allowances Purchased by Compliance Entities & their Corporate Affiliates in Auctions 1-24 | 78% |
More details of the auction results can be found in the RGGI press release dated June 6, 2014 and at www.rggi.org.
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. World Energy is also a leader in the global carbon market, where its World Energy Exchange® supports the Regional Greenhouse Gas Initiative (RGGI), the first mandatory market-based regulatory program in the U.S. to reduce greenhouse gas emissions. 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.