BOSTON, Aug. 20, 2012 (GLOBE NEWSWIRE) -- EnerNOC, Inc. (Nasdaq:ENOC), the world's leading provider of demand response, today announced that Genesis Energy, a national electricity retailer serving the Wellington, Wairarapa, Kapiti Coast and Manawatu areas of New Zealand's Lower North Island (LNI), has signed a 20 MW DemandSMART contract to address transmission constraints, while at the same time, diversifying Genesis Energy's offerings to its commercial and industrial customer base. Under the terms of the contract, the programme began in July 2012, with an opportunity to extend to 50 MW in two years' time.
In 2011, more than 70 percent of New Zealand's energy came from renewable resources. Wind generation is expected to climb from roughly five percent of overall capacity today to as much as 20 percent of the overall resource mix by 2030. Current transmission constraints and the intermittency of some renewable sources, however, have historically created price spikes. By using demand response during times of peak demand, Genesis will be able to help lower overall electricity prices, while creating a valuable revenue stream for its participating customers.
"New Zealand has embraced a forward-thinking approach to energy, leveraging a full spectrum of solutions, from renewables to smart grid technologies, to reduce reliance on fossil fuels," said Jeff Renaud, EnerNOC's Director of Australia & New Zealand. "Genesis Energy is leading the pack, and we're proud to partner with them to provide more customers in New Zealand with our DemandSMART application and service."
Under the Genesis Energy-EnerNOC DemandSMART programme, Genesis Energy customers will receive payments for responding to demand response dispatches as well as real-time access to their energy data, which provides greater visibility into overall operational efficiency and helps identify energy savings opportunities.
EnerNOC already has a strong track record of delivering demand response in New Zealand's Interruptible Load Programme, which operates in the country's Instantaneous Reserve Market. That programme was recently recognized for Outstanding Program Achievement by the US-based Peak Load Management Alliance (PLMA).
"Our experience to date with EnerNOC has been highly rewarding, and we're excited to extend that relationship to provide a tremendous product to our customers, while at the same time, delivering value to all New Zealand rate payers by helping to stabilize price spikes," said Mike Fuge, Chief Operating Officer at Genesis Energy.
About EnerNOC
EnerNOC unlocks the full value of energy management for our utility and commercial, institutional, and industrial (C&I) customers by reducing real-time demand for electricity, increasing energy efficiency, improving energy supply transparency in competitive markets, and mitigating emissions. We accomplish this by delivering world-class energy management applications including DemandSMART™, comprehensive demand response; EfficiencySMART™, continuous energy savings; SupplySMART™, energy price and risk management; and CarbonSMART™, enterprise carbon management. Our Network Operations Center (NOC) continuously supports these applications across thousands of C&I customer sites throughout the world. Working with more than 100 utilities and grid operators globally, we deliver energy, ancillary services, and carbon mitigation resources that provide cost-effective alternatives to investments in traditional power generation, transmission, and distribution. For more information, visit www.enernoc.com.
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About Genesis Energy
Genesis Energy is a leading State-owned New Zealand energy company supplying electricity, natural gas and LPG to customers throughout the country. The Company has the highest market share of both electricity and retail gas customers in New Zealand. It is trialing and introducing a range of demand-side innovations with the aim of providing its customers with greater value and greater control over their energy consumption. The Company also operates 2,142MW of thermal, hydro and wind generation and has a 31 per cent share in the offshore Kupe Oil and Gas Field.
Safe Harbor Statement
Statements in this press release regarding management's future expectations, beliefs, intentions, goals, strategies, plans or prospects, including, without limitation, statements relating to the Company's clean and intelligent energy management applications and services, in particular its DemandSMART application, and the ability of EnerNOC to expand the value it brings to its utility and C&I customers, may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. Forward-looking statements can be identified by terminology such as "anticipate," "believe," "could," "could increase the likelihood," "estimate," "expect," "intend," "is planned," "may," "should," "will," "will enable," "would be expected," "look forward," "may provide," "would" or similar terms, variations of such terms or the negative of those terms. Such forward-looking statements involve known and unknown risks, uncertainties and other factors including those risks, uncertainties and factors referred to under the section "Risk Factors" in EnerNOC's most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q, as well as other documents that may be filed by EnerNOC from time to time with the Securities and Exchange Commission. As a result of such risks, uncertainties and factors, the Company's actual results may differ materially from any future results, performance or achievements discussed in or implied by the forward-looking statements contained herein. EnerNOC is providing the information in this press release as of this date and assumes no obligations to update the information included in this press release or revise any forward-looking statements, whether as a result of new information, future events or otherwise.