WATERTOWN, Conn. and WORCESTER, Mass., Feb. 5, 2013 (GLOBE NEWSWIRE) -- World Energy Solutions, Inc. (Nasdaq:XWES), a leading energy management services firm, today announced it has helped the Taft School, an independent boarding and day school, successfully procure more than 13 million kWh of electricity from renewable sources for its Watertown campus. The resulting 36-month contract is expected to reduce the school's carbon footprint while cutting electricity costs by over $300,000.
Through a series of online auctions run on the World Energy Exchange®, the Taft School was able to test various terms and products in a transparent and objective manner. The competitive event attracted numerous suppliers, yielding a winning price more than $.02/kWh less than its prior contract, while delivering 100% green power. Delivery under the new contract terms began January 26, 2013.
By purchasing 100% green energy, the Taft School is expected to reduce its carbon dioxide emissions by 3,169 metric tons each year. This reduction is the equivalent of each of the following:
- Annual greenhouse gas emissions from 660 passenger vehicles
- CO2 emissions from 355,213 gallons of gasoline consumed
- CO2 emissions from 7,369 barrels of oil
-
CO2 emissions from the electricity use of 474 homes for one year
(Source: EPA Greenhouse Gas Equivalencies Calculator)
"In keeping with our motto – 'Not to be served, but to serve' – we are pleased to have worked closely with World Energy on a strategic energy purchase that not only powers our entire campus affordably, but in a manner that advances our environmental stewardship, deepening our commitment to a sustainable future for our students, faculty and town," said Gil Thornfeldt, CFO/Business Manager, the Taft School.
Added Phil Adams, CEO of World Energy Solutions: "One way we serve our customers is by delivering a process for purchasing green that induces the supplier to give a great price on green to get the whole contract. We've seen it work so many times now, whether in procuring green power for the Statue of Liberty, Fortune 500 companies, state and local governments, hospitals or schools: running auctions that bundle varying degrees of conventional and green power extracts the most value from the market, putting the customer in position to go green at the pace – and price – that is right for them."
About the Taft School
The Taft School is an independent boarding and day school for 586 boys and girls in grades nine through post graduate. Founded in 1890 by Horace Dutton Taft, younger brother of President William Howard Taft, the school moved to Watertown in 1893. More than a century later, its motto of service – Not to be served but to serve – remains central to the school's mission today. For more information, visit: www.taftschool.org.
About World Energy Solutions, Inc.
World Energy Solutions, Inc. (Nasdaq:XWES) is an energy management services firm that brings together the passion, processes and technologies to take the complexity out of energy management and turn it into bottom-line impact for the businesses, institutions and governments we serve. To date, the Company has transacted more than $30 billion in energy, demand response and environmental commodities on behalf of its customers, creating more than $1 billion in value for them. 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 http://www.worldenergy.com/">www.worldenergy.com.
The World Energy Solutions, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=16555
This press release contains forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ from those indicated in the forward-looking statements. Such risks and uncertainties include, but are not limited to the following: our revenue and backlog are dependent on actual future energy purchases pursuant to completed procurements; the demand for our services is affected by changes in regulated prices or cyclicality or volatility in competitive market prices for energy; and there are factors outside our control that affect transaction volume in the electricity market. Additional risk factors are identified in our Annual Report on Form 10-K and subsequent reports filed with the Securities and Exchange Commission.