Con Edison Selects EnerNOC’s Energy Intelligence Software for Large-Scale Energy Procurement
Utility Purchases Approximately $1 Billion of Electricity Through EnerNOC’s Online Auction Platform
BOSTON, Jan. 19, 2016 (GLOBE NEWSWIRE) -- EnerNOC, Inc. (Nasdaq:ENOC), a leading provider of energy intelligence software (EIS), today announced that Consolidated Edison, Inc. (Con Edison), one of the largest investor-owned energy companies in the US, has successfully leveraged EnerNOC’s online auction platform to procure approximately $1 billion in energy and capacity for its regulated utility subsidiaries, Consolidated Edison Company of New York, Inc. and Orange and Rockland Utilities.
Con Edison first began working with EnerNOC in 2005, participating in small electricity auctions that grew into larger procurements in subsequent years. In 2010, EnerNOC began helping Con Edison procure natural gas for its customers’ annual and seasonal needs. This latest electricity purchase is EnerNOC’s largest procurement for Con Edison to date.
“Con Edison needs to buy a significant amount of natural gas and electricity every year, so it’s imperative that we secure the best price possible in each transaction,” said Ivan Kimball, Vice President of Energy Management at Con Edison. “Moreover, as regulated utilities, we must ensure transparency and verification of our procurement processes. EnerNOC’s energy intelligence software attracts bidders and provides the competition, scalability, and digital record our internal and external stakeholders require.”
“Forward-thinking utilities like Con Edison choose EnerNOC because they seek a transparent, competitive energy procurement process,” said Eric Erston, Vice President of Global Sales at EnerNOC. “When utilities work with EnerNOC to meet the energy purchasing needs of their customers, they can feel confident that they are securing the best available price in their energy transactions.”
EnerNOC's procurement platform also includes indicative bid round (IBR) functionality and technology that dramatically streamline approval of new suppliers seeking to bid on a particular contract, a process that can otherwise take several months. Con Edison leveraged this capability to establish new agreements with bidders, which not only created a highly competitive and attractive immediate purchasing opportunity, but also provided long-term efficiency for Con Edison by making it faster and easier for suppliers to compete on future procurement contracts.
EnerNOC is a leading provider of cloud-based energy intelligence software (EIS) and services to thousands of enterprise customers and utilities globally. EnerNOC’s EIS solutions for enterprise customers improve energy productivity by optimizing how they buy, how much they use, and when they use energy. EIS for enterprise includes budgeting and procurement, utility bill management, facility optimization, visibility and reporting, project tracking, demand management, and demand response. EnerNOC’s EIS solutions for utilities help maximize customer engagement and the value of demand-side resources, including demand response and energy efficiency. EnerNOC supports customer success with its world-class professional services team and a Network Operations Center (NOC) staffed 24x7x365. For more information, visit www.enernoc.com.
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 future growth and success of the Company’s energy intelligence software, and the benefits that customers may derive from technology updates or enhancements to that software, 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.
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(January 19, 2016 - 8:34 AM EST)
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