NORCROSS, Ga., May 16, 2011 (GLOBE NEWSWIRE) -- Comverge, Inc. (Nasdaq:COMV), the leading provider of Intelligent Energy Management (IEM) solutions for Residential and Commercial + Industrial customers, today announced it secured more than $61.2 million in future potential revenues in the PJM Interconnection (PJM) market as a result of the 2014/15 Reliability Pricing Model Base Residual Auction. The award extends Comverge's recent success in the commercial and industrial (C+I) market, including a 65 percent increase in core C+I revenue and 32 percent increase in C+I megawatts (MW) under management in 2010.
"We are very pleased with the result of our 2014 auction and believe that our position in PJM as part of our overall balanced revenue mix and MW diversity well supports our profitability goals in 2014 and beyond," said R. Blake Young, Comverge President and CEO. "Equally gratifying was the significant DR market growth in PJM which not only validates the sector but underscores the key role DR has come to play as a critical energy resource for our nation."
PJM Interconnection is a regional transmission organization that manages the electric transmission system to ensure reliability and operates wholesale electricity markets in all or parts of 13 states and the District of Columbia. The Reliability Pricing Model auction ensures that electricity providers have enough capacity (power to be drawn from when needed) to reliably serve the 54 million people in the PJM region. PJM awarded a total of 14,118 MW to demand response resources in the 2014/2015 Base Residual Auction, an increase of 52% from the previous 2013/2014 Base Residual Auction. Comverge market share is approximately 9% of the total awarded Demand Response resources in the 2014/2015 auction.
Comverge services the C+I market by working with utilities and directly with commercial and industrial partners in open markets such as PJM, ISO-New England, and ERCOT. Comverge currently manages 2,618 MW in the C+I market and current utility, commercial and industrial partners include Arizona Public Service and Pacific Gas & Electric.
About Comverge
With more than 500 utility and 2,100 commercial customers, as well as five million deployed residential devices, Comverge brings unparalleled industry knowledge and experience to offer the most reliable, easy-to-use, and cost-effective intelligent energy management programs. We deliver the insight and control that enables energy providers and consumers to optimize their power usage through the industry's only proven, comprehensive set of technology, services and information management solutions. For more information, visit .
Caution Regarding Forward Looking Statements
This release contains forward-looking statements that are made pursuant to the safe harbor provisions of Section 21E of the Securities Exchange Act of 1934. The forward-looking statements in this release are not and do not constitute historical facts, do not constitute guarantees of future performance and are based on numerous assumptions which, while believed to be reasonable, may not prove to be accurate. These forward looking statements include projected revenue expected from PJM, projected contracted revenues, the amount of revenue and megawatts that will be generated by open market programs and certain assumptions upon which such forward-looking statements are based. The forward-looking statements in this release do not constitute guarantees of future performance and involve a number of factors that could cause actual results to differ materially, including risks associated with Comverge's business involving our products, the development and distribution of our products and related services, regulatory changes or grid operator rule changes, regulatory approval of our contracts, economic and competitive factors, our key strategic relationships, and other risks more fully described in our form 10-Q filed on May 5, 2011. Comverge assumes no obligation to update any forward-looking information contained in this press release or with respect to the announcements described herein.
CONTACT: Investor Relations Jason Cigarran VP, Investor Relations 678-823-6784, invest@comverge.com Media Relations Marie Bahl Senior Director of Corporate Marketing 678-802-8371, pr@comverge.com