BOSTON, MA and WELLINGTON, NEW ZEALAND -- (Marketwire) -- 03/20/12 -- EnerNOC, Inc. (NASDAQ: ENOC), the world's leading provider of demand response applications and services, today announced that it will provide automated demand response (AutoDR) capacity for Genesis Energy on New Zealand's South Island. This agreement builds upon EnerNOC's success in the instantaneous reserves market on New Zealand's North Island and makes it the first demand response aggregator to secure this reserve capacity in the South Island. EnerNOC will immediately begin enrolling commercial, institutional, and industrial energy users who can curtail usage with single-second precision in exchange for regular financial payments. EnerNOC's AutoDR resources will then be offered year-round to the instantaneous reserves market, which helps to maintain reliable, cost-effective, and clean energy supply throughout New Zealand.
'EnerNOC is the global leader in automated demand response, and this expansion is another testament to the value of demand-side resources in global ancillary service markets,' said Tim Healy, Chairman and CEO of EnerNOC. 'This program represents an excellent opportunity for New Zealand's businesses to be paid to help maintain a reliable and highly renewable electricity grid. We are proud to be the first to offer this demand response opportunity to the South Island's energy users.'
New Zealand has committed to making its electricity generation sources 90 percent renewable by 2025. Currently, the nation's electricity grid is served largely by hydropower, the vast majority of which flows northward from the South Island. The nation's instantaneous reserves market helps to maintain reliable import and export of electricity between the islands by regulating frequency.
To provide reserve capacity, EnerNOC will contract with a robust, diverse portfolio of energy users from industries such as manufacturing, food processing, and cold storage. These users will be paid based upon the load reduction they can provide, and when an under-frequency dispatch is triggered, this load will be instantaneously removed from the grid. This innovative AutoDR resource offers benefits over traditional generation sources. For example, EnerNOC's AutoDR participants may be restored in a staggered fashion, which limits the further stress on the grid that would occur if they were all to come back online at once.
This agreement expands upon EnerNOC's existing position on the North Island, where it crossed the 100 megawatt weekly average bidding threshold in late 2011. On Wednesday, 21 March, EnerNOC will acknowledge the contribution made by participants in its current New Zealand programs at an event hosted in Wellington.
For more information on EnerNOC's demand response resources and programs in New Zealand and its comprehensive demand response application, DemandSMART?, please visit http://www.enernoc.com/for-businesses/demandsmart.
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?, data-driven energy efficiency; 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.
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 demand response applications and services, including automated demand response, and the benefits that may be associated with these applications and services, may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. 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, EnerNOC'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.