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Comverge Announces Development of Second 'Virtual Peaking Capacity(TM)' Program
30 MW Contract Signed With San Diego Gas & Electric Company
FLORHAM PARK, N.J. and ATLANTA, Oct. 28 /PRNewswire/ -- Comverge, Inc.
announced today that it has signed a long-term Virtual Peaking Capacity(TM)
contract to provide significant peak load reduction to San Diego Gas & Electric
Company, a division of Sempra Energy . The contract is subject to the approval
of the Public Utilities Commission of California. Comverge, a leading energy
intelligence company, recently announced a major equity funding by a broad
investor group including: Nth Power, EnerTech Capital, Data Systems & Software,
Inc. , E.ON Venture Partners GmbH , Ridgewood Capital, Easton Hunt Capital
Partners, L.P., Norsk Hydro Technology Ventures and Shell Internet Ventures, an
affiliate of the Royal Dutch/Shell Group of Companies .
Under the Virtual Peaking Capacity(TM) program, Comverge will install, own and
operate a load management system marketed to SDG&E's small and medium-sized
commercial customers and designed to provide significant peak period demand
relief to SDG&E. The available demand reduction is targeted at 30 MW by 2007.
The program is a key component of SDG&E's long-term resource plan first
announced in April 2003.
Joseph Esteves, Executive Vice President of Comverge in charge of its Virtual
Peaking Capacity(TM) business, said, "We are very pleased to be participating in
SDG&E's ongoing program to provide reliable, cost-effective power to its
customers in Southern California. We are very bullish on our VPC business and
note that this SDGE award was granted along side awards for traditional
generation resources. We are accomplishing our goal of packaging demand response
in such a way that clearly demonstrates its cost-effectiveness. And, we are
gratified by the confidence SDG&E has shown in Comverge and our unique Virtual
Peaking Capacity(TM) solution. This occasion marks our second VPC program
announcement this year."
Robert M. Chiste, Comverge's Chief Executive Officer added, "We take note that
newly elected Governor Schwarzenegger has made demand response programs a
cornerstone of his California energy policy stating that he 'encourage(s)
cost-effective conservation by increasing demand response to changing
electricity markets.' We believe that demand response offers a superior,
environmentally clean means of achieving that goal. In addition, our Virtual
Peaking Capacity(TM) program allows energy providers to focus on what they do
best, which is to provide reliable energy, while Comverge's expertise is focused
on peak demand management. We will continue to pursue similar innovative demand
management programs in California and other states employing progressive energy
policies."
About Comverge, Inc.
Comverge, Inc., The Power in Power Technology(TM) has more than 500 energy
supplier clients worldwide. Comverge has offices, research facilities,
representatives and agents located in Florham Park, New Jersey; Atlanta,
Georgia; Pensacola, Florida; Newark, California; and Tel Aviv, Israel. The
Company's PowerCAMP(TM) Group provides End-to-End Energy Intelligence(TM)
software solutions. Comverge's Technologies Group provides integrated solutions
for direct or voluntary load control programs, remote automated meter reading,
price-responsive programs, time-of-use billing, distributed generation
monitoring, and more. Comverge's Enterprise Group provides innovative
outsourcing solutions including Virtual Peaking Capacity(TM) programs (owned and
operated load control systems), negawatt contracts, and joint ventures. For
more information visit http://www.comverge.com/.
Media Contact
At Comverge, Debbie Nygren, Assistant to CEO, 713.562.6257,
DATASOURCE: Comverge, Inc.
CONTACT: Debbie Nygren of Comverge, Inc., +1-713-562-6257,
Web site: http://www.comverge.com/