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Comverge Announces Development of Third 'Virtual Peaking
Capacity(TM)' Program
48 MW Contract Signed with ISO New England
EAST HANOVER, N.J., April 20 /PRNewswire/ -- Comverge, Inc. announced today
that it has signed a long-term Virtual Peaking Capacity(TM) contract to provide
significant peak load reduction to ISO New England. In this forward looking
initiative, ISO New England has reaffirmed the ability to utilize demand
management techniques as an important component of their integrated resource
portfolio. ISO New England is the Regional Transmission Organization (RTO)
responsible for the day-to-day reliable operation of New England's bulk power
generation and transmission system.
Under the Virtual Peaking Capacity(TM) program, Comverge will install, own and
operate a demand-side load management system marketed to certain energy
consumers in Southwest Connecticut. The available demand reduction is targeted
at 48 Megawatts by 2006. The program is a key component of ISO New England's
program to improve system reliability within the Southwest Connecticut region
during periods of peak electricity demand.
Frank Magnotti, President of Comverge Enterprises, the Comverge Group
responsible for development and operations of Comverge's Virtual Peaking
Capacity(TM) programs, said, "We are very excited to be participating in ISO
New England's program to improve system reliability and to provide reliable
power to electricity users in Southwest Connecticut." "Additionally," Magnotti
added, "Comverge looks forward to rapidly implementing this program with ISO
New England and its member utilities in the Southwest Connecticut region."
Robert M. Chiste, Comverge's Chief Executive Officer added, "We believe this
contract further validates our belief that our Virtual Peaking Capacity (TM)
programs offer attractive, cost-effective and environmentally friendly
alternatives for reducing peak demand and transmission constraints of energy
providers. It also 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 and many important nuances of managing a large-scale
demand management solutions that provide reliable capacity to system operators.
We continue to successfully roll out our programs and to discuss the
'co-sourcing' business solution with a number of utilities and regulators as
Demand Management is becoming more and more of a mainstream component of
Integrated Resource Plans"
ISO New England acted as agent for certain energy providers in its New England
control area. The contract is subject to the approval of the Federal Energy
Regulatory Commission.
About Comverge, Inc.
Comverge, Inc., The Power in Power Technology(TM), is a leading energy
intelligence company whose investors include Nth Power, EnerTech Capital, Data
Systems & Software, Inc. (NASDAQ:DSSI), E.ON Venture Partners GmbH (NYSE:EON),
Ridgewood Capital, Easton Hunt Capital Partners, L.P., Norsk Hydro Technology
Ventures (NYSE:NHY) and Shell Internet Ventures, an affiliate of the Royal
Dutch/Shell Group of Companies (NYSE:RD). Comverge has more than 500 energy
supplier clients worldwide, with offices and research facilities in Atlanta,
Georgia; East Hanover, New Jersey; Newark, California; Pensacola, Florida; 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, full-spectrum solutions for direct or voluntary load control
programs, remote meter reading, price-responsive programs, time-of-use billing,
distributed generation monitoring, theft/outage detection and more. Comverge's
Enterprise Group provides pioneering turnkey business solutions including owned
and operated systems, Virtual Peaking Capacity(TM) "negawatt" contracts, and
joint ventures. For more information visit http://www.comverge.com/.
Media Contact:
At Comverge, Bud Vos, Vice President of Marketing, 973.884.5970,
This release contains forward-looking statements as defined in Section 21E of
the Securities Exchange Act of 1934, which are subject to risks and
uncertainties, including risks associated with (i) state regulatory approval of
the contract announced in this release (ii) conditions in the market for
utility solutions, (iii) the marketing of Comverge's hardware and software to
utility customers and (iv) the pace and consequences of deregulation. Actual
results may vary from those projected or implied by such forward- looking
statements. The deployment of units under the contract announced in this
release, if any, will depend upon many factors, including, without limitation,
successful marketing of the program by Comverge. There is no assurance as to
when, or whether, there will be any deployment of units to any targeted
customers.
DATASOURCE: Comverge, Inc.
CONTACT: Bud Vos, Vice President of Marketing at Comverge, Inc.,
+1-973-884-5970, or
Web site: http://www.comverge.com/