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Comverge Announces Fourth 'Virtual Peaking Capacity(TM)'Program
More than 190 Megawatts of Virtual Peaking Capacity now under Contract
EAST HANOVER, N.J., June 11 /PRNewswire/ -- Comverge, Inc. announced today
that it signed a second long-term contract with ISO New England to operate a
Virtual Peaking Capacity(TM) program in Southwestern Connecticut. 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 small commercial and
residential energy consumers. This fully outsourced service solution will
allow ISO New England to call upon needed capacity reduction that can be
dispatched within five minutes throughout the designated service territory.
Available demand reduction is targeted at twelve (12) 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 programs, said, "With the addition of this, our fourth fully
outsourced load management program, we will have the capacity to deliver over
190 megawatts of peak load reduction to customers in California, Utah and
Connecticut. Our newest program, soon to be available to residential and
commercial customers in southwestern Connecticut, will be called the
CoolSentry(TM) program."
Robert M. Chiste, Chief Executive Officer of Comverge added, "ISO New England,
the Connecticut Department of Utility Control and the Federal Energy Regulatory
Commission have recognized that Virtual Peaking Capacity(TM) programs are
attractive, cost-effective and environmentally friendly mainstream components
of a balanced approach in ensuring service reliability, including demand side
solutions in addition to new generation and distribution options. Our Virtual
Peaking Capacity(TM) programs are becoming well accepted as a significant
component of a portfolio of potential solutions available to the North American
electric utility industry. In addition to our rapidly growing VPC business,
our other demand response hardware and software system sales to-date have
enabled five thousand (5,000) megawatts of potential demand reduction for the
benefit of North American utilities and other electricity providers. Our focus
on demand response and load management has established Comverge as the industry
leader and we will continue to expand our efforts to bring 'demand management'
programs to utilities throughout North America."
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: 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) conditions in the market for
utility solutions, and (ii) the marketing of Comverge's solutions to
residential and commercial consumers. 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 of Comverge, Inc.,
+1-973-884-5970,
Web site: http://www.comverge.com/