EAST HANOVER, N.J., May 13, 2005 (PRNewswire) — Comverge Inc.’s Enterprise Group announced that it has installed a cumulative 50 MW of peaking capacity in four separate contracts under its Virtual Peaking Capacityà¢â€ž- (VPC) banner, marking a significant milestone for the company.
Comverge currently has contracts in place in California, Utah and New England to provide over 225 MW of peak load capacity in these fully-outsourced programs that have drawn interest from across the country. This innovative pay-for-performance VPC business model provides electric utilities with a contracted amount of verifiable peak load shed capacity, just as a traditional supply-side power purchase agreement might provide additional generation capacity.
This is a significant milestone and reflects the growing market vision of demand response as a meaningful asset in any electric utility’s portfolio. This resource has the proven capability to respond within 60 seconds and provides verifiable demand response that can be used for a variety of situations — from emergencies to daily operations. Under the current agreements, Comverge is responsible for implementing the entire program, including market research, marketing, installation, maintenance, and call center operations, thereby allowing the utility to reap all the benefits of a peak load management program without taking on any of these associated risks.
“Our VPC business model has proven to be an economically viable and effective solution for utilities across the country,” commented Enterprises Group COO and President Frank Magnotti. “We will continue adding Virtual Peaking Capacityà¢â€ž- in Utah, and New England, as well as San Diego, where start-up efforts have recently begun. We look forward to substantially growing our VPC offering into the future and are fortunate to have a dedicated and innovative team here at Comverge. We are proud to recognize their efforts at reaching this significant accomplishment.” Magnotti added, “Not only does this milestone represent a sizable installed base, but also the response time and performance illustrate the ability for this asset to be used for future demand response programs that capture value from spinning reserve markets in addition to traditional capacity markets.”
About Comverge, Inc. [ www.comverge.com ]
Comverge, Inc., The Power in Power Technologyà¢â€ž-, is a leading energy intelligence company whose investors include 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, Rockport Capital Partners, and Shell Internet Ventures, an affiliate of the Royal Dutch/Shell Group of Companies. Comverge is represented across the world with offices and research facilities in Atlanta, Georgia; East Hanover, NJ; Newark, California; Pensacola, Florida; and Tel Aviv, Israel.
Providing software and system solutions to over 500 clients in the electric utility industry, Comverge implements both integrated and outsourced solution based models for remote meter reading, distributed generation monitoring, and time-of-use billing and demand response, and direct or voluntary load control initiatives.