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EnerNOC Gains Two Major Customers for Energy Efficiency Services

|Includes:EnerNOC, Inc. (ENOC), PCG

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Energy management company EnerNOC Inc. (NASDAQ: ENOC) announced two new major customers for its smart grid services.

The company signed a three-year contract with Pacific Gas and Electric Co. (PG&E) (NYSE: PCG) to provide its SiteSMART energy-efficiency platform to commercial and institutional customers in northern and central California.

The company says SiteSMART combines advanced metering technology with data analysis software to analyze streams of data at facilities and identify where those facilities can reap energy savings. EnerNOC analysts consolidate all the pertinent information into recommendations for reducing energy consumption and prioritizing maintenance issues.

EnerNOC offers the implementation and first year of data analytics and reporting for each customer at no cost as part of the SiteSMART program services.

EnerNoc is one of the companies we cover on green investment.

State of Maine

EnerNOC, Inc. also announced that the executive branch facilities of the State of Maine (the State) have joined its DemandSMART network. In the first wave of enrollment, which includes six different facilities across Maine, the State expects to reduce demand from the grid equivalent to the usage of thousands of households.

Demand response programs pay electricity users in exchange for agreeing to reduce demand on the electric grid during urgent periods, such as peak usage or high energy prices. This also helps stabilize electricity resources throughout the region and keep rates affordable.

When the region’s electricity grid is under stress, the New England electric grid operator will send a signal to EnerNOC, which will in turn dispatch its network of participating sites. Businesses and organizations in EnerNOC’s DemandSMART network respond by reducing electricity demand in a variety of ways, many of which are virtually unnoticeable to workers and visitors on a short-term, emergency basis.

The State’s west campus in Augusta, for example, expects to reduce more than 200 kilowatts of electricity for a limited period of time, in part by adjusting temperature and chilled water set points a few degrees in four administrative buildings. The west campus and several correctional facilities across the state are among the buildings already enrolled. Maine currently expects to see approximately $74,000 in payments annually and $184,000 over the life of the current agreement.

“Local and state governments throughout the United States face the unique challenge of balancing fiscal concerns with environmental initiatives. Demand response enables the State of Maine to take strides in both directions,” said Tim Healy, Chairman and CEO of EnerNOC.

EnerNOC has more than 6,500 commercial, institutional, and industrial sites in its demand response network, and has worked with state and local governments, such as the States of New Mexico, Connecticut, Rhode Island, Vermont, the City of Boston, and Suffolk County, New York.


Disclosure: no positions
Stocks: ENOC, PCG