Comverge Announces Fourth 'Virtual Peaking Capacity(TM)'Program
11 Junho 2004 - 9:00AM
PR Newswire (US)
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/
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