Comverge Strongly Positioned To Capitalize On Federal Energy Regulatory Commission (FERC) Rule
NORCROSS, Ga., March 16, 2011 (GLOBE NEWSWIRE) -- Comverge, Inc. (Nasdaq:COMV), the leading provider of Intelligent Energy Management solutions for Residential and Commercial + Industrial customers, today announced its support for a new Federal Energy Regulatory Commission (FERC) order that has the potential to significantly lower electricity bills. The new rule levels the playing field in the organized electricity markets between energy conservation and power generation also setting the stage for significant environmental benefits that would result from reduced power plant operations.
"The new FERC rule is recognition of the critical role that demand response plays in our nation's energy mix," said R. Blake Young, President and CEO, Comverge. "By leveling the playing field and creating price parity between demand response resources and electricity generation, the FERC has sent a clear message on the high value of energy efficiency programs and technologies. Additionally, our incumbent position and established history of successfully delivering these complex solutions to utility and commercial and industrial customers uniquely positions Comverge to deliver the consumer benefit this expanded rule intends."
The FERC order removes barriers to the participation by requiring organized wholesale energy market operators to pay demand response resources the market price for energy, known as the locational marginal price (LMP). The order carefully balanced consumer needs by requiring this payment system when a net benefits test shows that the consumers will save money from broadly lower prices that result from dispatching demand response instead of higher cost generation resources.Blake Young added, "The FERC made a strong statement today, ensuring customers' benefits in organized markets is paramount. Demand response can now formally take its place as an equally valuable resource for meeting consumer needs across our electricity grid. This order is evidence of the maturation of Demand Response as a proven, low cost and reliable alternative to business as usual."
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