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EnerNOC Clears $140 Million In 2016/2017 PJM Base Residual Auction Bringing Total Contracted Revenue To Over $1.6 Billion

Stocks in this article: ENOC

BOSTON, May 28, 2013 (GLOBE NEWSWIRE) -- EnerNOC, Inc. (Nasdaq:ENOC), a leading provider of energy intelligence software and related solutions, today announced that it has cleared approximately $140 million of contracted revenue in the PJM capacity market for the 2016/2017 delivery year based on results of PJM's Reliability Pricing Model Base Residual Auction announced on May 24, 2013. EnerNOC increased its leading PJM demand response market share in the auction to over 35 percent. Additionally, EnerNOC announced that it has over $1.6 billion in total contracted revenue as of May 28, 2013.

"Due primarily to a record amount of new imports that cleared, capacity prices will be significantly lower in the 2016/2017 delivery year than they will be between now and then. Although we are obviously disappointed with the clearing prices in this auction, it is important to put Friday's outcome into a broader perspective. Our results are reflective of our ongoing strategy to strike the right balance between growth and profitability and to not simply be a price-taker where we would be managing demand response resources at a loss," said Tim Healy, Chairman and CEO of EnerNOC.

"We cleared 4,400 megawatts of capacity, slightly less than we cleared in the BRA for 2015/2016. Interestingly, over two gigawatts of demand-side resources that were offered into Friday's auction did not clear due to price, which suggests that there is still opportunity for continued growth in PJM when the market warrants it. Considering our large installed customer base, robust product suite, and an expanding geographic footprint, we believe that we have ample room for profitable growth across the markets in which EnerNOC operates, and we remain optimistic about our overall growth trajectory," continued Healy.

The Company also announced that it secured energy efficiency payments in PJM's capacity market for the first time, reflective of the growing traction of its EfficiencySMART product suite.

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