New York, NY, U.S.A. — (METERING.COM) — February 27, 2008 – U.S. utility Con Edison has signed a demand side management energy efficiency contract with Public Energy Solutions, a subsidiary of Comverge, Inc., a clean capacity provider through demand response and energy efficiency. The contract is aimed at reducing base load energy requirements of commercial customers of Con Edison in Lower Manhattan.
A limited program build-out will begin in the third quarter of 2008, followed by a full scale rollout of the program in 2009 through 2012. If the contract is performed as contemplated, Comverge is expected to recognize revenues of approximately $67 million over the installation and build-out phase as customers sign up and equipment is installed. Public Energy Solutions is responsible for customer solicitation, assessment of energy reduction potential, and equipment and its installation.
"Comverge has extensive experience implementing demand side management programs for utility energy efficiency and demand response initiatives," said Robert M. Chiste, President, Chairman and CEO of Comverge. “This multi-year program illustrates the ‘win-win’ relationship between Comverge and its utility customers to achieve results by working together. Comverge is fully committed to clean energy solutions utilizing energy efficiency and demand response. Our acquisition of Public Energy Solutions in September 2007 was designed to complement our demand response solutions with a comprehensive energy efficiency solution that meets the needs of our utility customers."
Con Edison is a subsidiary of Consolidated Edison, Inc., one of the nation’s largest investor-owned energy companies. The utility provides electric, gas and steam service to more than 3 million customers in New York City and Westchester County, New York.