East Hanover, New Jersey-based Comverge, Inc. (COMV), a provider of smart grid, demand management and energy efficiency solutions, Thursday said it has entered into Virtual Peaking Capacity -VPC contracts with two major Maryland utilities to provide them up to 48 megawatts of clean capacity from commercial and industrial customers amid an increase in energy demand.
Combined with previous announced contracts, in Maryland alone, Comverge will provide an estimated 343MWs of clean capacity with expected future revenues under contract of over $100 million.
According to the new VPC programs, Comverge would design, build, own, operate and maintain a demand responsive load management system for the benefit of the utilities and for the participation of customers that is intended to encourage energy efficiency and help ensure energy reliability during times of peak demand.
The company said outsourced, pay-for-performance, programs will allow sufficient capacity to be dispatched in minutes throughout the designated service territories and the programs would also be designed so as to utilize benefits not possible with traditional generation, such as avoiding line losses and relieving transmission constrained areas in an environmentally responsible way.
Robert Chiste, Chairman, President and Chief Executive Officer, Comverg said "These latest agreements underscore the continued confidence placed in Comverge by its utility customers as they increasingly utilize our demand management solutions in their movement toward demand management and efficiency as a significant source of energy. These programs, the newest of many significant partnerships utilizing our VPC programs, offer scalable utility operations, customer service, customer portals and program administration with quantifiable load reduction."
COMV is currently trading at $7.25, down $0.03 or 0.55%, on a volume of 306k shares on the Nasdaq.
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