Business & Finance
Business and Finance
Business and Finance
Mon, February 2, 2009 PHI Awards Direct Load Control Contract To Comverge
WASHINGTON--([ BUSINESS WIRE ])--Pepco Holdings, Inc.(NYSE:POM) announced today it has signed a contract with Comverge Inc. to implement a new direct load control system for Maryland customers of regulated electric utility subsidiaries Pepco and Delmarva Power.
For Pepco and Delmarva Power customers who enroll, Comverge will install either an outdoor cycling switch or a programmable thermostat that allows the utility to control the home's central air conditioning system during critical peak energy use hours, helping to reduce demand for electricity and achieve Maryland's "EmPOWER Maryland" electric demand reduction goals. The program is scheduled to run through 2015, subject to review of program cost and performance by the Maryland Public Service Commission.
Customers will receive a credit on their bills for participating in one of three program tiers, each with its own level of participation credits.
"This agreement marks another step forward in achieving the company's plan to use advanced technologies and energy-efficiency programs to address the high cost of energy and the impact of energy use on the environment," said Bill Gausman, Senior Vice President, Asset Management. "PHI is focused on helping customers manage their energy use, save on their monthly bills and contribute to a cleaner environment."
Under the agreement, Comverge will provide comprehensive services including hardware, software, installation and program management for the remote control of home air conditioning systems for more than 200,000 Maryland customers in both utilities combined. Comverge also will assist with marketing and customer enrollment. The program is expected to result in a savings of more than 200 megawatts of electricity.
"This next generation technology allows us to achieve energy demand savings now and in the future when we transition to our planned advanced metering infrastructure and smart grid deployment," added Gausman.
Pepco Holdings, Inc. (NYSE:POM) is one of the largest energy delivery companies in the Mid-Atlantic region, serving about 1.9 million customers in Delaware, the District of Columbia, Maryland and New Jersey . PHI subsidiaries Pepco, Delmarva Power and Atlantic City Electric provide regulated electricity service; Delmarva Power also provides natural gas service. PHI provides competitive wholesale generation services through Conectiv Energy and retail energy products and services through Pepco Energy Services.
For Comverge Investors: This release contains forward-looking statements that are made pursuant to the safe harbor provisions of Section 21E of the Securities Exchange Act of 1934. The forward looking statements in this release are not and do not constitute historical facts, do not constitute guarantees of future performance and are based on numerous assumptions that, while believed to be reasonable, may not prove to be accurate. These forward looking statements include projected contracted revenues, projected generated megawatts, the anticipated success of certain new technology, market penetration, and program success and assumptions upon which the forward-looking statements are based. The forward-looking statements in this release do not constitute guarantees of future performance and involve a number of factors that could cause actual results to differ materially, including risks associated with Comverge's business involving our products, the development and distribution of our products and related services, regulatory changes, economic and competitive factors, our key strategic relationships, and other risks more fully described in our most recently filed Quarterly Report on Form 10-Q and Annual Report on Form 10-K. Comverge assumes no obligation to update any forward-looking information contained in this press release or with respect to the announcements described herein.
