Wednesday, 19 November 2008

EnerNOC set to achieve its 2008 targets

EnerNOC says its on target to end this year with over 2,000 megawatts under management and it has dispatched the liability based capacity in its demand response network over 90 distinct times year-to-date and delivered an average performance of 98 percent based on nominated versus delivered capacity across all reporting events.

Sharing its third quarter results, in which EnerNoc posted record revenue performance of $44.2 million, 131 percent increase overall revenue in the third quarter of 2007, the company stated that this performance track record demonstrates the scalability and robustness of its network operation center and its fifth generation proprietary software application called Power Track, which is the primary application that it uses in EnerNOC for notifying, monitoring, and managing its expanding network of active customers' sites.

It uses this application for both demand response and its growing energy efficiency business.

On the performance during the quarter, Tim Healy - chairman and CEO, EnerNOC Inc., said, "This year-over-year growth was the result of many things including the significant expansion of our presence in the PJM market and our continued strong performance in New England as well as the growth and diversification of our portfolio demand response and energy management solutions throughout North America."

The company grew its demand response network ending September with over 1,760 megawatts under management, which is the capacity equivalence over 17 average size peaking power plant.

"These megawatts come from 3,400 different end-use customer sites in our network as of September 30, 2008 up from 3,067 customers' sites in our network as of the end of the second quarter," stated the company. "We have sold approximately 100 new megawatts since the end of the third quarter, with over 1,850 megawatts in our network we feel good about our ability to exit 2008 with over 2,000 megawatts under management."

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