BOSTON, MA and WORCESTER, MA--(Marketwire -04/24/12)- World Energy Solutions, Inc. (NASDAQ: XWES - News), a leading energy management services firm, today announced it is implementing a comprehensive energy management plan on behalf of City Sports, a specialty sports retailer with locations across the East Coast. The plan, which encompasses auction-based procurement, energy efficiency measures and utility incentives, is projected to deliver the retailer over $300,000 in energy savings over the next three years.
Working closely with City Sports, World Energy first identified opportunities for energy cost reduction, prioritized them to maximize return on investment, and now has begun to execute upon them. For example, the Company has already helped City Sports successfully procure electricity for 13 of its stores in four states, as well as its Boston headquarters. The auctions, conducted over the World Energy Exchange®, were so effective that City Sports is now paying a full 2 cents per kWh less than it was on its prior contract -- a reduction that will yield approximately $240,000 in savings over the next three years.
In addition to providing energy procurement services, World Energy is helping the retailer implement new energy efficiency measures, including lighting retrofits, at 7 of its MA and NY facilities. To fund the lighting projects, World Energy has helped City Sports secure utility incentives and on-bill financing for the efficiency work. All told, these energy efficiency measures are expected to deliver an additional $35,000 per year in energy savings.
"World Energy is making energy easy again," said Jim Kessler, EVP of Finance and Chief Financial Officer, City Sports. "They combine market expertise with a business-friendly approach that maximizes savings and minimizes out of pocket expense. As a result, we are now on track to use less energy, pay less for it, and have the utilities fund the majority of the upgrades."
Added Bruce Buckbee, Vice President, Efficiency, at World Energy Solutions: "Many businesses today are overwhelmed by the energy choices facing them -- they just don't have the time or market expertise to know how best to proceed. We sit down with our customers, help them look holistically at their operations for energy savings opportunities, and develop a prioritized game plan to reap those savings. Today, our ability to procure energy, plan and execute efficiency upgrades, and maximize available utility incentives -- packaging them all together to drive down total energy cost -- is transforming how our customers manage energy."
World Energy believes total energy cost is best expressed by the following equation:
E = P x Q - i, where E, the total cost of energy, equals P, the price paid per unit of energy, multiplied by Q, the quantity of energy used, minus i, available utility incentives. For more information on how World Energy puts this equation to work for its customers, please watch this video:
About City Sports
An award-winning specialty sports retailer headquartered in Boston, City Sports is the premier destination for urban athletes and active lifestyle enthusiasts. The company operates 20 metropolitan stores across the East Coast, with locations in Boston, Providence, New York, Philadelphia, Washington, D.C., and Baltimore. City Sports offers a comprehensive assortment of performance footwear, equipment and apparel from leading athletic brands, special niche brands and its proprietary "CS by City Sports" line, all focused on outfitting the urban athlete who participates in running, triathlons, training, cycling, swimming, yoga and tennis. City Sports was named one of 2010's "50 Best Running Stores in America" by the Independent Running Retailers Association in conjunction with Formula4Media.
About World Energy Solutions, Inc.
World Energy Solutions, Inc. (NASDAQ: XWES - News) is an energy management services firm that brings together the passion, processes and technologies to take the complexity out of energy management and turn it into bottom-line impact for the businesses, institutions and governments we serve. To date, the Company has transacted more than $20 billion in energy, demand response and environmental commodities on behalf of its customers, creating more than $1 billion in value for them. World Energy is also a leader in the global carbon market, where its World Energy Exchange® supports the ground-breaking Regional Greenhouse Gas Initiative's (RGGI) cap and trade program for CO2 emissions. For more information, please visit www.worldenergy.com.
This press release contains forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ from those indicated in the forward-looking statements. Such risks and uncertainties include, but are not limited to the following: our revenue and backlog are dependent on actual future energy purchases pursuant to completed procurements; the demand for our services is affected by changes in regulated prices or cyclicality or volatility in competitive market prices for energy; and there are factors outside our control that affect transaction volume in the electricity market. Additional risk factors are identified in our Annual Report on Form 10-K and subsequent reports filed with the Securities and Exchange Commission.
- City Sports