UEO Makes Major Power Purchase Through World Energy Solutions
Signs One Year Electricity Contract to Power New Utica Shale Facilities
Kensington, OH and Worcester, MA (GLOBE NEWSWIRE) - World Energy Solutions, Inc. (Nasdaq:XWES), a leading energy management services firm, today announced it has helped Utica East Ohio Midstream LLC (UEO) secure more than 630 million kWh of electricity for its new gas-processing plant in Kensington, Ohio and its new NGL fractionation, storage and rail terminal in Scio, Ohio.
UEO is a joint venture between M3 Ohio Gathering LLC, Access Midstream, L.P. and EV Energy Partners, L.P. and is one of the largest integrated midstream service complexes in eastern Ohio (UEO Buckeye). The UEO complex currently includes 800 million cubic feet per day of natural gas processing and associated NGL fractionation, loading and terminal facilities.
In late 2012, UEO approached World Energy about its power needs in Ohio and worked closely with the firm to establish the key criteria for selecting the right electricity supplier for its new facilities. Criteria included strong ties to Ohio, generation assets and a significant employee presence in the state, and competitive pricing. Leveraging its deep experience in, and understanding of, the Ohio power market, World Energy effectively solicited competitive offers on UEO's behalf, helping the company secure an attractive service contract.
"World Energy Solutions did an excellent job helping us design and execute a strategy for securing power in Ohio that met our business needs and enhanced our support of business in Ohio," said Brant Baird, EVP and COO of UEO. "World Energy worked with us every step of the way to ensure our success, tapping into their deep knowledge of the Ohio electricity market and extensive supplier relationships to unlock opportunities and deliver a great outcome. We are excited about the results of our collaboration with World Energy and look forward to continuing our relationship with them on future endeavors."
Added Phil Adams, CEO of World Energy Solutions: "We've been a leader in energy procurement since the advent of electricity deregulation, and over the years we have assembled one of the deepest, most expert teams in the industry. Our people have seen it all and have successfully transacted in every competitive market. There is no substitute for this kind of hands-on experience, the mastery we have developed over our proverbial '10,000 hours.' It is a key ingredient in every deal we transact for our customers and is on full display here in our work for UEO."
About M3 Ohio Gathering LLC
M3 Ohio Gathering LLC is an affiliate of M3 Midstream LLC ("Momentum"). Momentum is an independent midstream energy company formed to build, acquire, own and operate midstream oil and gas assets in growth areas of the United States. Momentum's current focus is the development of greenfield projects that include oil and gas gathering, compression, processing and fractionation. More information is available at www.m3midstream.com.
About Access Midstream
Access Midstream Partners, L.P. (NYSE:ACMP) is the industry's largest gathering and processing master limited partnership as measured by throughput volume. The Partnership owns, operates, develops and acquires natural gas gathering and processing systems and other midstream energy assets. Headquartered in Oklahoma City, the Partnership's operations are focused on the Barnett, Eagle Ford, Haynesville, Marcellus, Niobrara and Utica shales and Mid-Continent region of the U.S. Further information is available at www.accessmidstream.com.
About EV Energy Partners
EV Energy Partners, L.P. (Nasdaq:EVEP) is a master limited partnership engaged in acquiring, producing and developing oil and gas properties. More information about EVEP is available at http://www.evenergypartners.com.
About World Energy Solutions, Inc.
World Energy Solutions, Inc. (Nasdaq:XWES) 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 $40 billion in energy, demand response and environmental commodities on behalf of its customers, creating more than $2 billion in value for them. World Energy is also a leader in the global carbon market, where its World Energy Exchange® supports the Regional Greenhouse Gas Initiative (RGGI), the first mandatory market-based regulatory program in the U.S. to reduce greenhouse gas emissions. For more information, please visit http://www.worldenergy.com/">www.worldenergy.com.
This press release contains forward-looking statements. The words "anticipates," "believes," "estimates," "expects," "intends," "may," "plans," "projects," "will," "would" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. The Company has based these forward-looking statements on its current expectations and projections about future events, including without limitation, its expectations of backlog and energy prices. Although the Company believes that the expectations underlying any of its forward-looking statements are reasonable, these expectations may prove to be incorrect and all of these statements are subject to risks and uncertainties. Should one or more of these risks and uncertainties materialize, or should underlying assumptions, projections or expectations prove incorrect, actual results, performance or financial condition may vary materially and adversely from those anticipated, estimated or expected. Such risks and uncertainties include, but are not limited to the following: the Company's revenue and backlog are dependent on actual future energy purchases pursuant to completed procurements; the demand for the Company's services is affected by changes in regulated prices or cyclicality or volatility in competitive market prices for energy; the potential impact on the Company's historical and prospective financial results of a change in accounting policy may negatively impact its stock price; and other factors outside the Company's control that affect transaction volume in the electricity market. Additional risk factors are identified in the Company's Annual Report on Form 10-K for the year ended December 31, 2012 and subsequent reports filed with the Securities and Exchange Commission. The forward-looking statements made in this press release are made as at the date hereof. The Company undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events, other than as required by securities laws.
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SOURCE: World Energy Solutions, Inc.