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Power Efficiency Corporation Wins 2 Year 12 MW Bid in Con Edison BQDM Auction
GREENVALE, NY--(Marketwired - Aug 8, 2016) - Power Efficiency Corporation (OTC PINK: PEFF), a one-stop solutions provider to the grid stability problems, as announced in a press release by Consolidated Edison, Inc. ("Con Edison"), participated in the Brooklyn Queens Demand Management Auction (BQDM), held by Con Edison, Inc. July 27 - 28, 2016 and won a bid to provide 12 Megawatts (MW) of Demand Response Energy in the summer months of 2017 and 2018.
The auction was part of an innovative Con Edison program to defer $1 billion in infrastructure expenditures required for Richmond Hill, Ridgewood, and Crown Heights networks in Brooklyn and Queens by reducing 52 MW of peak load in the BQDM area through a combination of customer sided solutions (41 MW) and non-traditional utility sided solutions (11 MW). Con Ed sought 41 MW in commitments for 2017 and 2018 from companies, with an objective to use these demand side resources to reduce peak summertime loads on the electric grid in this territory.
Scott Caputo, President and COO of Power Efficiency Corporation, commented, "We are pleased to win this bid and be selected to provide cost effective smart grid solutions to this very important market. We plan to implement a variety of measures to meet our 12 MW commitment that will include the curtailment of load associated with traditional Demand Response, as well as battery energy storage and clean power generation. We look forward to working together with Con Edison and others participating in the BQDM program, to meet our nation's growing demand for energy."
Participants in the Consolidated Edison program are required to enter into certain contractual agreements with Consolidated Edison which set forth the parameters of the demand reduction requirements which will be accepted by consolidated Edison, as well as certain financial guarantees which must be provided by participants. Power Efficiency Corporation will be required to deliver a standby letter of credit by August 31, 2016 in order for the contract with Consolidated Edison to be completed. Management believes it will be able to comply with the contractual requirements, including the delivery of the standby letter of credit in a timely manner. In the event that it is unable to meet the requirements, Consolidated Edison may decline participation by the company.
About Power Efficiency Corporation
Power Efficiency Corporation (PEC) provides comprehensive one-stop solutions to the grid stability problems and takes advantage of large and actively growing market opportunity for energy storage, which is projected to reach $45 billion by 2020. PEC offers solutions to grid operators, utilities, and Commercial and Industrial (C&I) customers. Our focus is on renewable Distributed Energy Resources (DER) and Battery Energy Storage Systems (BESS) for grid balancing services to the Independent System Operators (ISOs); load shifting for utilities; energy management through storage for C&I customers; and micro grids for energy security. We build, own, and operate these facilities to develop a portfolio of income producing projects.
Forward-Looking Statements
In addition to historical statements, this press release contains statements relating to future events and our future results. These statements are "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995, and Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. While these forward-looking statements represent our judgments and future expectations concerning our business, a number of risks, uncertainties and other important factors could cause actual developments and results to differ materially from our expectations. These factors include, but are not limited to: difficult economic conditions, the possibility of increased or adverse government regulation, and the risk that we may be unable to obtain necessary capital investment and financing to install generator and battery storage systems and otherwise complete projects, and other risks and uncertainties. As a result, these forward-looking statements may turn out to be incorrect. We are under no obligation to (and expressly disclaim any obligation to) update or alter these forward-looking statements whether as a result of new information, future events or otherwise. Such forward-looking statements by definition involve risks, uncertainties and other factors, which may cause the actual results, performance or achievements of Power Efficiency Corporation to be materially different from the statements made herein.
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