Microfield Group to provide demand response for PJM
This contract, the largest such comprehensive state program to date in PJM, further validates the CompanyÂ’s high-growth business model that targets a $12 billion segment of the demand response marketplace in 20 major U.S. metropolitan centers.
The new agreement also rapidly increases EnergyConnectÂ’s total participant peak electricity load involved in demand response by more than 500 megawatts, including major government and educational institutions.
“Being selected as the provider of demand response services for this state is a major win for Microfield and a clear testament to the competitive strength of EnergyConnect’s innovative technology and products,” said Rodney M. Boucher, Chief Executive Officer of Microfield Group. “We are gratified to receive this independent verification of our EnergyConnect programs as best-of-breed in the national demand response sector of the alternative energy industry.”
The new agreement raised the number of Building Equivalents (BE) by more than 100 during the third quarter of fiscal 2007. One BE is equal to approximately 1 million square feet of commercial space in a large building, a campus or an industrial site.
EnergyConnect has targeted an estimated 1500 BE for fiscal 2007 as a means to quantify the CompanyÂ’s future growth expectations.
MicrofieldÂ’s EnergyConnect division ushers in a paradigm shift in the sector traditionally known as demand response. EnergyConnectÂ’s real time auto-response technology allows participants to capitalize on hourly price fluctuations and daily commitments, as well as emergency response services to maintain grid stability. In addition to these previously untapped revenue streams, EnergyConnectÂ’s industry leading technology allows the Company to meet the unique needs of each participant, resulting in a significantly larger target market with ample opportunities for growth.
The agreement announced today further enhances a year of growth marked by the substantial year over year increases in revenue for MicrofieldÂ’s EnergyConnect products and services reported by the Company in 2007.
Related News
BNEF Report: Wind and Solar Will Provide 50% of Electricity in 2050
LONDON - In a report that examines the ways in which renewable energy demand is expected to increase, Bloomberg New Energy Finance (BNEF) finds that “aggressive decarbonization” will be required beyond 2030 to meet the temperature goals of the Paris Agreement on climate change.
Focusing on electricity, BNEF’s 2019 New Energy Outlook (NEO) predicts a 62% increase in global power demand, leading to global generating capacity tripling between now and 2050, when wind and solar are expected to make up almost 50% of world electricity due to decreasing costs.
The report concludes that coal will collapse everywhere except Asia, and, by 2032,…
