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ConEdison Solutions and Viridity Energy Join Forces To Expand Beyond Demand Response
October 05, 2011
'Energy Optimization' Empowers End-Users To Leverage Technology To Transform Themselves Into Energy Suppliers
Valhalla, NY and Philadelphia, PA – Oct. 5, 2011 -- ConEdison Solutions and Viridity Energy, Inc. announced today that they are working together on a major, new energy demand response offering through the introduction of "energy optimization," a first-to-market, automated, revenue-generating, energy management offering.
The service -- an enhancement to traditional demand response jointly marketed by ConEdison Solutions and Viridity Energy -- allows energy users to effectively transform themselves into energy suppliers (a virtual power plant) when market conditions present such opportunities.
Customers will have the ability to generate revenue year-round by taking advantage of changes in energy market prices. Specifically, when prices rise, energy users will be able to reduce consumption -- and then benefit from ConEdison Solutions’ and Viridity Energy’s ability to sell the energy curtailment back into the market.
In essence, the customer opportunistically becomes an energy supplier, deriving revenues from its ability to limit energy usage automatically enabled by the ConEdison Solutions/Viridity Energy team. The marginal reductions in energy use are managed in a way that minimizes any impact on customer convenience and comfort.
"For many years, we have worked with smart energy users to help them benefit from price shifts in commodity prices or savings from energy management programs," said Jorge J. Lopez, President and CEO of ConEdison Solutions. "Now, for the first time, these same customers can turn their energy management programs into revenue-generating sources by literally buying low and selling high. This offering brings in dollars for customers by turning users into suppliers."
"Energy Optimization and dynamic load control represent dramatic new dimensions in energy management," said Audrey Zibelman, President and CEO of Viridity Energy. "This service implants a revenue stream squarely in the middle of a cost center. The concept is destined to widely penetrate the energy marketplace. Once it does, you will see chief financial officers of commercial and industrial firms nationwide seeking to share in the rewards."
To implement "Energy Optimization," ConEdison Solutions and Viridity Energy will integrate intelligent software with a customer's building management system and other control devices. They will then control the client's energy-consuming equipment, based on protocols previously agreed to by the client, when a demand response event occurs or when economic market opportunities present themselves. Customers will incur no up-front cost for the installation of the technology.
This capability reduces customer involvement, while enhancing performance. The vendors notify customers when modifications will take place and give customers the opportunity to override the signals, if they so choose.
At present, the Energy Optimization services will be provided in the states and utilities territories served by the following ISO’s: New England (NEISO), Pennsylvania New Jersey Maryland RTO (PJM), ERCOT in Texas, and New York (NYISO). ConEdison Solutions will sell the offering in conjunction with its commodity sales operations as a value-added benefit for existing customers and as a way to gain new customers.
About ConEdison Solutions
ConEdison Solutions is a leading energy services company that provides competitive power supply, renewable energy, sustainability services, and cost-effective energy solutions for commercial, industrial, residential, and government customers. The company is based in Valhalla, New York, with offices in Burlington, Massachusetts; Cherry Hill, New Jersey; Falls Church, Virginia; Houston, Texas; Tampa, Florida; Durham, North Carolina; and Overland Park, Kansas. The firm’s dedicated team of energy professionals delivers a broad range of commodity, consulting, demand-side management and performance contracting services. ConEdison Solutions offers programs and services designed to help customers achieve their individual energy objectives and is accredited as an Energy Services Provider (ESP) by NAESCO.
ConEdison Solutions is a subsidiary and registered trademark of Consolidated Edison, Inc. (NYSE: ED). More information can be obtained by calling 1-888-210-8899 or visiting the ConEdison Solutions website at www.conedsolutions.com. You can also visit the Consolidated Edison, Inc. website at www.conedison.com for information on all of the Consolidated Edison companies.
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About Viridity Energy
Viridity Energy provides large energy consumers with powerful tools to increase energy efficiency and create energy revenues. Viridity’s unique and flexible VPower™ platform enables customers to dynamically shift and balance energy load, integrate advanced energy technologies and convert existing energy investments into lucrative new revenue streams. Viridity helps organizations achieve sustainability goals and contribute to the greater good by stabilizing energy price fluctuations. Headquartered in Philadelphia, Pennsylvania, Viridity was founded in 2008 by former executives of PJM Interconnection.