NEW: Worcester-Based Company Helps Colby Sawyer Become Green
Tuesday, June 25, 2013
Worcester-based World Energy Solutions, Inc., a leading energy management services firm, today announced it has helped Colby-Sawyer College successfully procure more than 10 million kWh of electricity at a savings over its prior contract, even as wholesale market prices had climbed. Additionally, World Energy enabled Colby-Sawyer College to secure renewable energy credits (RECs) for its entire energy purchase, greening its portfolio at a discount.
Through a series of online auctions run on the World Energy Exchange®, Colby-Sawyer College tested various terms and products in a transparent, objective manner. The competitive event attracted multiple suppliers, delivering a winning price 8 percent below its prior contract, even as wholesale rates had increased 11 percent. The auction also provided essential price discovery that enabled the college to secure RECs through World Energy, minimizing the premium the school paid for green power. Delivery under the new 36-month contract begins in August.
“I had the pleasure of watching the World Energy auctions with members of my team, and we were really impressed with the results,” said Tom Galligan, President of Colby-Sawyer College. “Bringing energy suppliers into a competitive, real-time auction scenario like this makes so much sense. We really got to see the market at work, and more importantly, working for us.”
Added Doug Atkins, Vice President for Administration: “With a rise in wholesale electricity rates since our last contract, we were fully expecting to pay more for energy this time around. World Energy’s terrific auction process gave us an advantage in procuring our energy, and the savings it yielded in this market speaks volumes for how effective and empowering their process is.”
By purchasing RECs for its entire electricity load, Colby-Sawyer College is expected to reduce its carbon dioxide emissions by 2,554 metric tons each year. This reduction is the equivalent of each of the following:
• Annual greenhouse gas emissions from 532 passenger vehicles
• CO2 emissions from 286,362 gallons of gasoline consumed
• CO2 emissions from 5,940 barrels of oil consumed
• CO2 emissions from the electricity use of 382 homes for one year
(Source: EPA Greenhouse Gas Equivalencies Calculator)
Concluded Phil Adams, CEO of World Energy Solutions: “When it comes to our auctions – the way they are structured, the results they deliver and the excitement they generate – we have found that seeing is believing. I couldn’t be happier that the President of Colby-Sawyer and his team experienced the auctions firsthand and are now strong proponents of the process. It’s also very satisfying to see colleges and universities in growing numbers embracing our approach as the best way to get the most from competitive electricity markets.”
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