EnerNOC Forms Demand Response Risk Management Committee
Company Completes Phase I of Its Comprehensive Energy Markets Compliance Program
BOSTON, MA -- (Marketwire) -- 07/18/12 -- EnerNOC, Inc. (NASDAQ: ENOC), a leading provider of energy management applications and services for the smart grid, today announced that it has continued to enhance its regulatory compliance efforts through the establishment of a Risk Management Committee to oversee all of the Company's demand response risks, including energy market interactions, and provide counsel to the executive management team and the Board of Directors. This internal committee, which reports into the Company's Board of Directors, is responsible for global coordination of country and regional risk management and compliance efforts, with an emphasis on employee training and education.
This important step completes Phase I of EnerNOC's previously announced energy markets compliance initiative. Over the past six months, EnerNOC engaged leading compliance consultants to assist EnerNOC in this initiative, established an effective compliance framework for formalizing its compliance activities, and created organizational alignment to ensure consistent performance against compliance objectives across all departments.
"As we have grown and diversified into more than two dozen markets across three continents, we recognize that we need to formalize a comprehensive approach to maintaining compliance with literally thousands of regulatory requirements," said Tim Healy, Chairman and CEO of EnerNOC. "Investment in a formal compliance program strengthens our ability to scale across markets and maintain our market leading position."
EnerNOC's work has included establishing firm goals and objectives around eight core practice areas: Governance and Organization, Communication and Training, Risk Assessment, Controls and Monitoring, Reporting, Policies and Procedures, Information Management, and Culture and Performance Management. EnerNOC selected Deloitte & Touche LLP, with a project team led by William Hederman, a former founding director of the Federal Energy Regulatory Commission's Market Oversight and Investigation Office, and Howard Friedman, a nationally-renowned professional in energy markets, to help the company with this initiative.
"Demand response is a new and disruptive component of the energy landscape, requiring new technologies, rules, and approaches. Capturing specific market-by-market compliance requirements is a critical step to the successful long-term operations of world-class demand response companies. Our efforts to formalize a compliance program speak to the growing maturity of the market and our commitment to long-term leadership in the industry," added Healy. "It reinforces for our customers, business partners, and employees that we intend to set the bar high. Throughout the organization, we want everyone to be aware of and accountable for compliance best practices."
EnerNOC unlocks the full value of energy management for our utility and commercial, institutional, and industrial (C&I) customers by reducing real-time demand for electricity, increasing energy efficiency, improving energy supply transparency in competitive markets, and mitigating emissions. We accomplish this by delivering world-class energy management applications including DemandSMARTTM, comprehensive demand response; EfficiencySMARTTM, continuous energy savings; SupplySMARTTM, energy price and risk management; and CarbonSMARTTM, enterprise carbon management. Our Netwwork Operations Center (NOC) continuously supports these applications across thousands of C&I customer sites throughout the world. Working with more than 100 utilities and grid operators globally, we deliver energy, ancillary services, and carbon mitigation resources that provide cost-effective alternatives to investments in traditional power generation, transmission, and distribution. For more information, visit www.enernoc.com.
Safe Harbor Statement
Statements in this press release regarding management's future expectations, beliefs, intentions, goals, strategies, plans or prospects, including, without limitation, statements relating to the future growth and success of the Company's energy management applications and services and the ability of EnerNOC to continue to successfully deliver value to its customers, may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward- looking statements can be identified by terminology such as "anticipate," "believe," "could," "could increase the likelihood," "estimate," "expect," "intend," "is planned," "may," "should," "will," "will enable," "would be expected," "look forward," "may provide," "would" or similar terms, variations of such terms or the negative of those terms. Such forward-looking statements involve known and unknown risks, uncertainties and other factors including those risks, uncertainties and factors referred to under the section "Risk Factors" in EnerNOC's most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q, as well as other documents that may be filed by EnerNOC from time to time with the Securities and Exchange Commission. As a result of such risks, uncertainties and factors, EnerNOC's actual results may differ materially from any future results, performance or achievements discussed in or implied by the forward-looking statements contained herein. EnerNOC is providing the information in this press release as of this date and assumes no obligations to update the information included in this press release or revise any forward-looking statements, whether as a result of new information, future events or otherwise.