EnerNOC Japan Is Awarded Its First Commercial-scale DR Contract
EnerNOC, Inc. (Nasdaq: ENOC), a leading provider of energy intelligence software (EIS) and demand response solutions, announced today that after successful pilots with several Japanese utilities, EnerNOC Japan has been awarded its first commercial-scale contract for 60 megawatts of turnkey demand response capacity starting this summer.
“This is a significant milestone for our Japanese operations. Over the past several years, the Japanese market has slowly been working its way through a period of market reform. During that time, we have been through a rigorous and lengthy pilot process consistently proving that demand response can be a highly valuable system resource,” said Jeff Renaud, Vice President and Managing Director, Asia Pacific, EnerNOC. “As the Japanese market continues down this path, it is exciting to move out of our incubation period and, together with our joint venture partner, Marubeni Corporation, scale up our operations to capitalize on what is emerging as a highly attractive market opportunity.”
According to a recent report from Navigant Research, global demand response revenue is expected to increase from less than $2.5 billion in 2017 to over $6.5 billion in 2025, with Asia Pacific representing the fastest growing region. As the world's third largest economy, Japan's electric demand is similar to that of the PJM Interconnection in the United States, EnerNOC's largest market, and represents a significant growth opportunity for the Company. “EnerNOC is the global leader in demand response with a proven track record throughout the Asia Pacific region,” said Tim Healy, Chairman and CEO of EnerNOC. “Our entry into Japan through our joint venture with Marubeni has enabled us to establish an early market presence, cost effectively operate through the pilot phase of market development, and now capitalize on our first-mover advantage.”