EnerNOC Establishes Operations in South Korea
Expands Demand Response Customer Portfolio
BOSTON and SEOUL, South Korea, Oct. 29, 2014 (GLOBE NEWSWIRE) -- EnerNOC, Inc. (Nasdaq:ENOC), a leading provider of energy intelligence software (EIS), today announced that it has launched commercial operations in South Korea. EnerNOC Korea will deploy EnerNOC's software and services to commercial and industrial customers throughout the country, with an initial focus on delivering demand response via the Korea Power Exchange (KPX), South Korea's wholesale electricity market operator.
In the past year, EnerNOC has entered Japan via joint venture, Germany and Ireland via acquisition, and several other nascent demand response markets.
EnerNOC Korea will help many large companies, including LG Chem, Kolon Industries, COEX and Korea Paper, participate in KPX's demand response programs.
"EnerNOC offered us the most value for our participation, advanced technology, and their track record for administering these types of programs over the past ten years gave us the confidence we needed that our operations will be enhanced by demand response," said TaekHyun Yoo, Head of Corporate Technology at COEX.
"We are very excited about our strong and growing presence in South Korea," said Tim Healy, Chairman and CEO of EnerNOC. "The KPX market represents one of the largest wholesale market opportunities in the world for us to acquire enterprise customers through demand response and then help them better manage their energy use with our energy intelligence software."
South Korea has a system peak of about 80 GW, more than 80% of which is from commercial and industrial energy users. In April 2014, legislation was passed in South Korea allowing demand response to participate in its wholesale capacity market. With electricity consumption growing at a rapid rate and a reliance on fuel imports to meet nearly 100% of its needs, South Korea is actively promoting demand response to help ensure reliability, encourage competition, and develop an ecosystem of IT-based energy businesses.
"We have been working with KPX and government-owned research institutions for the past five years to benchmark demand response programs around the world to support the design of effective programs for the Korean electricity system," said David Brewster, President of EnerNOC. "We are proud to now be part of Korea's competitive demand response industry and to help the Korean government drive its 'Creative Economy' initiatives."
To learn more about EnerNOC's software and solutions for utilities, grid operators, and retail energy suppliers, visit http://www.enernoc.com.
EnerNOC is a leading provider of cloud-based energy intelligence software (EIS) and services to thousands of enterprise customers and utilities globally. EnerNOC's EIS solutions for enterprise customers improve energy productivity by optimizing how they buy, how much they use, and when they use energy. EIS for enterprise includes budgeting and procurement, utility bill management, facility optimization, visibility and reporting, project tracking, demand management, and demand response. EnerNOC's EIS solutions for utilities help maximize customer engagement and the value of demand-side resources, including demand response and energy efficiency. EnerNOC supports customer success with its world-class professional services team and a Network Operations Center (NOC) staffed 24x7x365. For more information, visit www.enernoc.com.
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