ELK GROVE, Ill., Aug. 20, 2003 — Electric City announced that it has entered into an agreement with Elk Grove Village to participate in the company’s development of a $25 million, 50-MW Power Curtailment system for Commonwealth Edison (ComEd), a subsidiary of Exelon Corporation.
Elk Grove Village is one of the largest Chicago suburbs and is the home town of Electric City Corp.
“We are pleased to announce the participation of Elk Grove Village as one of our larger customer ‘hosts’ for our 50-Megawatt power curtailment system,” stated John Mitola, CEO Electric City Corp.
“Elk Grove Village joins a growing group of municipalities that have signed participation agreements to become part of this groundbreaking system designed to directly address the strain placed on electric grids from peak demand during hot weather. We have signed several customers since the announcement of our system, however, we are expecting a more rapid participation rate following the historic outage of last week. We are facing a new time in the energy industry and our customers seem to embrace this urgency and the need to find new ways to reduce demand and help avoid a similar crisis.”
The new system, called Virtual “Negawatt” Power Plan (VNPP®), will allow ComEd to remotely control commercial, industrial and government lighting systems over a managed and secure IP network. Through the use of the EnergySaver/GlobalCommander® system, the utility will be able to reduce electric capacity requirements during periods of peak demand, providing instantaneous control, measurement and verification of load reduction. The 50-Megawatt system will represent one of the largest deployments of demand control technology in the nation. The system will cost approximately $25 million and is expected to incorporate roughly 1,500 EnergySaver systems.
The Virtual “Negawatt” Power system agreement calls for the deployment of 50-Megawatts of EnergySaver on demand load reduction. Electric City will act as the provider of technology and the developer of the power system. The cost of the system will be borne by third party lenders, supported through a long-term agreement with ComEd. Electric City will guarantee the delivery of peak power reduction through its EnergySaver/GlobalCommander system and will dispatch the system at the direction of ComEd. In exchange for hosting the system and allowing remote control over peak demand, customers will receive the technology for free and will receive free steady state energy savings.
About Electric City
Electric City is a developer, manufacturer and integrator of energy savings technologies and building automation systems. The Company currently markets the EnergySaver™, the GlobalCommander® and LightMaster™ energy conservation technologies, as well as its independent development of scalable, negative power systems under the trade name, Virtual “Negawatt” Power Plant “VNPP”®. The Company recently announced its first VNPP development -50 Megawatt, negative power system for Commonwealth Edison in northern Illinois. Electric City is based in Elk Grove Village, Illinois and is traded on The American Stock Exchange under the symbol ELC. Additional information is available at the Company’s website at www.elccorp.com or by calling 847-437-1666.