PRESS RELEASE: CPower Energy (“CPower”), a leading Virtual Power Plant (VPP) platform, today announced a new agreement with New Jersey’s Division of Property Management & Construction (DPMC) to help its state government facilities offset rapidly rising electricity prices by participating in demand response and energy flexibility programs for PJM Interconnection, the nation’s largest wholesale electricity market. Demand response programs pay participants to use less electricity on rare occasions of relatively short duration when the grid is stressed.
By participating in demand response without disrupting daily workflows, New Jersey state facilities can earn revenue and ease budget pressures while helping reduce strain on the grid, slowing the rise of electricity rates and delivering long-term benefits for residents and businesses.
Under the new agreement with DPMC, government agencies and facilities can participate in demand response programs at no cost by reducing their discretionary electric loads. Participation may include temporarily reducing lighting and HVAC levels, scaling back non-essential office and IT equipment and using fewer elevators. Facilities with on-site, compliant generators or battery systems can also use them to reduce their overall demand on the electric grid.
Facilities interested in learning more about the DPMC demand response agreement can contact the State Contract Manager, William Golubinski, at William.Golubinski@treas.nj.gov.
About CPower
CPower Energy is a leading Virtual Power Plant platform, monetizing the value of customer-sited energy to intelligently strengthen the grid. For over a decade, we have made turning flexible energy into revenue simple for partners and large energy users such as businesses, manufacturers, public institutions and healthcare organizations, paying customers over $1.4 billion from demand response and energy flexibility programs since 2015. Learn more at www.cpowerenergy.com.
Forward-looking statements
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27 of the Securities Act, and Section 21E of the Securities Exchange Act. These statements involve estimates, expectations, projections, goals, assumptions, risks and uncertainties, and actual events or results may differ materially from those in the forward-looking statements set forth herein. Readers are referred to CPower parent’s filings with the Securities and Exchange Commission, including their most recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q for a discussion of these and other important risk factors concerning their respective operations. CPower is not under any obligation to, and expressly disclaims any obligation to, update or alter its forward-looking statements, whether as a result of new information, future events or otherwise.
Media Contact: Jim Molis, 904-717-2887, pr@cpowerenergy.com
