March 26, 2008

Demand response and energy conversation firm Comverge saw added revenue for both the year 2007 and its fourth quarter.
      Full year revenues were $55.2 million in 2007 compared to $33.9 million in 2006, a 63% rise.  Revenues in Q4 were $34.8 million, a 65% rise compared to $21.1 million in the Q4 of 2006.
      The financial report included: 
      • A 130 mw long-term virtual peaking capacity (VPC) contract with Connecticut Light & Power;
      • A 118% rise in contracted capacity as measured in mw under long-term capacity contracts, from 220 to 479 mw year-over-year, and
      • Of 1,324 mw under management, the firm had 479 mw at year end under long-term contracts with regulatory approval, 462 mw under open market programs and 383 mw managed for a fee.
      Comverge was awarded since the end of 2007 a $67 million demand side management energy efficiency contract with Consolidated Edison aimed at cutting base load energy requirements of commercial customers.  It was granted a VPC contract with Southern Maryland Electric Cooperative to provide up to 75 mw of contracted capacity and saw a 20 mw expansion of a VPC contract with Nevada Power.
      The firm this year expects revenues to be between $95 million and $105 million, a year-over-gain of about 81%.
      The keys to the growth will include contributions from the 2007 acquisitions of Enerwise and Public Energy Solutions and a boost in its installed capacity, said the firm.