Itron signs three-year contract with Maryland electric cooperative to
continue demand response efforts to better control energy costs
LIBERTY LAKE, Wash.--(BUSINESS WIRE)--
Itron, Inc. (NASDAQ: ITRI), a world-leading technology and services
company dedicated to the resourceful use of energy and water, announced
today that it signed a three-year contract extension with Southern
Maryland Electric Cooperative (SMECO). Following a 10-year contract,
Itron will continue to provide SMECO with a fully outsourced and
pay-for-performance demand response solution that helps the cooperative
ensure reliable power and lower rates for its members.
Itron has operated SMECO's CoolSentry outsourced demand response program
for nine years, deploying more than 45,000 load control devices for
residential and small commercial customers. Enrolling 16 megawatts of
large commercial and industrial load for a total of 60 megawatts of
available capacity, SMECO is able to reduce its exposure to generation
and transmission capacity charges in the wholesale market. As a fully
outsourced solution, Itron recruits customers into the program, installs
the necessary load control equipment and operates the program using
Itron's IntelliSOURCE® Enterprise™ cloud-based software. Using the
flexible and surgical control strategies enabled by IntelliSOURCE
Enterprise, Itron operates the program as a virtual powerplant for the
utility, increasing reliability and lowering costs to SMECO's customers.
Itron ensured a cost-effective load management solution for SMECO in the
previous contract, taking on the accountability to deliver sustained
results under a pay-for-performance model. Due to Itron's success in
meeting these requirements, SMECO chose Itron to continue managing the
program through this contract extension.
"We are looking forward to seeing the continued success of Itron's
demand response solution, which provides a cost-effective resource for
grid reliability," said Jeff Shaw, SMECO's vice president of distributed
energy and sustainability. "SMECO's CoolSentry program saves us a
substantial amount of money and we pass those savings on to our
customers. In the past nine years, Itron's engagement efforts have
driven a 50 percent participation rate in the program for eligible
residential customers, making it one of the highest percentages of
participation for an opt-in demand response program in the United
States."
"This collaboration is an example of the type of outcomes-based contract
that is a win-win for utilities and their customers. Through the
extension of this contract, Itron will continue providing a fully
outsourced solution that meets SMECO's requirements, and the Itron team
will be accountable for its sustained success," said Steve Hambric,
Itron's vice president of distributed energy management. "We are pleased
to support SMECO in providing reliable and affordable service to all of
their customers in Southern Maryland."
About Itron
Itron is a world-leading technology and services company dedicated to
the resourceful use of energy and water. We provide comprehensive
solutions that measure, manage and analyze energy and water. Our broad
product portfolio includes electricity, gas, water and thermal energy
measurement devices and control technology; communications systems;
software; as well as managed and consulting services. With thousands of
employees supporting nearly 8,000 customers in more than 100 countries,
Itron applies knowledge and technology to better manage energy and water
resources. Together, we can create a more resourceful world. Join us: www.itron.com.
Itron® is a registered trademark of Itron, Inc. All
third-party trademarks are property of their respective owners and any
usage herein does not suggest or imply any relationship between Itron
and the third party unless expressly stated.
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Itron, Inc.
Sharelynn Moore, 509-891-3524
Vice
President, Global Marketing and Public Affairs
sharelynn.moore@itron.com
Source: Itron, Inc.
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