Worcester, Massachusetts [RenewableEnergyAccess.com] World Energy Solutions, Inc., operator of online exchanges for energy and energy-related products, announced that the State of Connecticut has completed its first successful energy auction through the web-based World Energy Exchange.
As a result of the initial auction, Connecticut has achieved a high mix of renewable energy. The energy contracts achieved through World Energy are expected to generate a total cost savings of $18 million dollars over the 20-month contract period.
By leveraging the web-based platform, the State of Connecticut was able to award a series of contracts to supply the State with more than 505 million kilowatt hours (kWh) per year.
As part of that total, the participating agencies were able to contract the equivalent of 134,420 megawatt hours (MWh) of renewable power, which when combined with the State’s Renewable Portfolio Standard, yields a 17 percent greening of the state’s overall energy portfolio.
Connecticut is one of 10 states participating in the Regional Greenhouse Gas Initiative (RGGI), a pioneering cap and trade system to limit greenhouse gas emissions.