Message #12 From:
Stock News Bot Date: March 6, 2007 05:30:00 AM
MICG News Microfield's EnergyConnect Initiates Demand Response Services in Northern California
PORTLAND, Ore.--(BUSINESS WIRE)--Microfield Group, Inc. (“Microfield”) (OTCBB:MICG) today announced that its subsidiary EnergyConnect, Inc. (“EnergyConnect”) has entered into an Agreement with Pacific Gas and Electric Company (PG&E) valued in excess of ten million dollars. Under this agreement PG&E will purchase demand response services in Northern California from EnergyConnect for up to five years. The agreement’s provisions include additional opportunities for EnergyConnect that could nearly double the base agreement value.
Gene Ameduri, President of EnergyConnect, said, “Through this initial contract with PG&E, in addition to our ability to leverage existing California programs, EnergyConnect provides considerable and increasing value to PG&E and its customers. EnergyConnect’s services help reduce exposure to brownouts and blackouts and the need for new peaking power plants. EnergyConnect’s fully automated web-based systems, developed for other electric grid operations across the country, provide the solid foundation for implementation of demand response in California.”
“This agreement reflects continued execution of the EnergyConnect business plan. We are now active in more than 25 states and we continue to grow our footprint. We look forward to assisting California in expanding the benefits of demand response solutions,” noted Rod Boucher, CEO of Microfield.
The agreement is subject to approval by the California Public Utility Commission.
EnergyConnect, Inc. is the leading provider of Energy Automation services. More than just demand response, EnergyConnect’s Energy Automation solutions proactively engage energy market participants, Independent System Operators, Regional Transmission Organizations and Electric Utilities. EnergyConnect is on the web at www.EnergyConnectInc.com.
About Microfield Group, Inc.
Microfield Group combines selling wholesale services to regional power grids with traditional electrical contracting and design and integration of infrastructure for wind, solar and other distributed power systems. This combination provides the platform to be a contributor to the growing alternative energy industry and to provide business processes and software capabilities that link the adjustment of consumer energy consumption to the wholesale electric market. Microfield utilizes consumers of electricity to generate revenue from the regional grids and serves this market through proprietary software and models that enable consumers to adjust use, provide prices to determine beneficial actions, and automate all aspects of the process. Microfield is headquartered in Portland, Oregon, and its common stock is traded on the OTC Bulletin Board under the symbol “MICG.” Additional information about Microfield is available at www.microfield.com.
Forward-Looking Statements
This press release includes statements that may constitute “forward-looking” statements. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements inherently involve risks and uncertainties that could cause or contribute to such differences that include, but are not limited to, competitive factors, the success of new products in the marketplace, dependence upon third party vendors, and the ability to obtain financing. By making these forward-looking statements, the Company undertakes no obligation to update these statements for revisions or changes after the date of this release.
