EnerNOC cleared in market dispute
EnerNOC Inc. (Nasdaq:ENOC) is cheering a decision by federal energy regulators to ignore claims by grid operator PJM Interconnection of “market manipulation” in the demand response market.
The Boston-based company leads the demand response sector, both nationally and in the PJM market of 13 East Coast states. A Feb. 4 statement by PJM claimed that providers of demand response services had been “double-counting” the megawatts saved from the grid, leading to overpayment.
The statement had led to major uncertainty about EnerNOC’s future, since the company counts the PJM market as its top revenue source by far.
In an order issued Thursday, the Federal Energy Regulatory Commission said it would take no action against EnerNOC and will treat the PJM statement “as if it were never issued.”
“In this fashion, market participants will be placed in exactly the same situation that they were” before the statement, FERC said.
In a statement, EnerNOC president David Brewster said the company is “pleased that the commission has delivered a swift order to bring clarity to this issue for the upcoming delivery year.”
Read more in the Boston Business Journal.
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