August 5, 2002—Electric City Corporation has signed an energy services contract with The Great Atlantic and Pacific Tea Company (more commonly known as A&P Food Stores) to move forward with an estimated $12 million EnergySaver project focused on approximately 540 stores.
The stores are primarily located in New York, New Jersey and other areas of the East Coast where energy rates are continuing to rise. The project is expected to generate immediate positive cash flow to A&P.
With this project, A&P will be saving a significant amount of steady-state energy and will have the ability to participate in real-time, power curtailment programs across their territories. This is what we call Virtual Negawatt Power systems or VNPP,” stated John Mitola, CEO of Electric City. The project plans call for a significant number of installations before the end of 2002. Each phase of the project is subject to the completion of specific financing arrangements acceptable to each party involved.
Lighting accounts for a large percentage of a stores’ energy consumption and operating costs, making Electric City’s EnergySaver technology an ideal system to help retail chains reduce energy use on a broad scale Furthermore, Electric City’s “smart” remotely controllable, automatic lighting control system enables participation in power curtailment programs that can save additional operating costs.
Since last year, Electric City has been focused on the introduction of their Shared Savings services, lease solutions and Virtual “Negawatt” Power Plant programs. These programs allow Electric City to provide EnergySaver and GlobalCommander technology to customers with no up-front cost. The final project cost is estimated to approach $12 million and will vary based on final store selection and timing of implementation.
For more information, contact Electric City at 847/437-1666.
