EnerNOC, Inc., a leading provider of energy management applications and services for the smart grid, today announced that it has continued to enhance its regulatory compliance efforts through the establishment of a Risk Management Committee to oversee all of the Company’s demand response risks, including energy market interactions, and provide counsel to the executive management team and the Board of Directors. This internal committee, which reports into the Company’s Board of Directors, is responsible for global coordination of country and regional risk management and compliance efforts, with an emphasis on employee training and education.
This important step completes Phase I of EnerNOC’s previously announced energy markets compliance initiative. Over the past six months, EnerNOC engaged leading compliance consultants to assist EnerNOC in this initiative, established an effective compliance framework for formalizing its compliance activities, and created organizational alignment to ensure consistent performance against compliance objectives across all departments.
“As we have grown and diversified into more than two dozen markets across three continents, we recognize that we need to formalize a comprehensive approach to maintaining compliance with literally thousands of regulatory requirements,” said Tim Healy, Chairman and CEO of EnerNOC. “Investment in a formal compliance program strengthens our ability to scale across markets and maintain our market leading position.”
EnerNOC’s work has included establishing firm goals and objectives around eight core practice areas: Governance and Organization, Communication and Training, Risk Assessment, Controls and Monitoring, Reporting, Policies and Procedures, Information Management, and Culture and Performance Management. EnerNOC selected Deloitte & Touche LLP, with a project team led by William Hederman, a former founding director of the Federal Energy Regulatory Commission’s Market Oversight and Investigation Office, and Howard Friedman, a nationally-renowned professional in energy markets, to help the company with this initiative.
“Demand response is a new and disruptive component of the energy landscape, requiring new technologies, rules, and approaches. Capturing specific market-by-market compliance requirements is a critical step to the successful long-term operations of world-class demand response companies. Our efforts to formalize a compliance program speak to the growing maturity of the market and our commitment to long-term leadership in the industry,” added Healy. “It reinforces for our customers, business partners, and employees that we intend to set the bar high. Throughout the organization, we want everyone to be aware of and accountable for compliance best practices.”
EnerNOC (enernoc.com) unlocks the full value of energy management for our utility and commercial, institutional, and industrial (C&I) customers by reducing real-time demand for electricity, increasing energy efficiency, improving energy supply transparency in competitive markets, and mitigating emissions. We accomplish this by delivering world-class energy management applications including DemandSMART™, comprehensive demand response; EfficiencySMART™, continuous energy savings; SupplySMART™, energy price and risk management; and CarbonSMART™, enterprise carbon management. Our Network Operations Center (NOC) continuously supports these applications across thousands of C&I customer sites throughout the world. Working with more than 100 utilities and grid operators globally, we deliver energy, ancillary services, and carbon mitigation resources that provide cost-effective alternatives to investments in traditional power generation, transmission, and distribution.