Itron Extends SMECO Contract, Offers Outsourced Solution
Zacks Investment Research | Nov 13, 2017 09:40PM ET
Itron, Inc. (NASDAQ:ITRI) recently extended its contract with Southern Maryland Electric Cooperative (SMECO) by three years to provide pay-for-performance demand-response solution.
The partnership between Itron and SMECO enables the latter to offer reliable power and lower rates for its customers. Itron’s long-standing partnership with SMECO began in 2008, with the installation of more than 45,000 load-control devices for residential and small commercial customers under SMECO’s CoolSentry outsourced demand-response program.
With the aforementioned contract extension, SMECO will be able to reduce its exposure to generation and transmission capacity charges. Per the contract, Itron will install the necessary load-control equipment and operate the program using the company’s IntelliSOURCE Enterprise cloud-based software. Itron will operate the program as a virtual power plant, increasing reliability and lowering costs for SMECO’s customers.
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