It all sounds so simply, really. Improving energy efficiency frees utilities from building expensive new plants, lowers power bills and improves generating efficiency. So
EnerNOC's (Nasdaq:
ENOC) demand response model should be in real demand. Unfortunately, it hasn't been anything nearly so simple, and EnerNOC investors are still wondering if this company's
business plan can gain real traction.
Customer Diversification Will Be a Challenge
One of the big issues for EnerNOC thus far has been its customer concentration.
PJM Interconnection is responsible for over half of the company's revenue, while
ISO New England comes in at another 20
%. Given the recent issues with the
FERC ruling on PJM's demand response policies (more on this later), this has become a bigger issue.
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