EnerNOC announces new contract with Southern California Edison EnerNOC announced that it has expanded its presence in Southern California through a new contract with Southern California Edison. Under the terms of the new contract, EnerNOC will increase its number of megawatts in SCE's service territory by approximately 15% through December 31, 2014, consistent with the term of EnerNOC's expanded contract with PG&E announced in a press release dated February 5. EnerNOC won the additional megawatts through a competitive bidding process in which EnerNOC was awarded more than twice as many megawatts as any other third-party provider, and more than 40% of all megawatts awarded to the six successful bidders.
EnerNOC downgraded to Neutral from Overweight at JPMorgan JPMorgan downgraded EnerNOC to Neutral citing risk to the company's Demand Response revenue at PJM given the challenge to FERC Rule 745. The firm lowered its price target for shares to $22 from $24.50. JPMorgan notes, however, that it would view EnerNOC shares as "significantly" undervalued should the FERC Rule 745 be upheld or replaced by a capacity market overseen by the regional states.