Comverge, TransCanada in energy management deal

East Hanover, N.J.-based Comverge (Nasdaq: COMV), a smart grid company, said today that it has partnered with Westborough, Mass.'s TransCanada Power Marketing to offer energy services to customers in the northeast U.S.

The financial terms of the deal were not disclosed.

TransCanada Power Marketing, a subsidiary of Calgary, Alberta-based TransCanada (NYSE: TRP), is a retail electric supplier in Maine, Massachusetts, New Hampshire, Connecticut, and Rhode Island.

Comverge said it will to provide energy management services to TransCanada Power Marketing's commercial and industrial customers to reduce energy use and costs.

"In a competitive energy environment, offering such programs to help companies work more efficiently, while using less energy, is an added value to a company's profile and we are happy that we have partnered with TransCanada to provide these important services," said George Hunt, Sr. VP of the Comverge Clean Energy Solutions Group.

Comverge said the product offerings will reduce energy costs during peak times when the price of energy is high or the electricity grid is congested. In addition, the company said the demand response programs will compensate customers for curtailing load.

TransCanada owns and operates or has under development 3,739 megawatts of energy assets in the northeast U.S., including 567 MW of hydroelectric generation along the Connecticut and Deerfield Rivers, and the 132 MW Kibby Wind Power project under construction in northwestern Maine.

Last month, Comverge signed a long-term deal with Arizona Public Service to provide on-demand, load reduction services (see Comverge in Arizona demand response contract).

Comverge said that 15-year contract represents over $100 million in potential revenues over the term of the agreement.