TVA Approves Expansion of DR Capacity, EnerNOC Could Benefit (ENOC)
The Tennessee Valley Authority (TVA) Board of Directors has voted to approve the expansion of demand response from 160 MWs to 560 MWs by 2012. EnerNOC (NASDAQ: ENOC) is the sole DR provider of the current 160 MWs.
JP Morga thinks that the additional 400 MWs could be awarded to ENOC in the near future.
JP Morgan says, "The potential expansion of the TVA contract follows ENOC's strong 1Q results reported in early May, better than expected results from the PJM BRA auction in mid-May, and the expansion of the PG&E DR contract in early June."
ENOC is rated Overweight. ENOC is currently trading at $26.63.
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