PowerSecure International,
Inc. POWR today announced that it has successfully modified the
service arrangement with one of its major utility customers to improve the
terms of its ongoing service. The modifications include adjustments to
pricing, work assignments, and expected improvements in the ongoing scope of
work.
Based on these improvements, and the new mix of work expected to be allocated
to PowerSecure, PowerSecure believes these changes will restore the
profitability of the work provided to this utility and provide a solid
platform for PowerSecure to continue serving, and potentially expanding, its
work for the customer.
"Our strong preference was to correct the profitability challenges we were
having with this customer by working with them to find a solution that would
enable us to continue to provide our service to them over the long-term. We
appreciate our customer's collaborative approach and are delighted to have
finalized this new business arrangement," said Sidney Hinton, chief executive
officer of PowerSecure.
"We are extremely grateful for the opportunity to continue serving this
outstanding utility customer, and for the dedication, focus and performance
our employees have demonstrated as we worked to improve our terms of service,"
Hinton continued.
"We remain focused on delivering outstanding service to our customers and to
returning our utility services business to growth on this even stronger
foundation," Hinton added.
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