Metretek Technology, Inc. (NYSE:MEK)
Industry: Services
Metretek Technologies, Inc. (Metretek), incorporated in April 1991, is a provider of energy technology products, services and data management systems to industrial and commercial users and suppliers of natural gas and electricity. As a holding company, Metretek conducts its operations through three wholly owned subsidiaries: PowerSecure, Inc., Southern Flow Companies, Inc. (Southern Flow) and Metretek, Incorporated (Metretek Florida). PowerSecure designs, engineers, sells and manages distributed generation systems marketed primarily to industrial and commercial users of electricity, and also provides energy management, engineering, consulting and other related products and services. Southern Flow provides a variety of natural gas measurement services principally to producers and operators of natural gas production facilities. Metretek Florida designs, manufactures and sells data collection and energy measurement monitoring systems. PowerSecure, Inc. The Company formed PowerSecure in 2000 to engage in the business of designing, engineering, marketing, constructing and operating turn-key distributed generation systems. In January 2001, PowerSecure received its first distributed generation contract. The goal of PowerSecure is to be a national provider of distributed generation systems in the United States. It provides customers, primarily industrial and commercial users of electricity, with access to back-up power generation to facilitate reliable power and with the ability to take advantage of peak-shaving and load interruption incentives. Distributed generation is onsite power generation that supplements or bypasses the public power grid by generating power at the customer's site. PowerSecure offers a power supply that serves as an alternative source of electricity for the customer's business needs. PowerSecure's program covers virtually all elements of the peak-power supply chain, including system design, installation and operation, as well as rate analysis and utility rate negotiation. PowerSecure provides a turnkey solution to these needs of industrial and commercial users of electricity. By providing a complete and customized program of distributed generation, the PowerSecure system provides energy users with a seamless communication between the supply-side and demand-side components of the customer's power system to capture peak-shaving opportunities and to quickly respond to emergency and interruption situations. The typical distributed generation system is installed and maintained at the customer's location and is small in size relative to a utility's power plant, because it is designed to supply power only to that one particular customer. During the year ended December 31, 2005, PowerSecure formed three new energy services businesses, designed to expand and complement its core distributed generation business and customers. PowerServices, Inc. provides rate analysis and other similar consulting services to PowerSecure's utility, commercial and industrial customers. UtilityEngineering, Inc. provides fee-based, technical engineering services to PowerSecure's utility partners and customers. EnergyLite, Inc. assists customers in reducing their use of energy through investments in more energy-efficient technologies. Each business unit operates in a distinct market with distinct technical disciplines, but shares a common customer base. PowerSecure competes with manufacturers of power generation equipment, including Caterpillar Inc., Cummins Inc., Detroit Diesel Corporation, Kohler Co. and Generac Power Systems, Inc. Southern Flow Companies, Inc. Southern Flow provides a variety of natural gas measurement services principally to customers involved in the business of natural gas production, gathering, transportation and processing. Southern Flow provides an array of integrated natural gas measurement services, including onsite field services, chart processing and analysis, laboratory analysis, and data management and reporting. Its field services include the installation, testing, calibration, sales a
As Of: 10/07 00:00 ET
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