Table of Contents
The Road to a Lower-Carbon Future ......................................3
Demand Side Management......................................................5
Investment Thesis ....................................................................5
EnerNOC Inc. ............................................................................9
Company Description ..................................................................................................9
Investment Thesis ........................................................................................................9
Valuation and Rating Analysis ..................................................................................10
Risks to Our Rating and Price Target ........................................................................10
ESCO Technologies ...............................................................12
Company Description ................................................................................................12
Investment Thesis ......................................................................................................12
Valuation and Rating Analysis ..................................................................................12
Risks to Our Rating and Price Target ........................................................................12
Itron, Inc ..................................................................................14
Company Description ................................................................................................14
Investment Thesis ......................................................................................................14
Valuation and Rating Analysis ..................................................................................14
Risks to Our Rating and Price Target ........................................................................15
Electricity Demand Side Management..................................16
Demand Response......................................................................................................16
Energy Efficiency ......................................................................................................18
Smart Meters...........................................................................19
Domestic Smart Meter Projects .................................................................................21
Prospective Domestic Smart Meter Projects..............................................................23
International Smart Meter Projects ............................................................................23
C&I Demand Response..........................................................25
U.S. Legislation.......................................................................28
Federal Energy Regulatory Commission (FERC)......................................................28
American Clean Energy and Security Bill (ACES) ...................................................28
American Recovery and Reinvestment Act of 2009..................................................29
European Legislation.............................................................31
FERC Report ...........................................................................31
Smart Grid Technologies Overview......................................34
Appendix I: Glossary..............................................................36
Appendix II: Company Profiles..............................................37