ICF Awarded New $25 Million Contract by Entergy Arkansas

Rhea-AI Summary

ICF (ICFI) secures a $25 million contract with Entergy Arkansas to implement energy efficiency programs using cloud solutions. The three-year contract aims to deliver turnkey services for residential and commercial energy efficiency, including smart thermostat and water heater programs. ICF's proprietary cloud-based platform will provide real-time data on savings achieved, supporting various energy solutions and programs. The company has helped save over 400 gigawatt hours since 2012 and expects to deliver an additional 190 gigawatts in energy savings over the next three years.

Insights

Energy Market Analyst

The contract between ICF and Entergy Arkansas signifies a substantial commitment to advancing energy efficiency and demand response programs, with a notable investment of $25 million over three years. This collaboration is poised to enhance Entergy Arkansas' capabilities in delivering cost-effective energy solutions to its customer base.

From an energy market perspective, the integration of cloud solutions and advanced analytics by ICF is a strategic move that aligns with the broader industry trend towards digital transformation. The emphasis on real-time data for tracking savings is critical for both the utility and its customers, as it provides transparency and accountability for energy consumption and savings.

Moreover, the projected energy savings of 190 gigawatts over the next three years, coupled with past achievements of 400 gigawatt hours in energy savings, reinforce ICF's role in supporting utilities to meet regulatory requirements and decarbonization objectives. This is not only environmentally significant but also aligns with the increasing consumer and regulatory demand for sustainable practices.

Environmental Economist

The environmental implications of ICF's contract are profound, particularly in the context of carbon dioxide emissions reduction. The past savings of over 175,000 metric tons of carbon emissions underscore the positive impact on the environment. The additional energy savings expected under the new contract would further contribute to mitigating climate change and promoting sustainable energy consumption.

From an economic standpoint, the investment in energy efficiency programs often results in financial savings for consumers through reduced energy bills. Additionally, these programs can stimulate local economies by creating jobs in the energy sector, particularly in areas such as program management, customer support and rebate processing.

It is important to note that the benefits of such programs extend beyond immediate financial savings and include long-term societal gains such as improved air quality and public health outcomes. These factors are increasingly relevant in the valuation of utility companies by stakeholders and investors who are looking for both financial performance and social responsibility.

Technology Implementation Specialist

The deployment of ICF's proprietary cloud-based utility technology platform is a critical component of this contract. The platform's ability to streamline customer experiences and provide real-time data analytics is a testament to the role of technology in modernizing utility operations. Such advancements are essential for utilities to remain competitive and responsive to customer needs in a rapidly evolving energy market.

Additionally, the focus on smart thermostat programs and the piloting of new programs for water heaters showcase a commitment to harnessing technology for energy conservation. These initiatives are likely to set a precedent for other utilities, as they demonstrate how technology can be leveraged to achieve greater efficiency and customer engagement.

The expertise required to integrate these technologies with existing utility systems without disrupting service is nontrivial. It demands a high level of technical proficiency and a deep understanding of both the technology and the energy sector's regulatory environment.

ICF to Apply Cloud Solutions to Deliver Energy Efficiency Programs

RESTON, Va., March 11, 2024 /PRNewswire/ -- ICF (NASDAQ:ICFI), a global consulting and technology services provider, was recently awarded a new three-year, $25 million contract by Entergy Arkansas to implement the utility's energy efficiency and demand response program portfolios, as required by the Arkansas Public Service Commission. The contract was awarded in the fourth quarter of 2023. 

ICF will bring their industry-leading energy expertise, cloud technology and advanced analytics to deliver turnkey services for Entergy Arkansas' residential and commercial energy efficiency and weatherization programs. These services include program management, marketing, customer support and engagement, call center support, rebate processing, training, data analytics and more. The services also include continuing to support the utility's smart thermostat program and piloting a new program for water heaters.

In addition, ICF will continue leveraging their proprietary cloud-based utility technology platform to provide Entergy Arkansas with a streamlined customer experience and real-time data on savings achieved.

Services delivered will support Entergy Arkansas' home energy solutions, manufactured homes, multi-family homes, low-income, agricultural and smart direct load control programs. Since 2012, ICF has helped Entergy Arkansas customers save over 400 gigawatt hours in energy savings, which is the equivalent of reducing over 175,000 metric tons in carbon dioxide emissions. The work under this contract is expected to deliver an additional 190 gigawatts in energy savings over the next three years.

"As the clean energy transition continues to accelerate, utilities need to make data-driven decision to meet their energy program and decarbonization goals," said Anne Choate, executive vice president for energy, environment and infrastructure. "We are committed to combining our industry-leading expertise with advanced technology solutions to provide actionable insights to help Entergy Arkansas evolve their programs and bring even greater energy and financial savings to their customers."

ICF partners with the nation's top utilities and developers, along with nearly every U.S. federal agency, state energy offices, and energy non-governmental organizations, providing end-to-end offerings across the energy value chain—from strategy to planning and analysis to implementation. The company currently delivers over 200 active energy efficiency, electrification and demand management programs across North America, including for the top 60 utilities. The company has processed over $3.1 billion in energy efficiency rebates and is one of the largest electrification implementers in the U.S.

ICF's energy experts work hand-in-hand with the company's technologists, data analysts, marketers and more to design and implement cost-effective, award-winning utility programs that deliver maximum energy savings and advance the transition to clean energy.

Read more about ICF's energy efficiency and technology services and how they help clients meet their electrification and decarbonization goals.

About ICF
ICF is a global consulting and technology services company with approximately 9,000 employees, but we are not your typical consultants. At ICF, business analysts and policy specialists work together with digital strategists, data scientists and creatives. We combine unmatched industry expertise with cutting-edge engagement capabilities to help organizations solve their most complex challenges. Since 1969, public and private sector clients have worked with ICF to navigate change and shape the future. Learn more at icf.com.

Caution Concerning Forward-looking Statements
Statements that are not historical facts and involve known and unknown risks and uncertainties are "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. Such statements may concern our current expectations about our future results, plans, operations and prospects and involve certain risks, including those related to the government contracting industry generally; our particular business, including our dependence on contracts with U.S. federal government agencies; our ability to acquire and successfully integrate businesses; and the effects of the novel coronavirus disease (COVID-19), or any other future pandemic, and related national, state and local government actions and reactions, on the health of our staff and that of our clients, the continuity of our and our clients' operations, our results of operations and our outlook. These and other factors that could cause our actual results to differ from those indicated in forward-looking statements that are included in the "Risk Factors" section of our securities filings with the Securities and Exchange Commission. The forward-looking statements included herein are only made as of the date hereof, and we specifically disclaim any obligation to update these statements in the future.

Contact: Lauren Dyke, lauren.dyke@ICF.com, +1.571.373.5577

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SOURCE ICF

FAQ

What contract did ICF (ICFI) secure recently?

ICF secured a new three-year, $25 million contract with Entergy Arkansas to implement energy efficiency and demand response programs.

What services will ICF provide under the contract?

ICF will provide program management, marketing, customer support, engagement, call center support, rebate processing, training, data analytics, and more for Entergy Arkansas' energy efficiency programs.

How does ICF plan to support Entergy Arkansas' energy solutions?

ICF plans to support Entergy Arkansas' home energy solutions, manufactured homes, multi-family homes, low-income, agricultural, and smart direct load control programs.

How much energy savings has ICF helped Entergy Arkansas achieve since 2012?

ICF has helped Entergy Arkansas customers save over 400 gigawatt hours in energy savings since 2012.

What is the expected additional energy savings over the next three years?

The work under this contract is expected to deliver an additional 190 gigawatts in energy savings over the next three years.

Who will benefit from ICF's services?

Entergy Arkansas customers will benefit from ICF's services aimed at delivering energy efficiency and financial savings.