EXHIBIT 99.1

CONTACTS:

W. Phillip Marcum                  Philip Bourdillon/Eugene Heller
President and CEO                  Silverman Heller Associates
303-785-8080                       310-208-2550

                         METRETEK TECHNOLOGIES ANNOUNCES


                         TERMINATION OF LETTER OF INTENT


                         TO SELL POWERSECURE SUBSIDIARY


DENVER - JULY 16, 2002 - METRETEK TECHNOLOGIES, INC. (NASDAQ: MTEK) reported
that a previously announced letter of intent to sell all the issued and
outstanding stock of its POWERSECURE, INC. subsidiary has terminated without the
completion of definitive agreements. The identity of the buyer and the terms of
the proposed transaction remain confidential. PowerSecure, which commenced
operations in 2000, provides distributed generation systems to commercial and
industrial users of electricity.

"When the buyer approached us several months ago, we felt the terms and
contemplated sales price presented an opportunity to Metretek's stockholders
that was worthy of further review," said Phil Marcum, president and CEO of
Metretek Technologies. "Although this proposal did not work out, we nevertheless
remain strongly committed to PowerSecure and look forward to continuing to
develop its business." Marcum noted that the relatively quick resolution of the
LOI frees the Company to seek other funding to ensure PowerSecure's continued
success and its role as a valuable and growing asset of the Company.

Metretek Technologies, Inc. through its subsidiaries -- PowerSecure, Inc.;
Metretek, Incorporated; and Southern Flow Companies, Inc. -- is a diversified
provider of energy technology products, services and data management systems to
industrial and commercial users and suppliers of natural gas and electricity.

All forward-looking statements contained in this release, including statements
concerning the procurement of funds necessary to ensure the growth of
PowerSecure's business, are made within the meaning of and pursuant to the safe
harbor provisions of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements are all statements other than statements of
historical facts, including statements concerning the plans, intentions,
expectations, projections, hopes, beliefs, objectives, goals and strategies of
management, such as statements about future earnings, revenues, and other future
financial and non-financial items, performance or events; statements about
proposed products, services, technologies or businesses; and statements of
assumptions underlying any of the foregoing. Forward-looking statements are not
guarantees of future performance or events and are subject to a number of known
and unknown risks, uncertainties and other factors that could cause actual
results to differ materially from those expressed, projected or implied by such
forward-looking statements. Important risks, uncertainties and other factors
include, but are not limited to, management's ability to complete the proposed
transaction mentioned in this release and to subsequently use the proceeds to
retire preferred stock; the Company's ability to obtain sufficient capital and
liquidity on favorable terms, to meet its operating, working capital and debt
service requirements and to fund the growth of its business; the effects of
competition; changes in the energy industry in general and the natural gas and
electricity markets in particular; the ability of the Company to secure and
maintain key contracts and relationships; general economic, market and business
conditions; and other factors, risks, and uncertainties described from time to
time in the Company's reports and filings with the Securities and Exchange
Commission, including but not limited to the Company's most recent Form 10-KSB
and Form 10-QSB. Accordingly, there can be no assurance that the results
expressed, projected or implied by any forward looking statements will be
achieved, and readers are cautioned not to




place undue reliance on any forward-looking statements. The forward-looking
statements in this press release speak only as of the date hereof and are based
on the current plans, goals, objectives, strategies, intentions, expectations
and assumptions of, and the information currently available to, management. The
company assumes no duty or obligation to update or revise any forward-looking
statements for any reason, whether as the result of changes in expectations, new
information, future events, conditions or circumstances or otherwise.

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