Exhibit 99.1


                                    Contacts:


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

            METRETEK TECHNOLOGIES ANNOUNCES DEFINITIVE AGREEMENTS FOR
                       PRIVATE PLACEMENT OF COMMON STOCK

DENVER - APRIL 30, 2004 -METRETEK TECHNOLOGIES, INC. (OTCBB: MTEK) announced
today that it has entered into definitive agreements to raise gross proceeds of
$10.9 million in a private placement of 3,510,548 shares of its common stock and
warrants to purchase 702,109 shares of its common stock to certain institutional
and accredited investors. The price to be paid in the private placement will be
$3.10 per unit, each unit consisting of one share of Common Stock and a
warrant to purchase 0.2 shares of Common Stock. Closing of the private
placement is subject to customary closing conditions.

The net cash proceeds of approximately $9.9 million will be used by the Company
principally to meet its mandatory redemption obligations related to its Series B
preferred stock, which matures on December 9, 2004, and for business commitments
and initiatives.

The warrants being issued in the private placement will have an exercise price
of $3.41 per share of common stock and expire in May 2009.

Metretek also announced that it has entered into definitive agreements, subject
to certain conditions, with certain preferred stockholders, under which such
preferred stockholders will convert a total of 2,500 shares of Series B
Preferred Stock, including accrued dividends, and receive upon such conversion
approximately 1,209,000 shares of Common Stock plus warrants to purchase a like
number of shares of common stock exercisable until June 9, 2005 at an exercise
price of $3.0571 per share, which is the same price as the preferred stock
conversion price.

The private placement is being made only to accredited investors in a
transaction exempt from the registration requirements of the Securities Act of
1933, as amended (the "Securities Act"). The shares of common stock and warrants
being issued, and the shares of common stock issuable upon exercise of the
warrants, have not been registered under the Securities Act, or any state
securities laws, and unless so registered, may not be offered or sold in the
United States absent registration or an applicable exemption from the
registration requirements of the Securities Act and applicable state securities
laws. This press release does not constitute an offer to sell, or the
solicitation of an offer to buy, any securities, nor shall there be any sale of
the securities in any jurisdiction in which such offering would be unlawful.

Metretek Technologies, Inc. through its subsidiaries -- Southern Flow Companies,
Inc.; PowerSecure, Inc.; and Metretek, Incorporated (Metretek Florida) -- is a
diversified provider of energy measurement 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 press release are made within
the meaning of and under 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 but not limited to
statements concerning the plans, intentions, expectations, projections, hopes,
beliefs, objectives, goals and strategies of management. 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, the timely and successful
development, production and market acceptance of new and enhanced products,
services and technologies of the Company; the effects of pending and future
litigation, claims and disputes and the resolution thereof, including the
proposed settlement of the class action lawsuit; the markets for the products
and services of Metretek Florida, including the contract manufacturing
operations of MCM, and management's expectations of any strengthening thereof;
the effects of competition in the Company's market; the Company's ability to
attract, retain and motivate key personnel; the ability of the Company to secure
and maintain key contracts, relationships and alliances and to make successful
acquisitions; changes in the energy industry generally and in the natural gas
and electricity industries in particular; general economic, market and business
conditions; the effects of international conflicts and terrorism; and other
factors identified 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 Form 10-K for the year ended December 31, 2003 and subsequently filed
Forms 10-Q and 8-K. 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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