Exhibit 99.1

                                  PRESS RELEASE

                                    CONTACTS:


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

                        METRETEK TECHNOLOGIES COMPLETES
                       PRIVATE PLACEMENT OF COMMON STOCK

DENVER - MAY 6, 2004 -METRETEK TECHNOLOGIES, INC. (OTCBB: MTEK) announced today
that it has completed its previously announced 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, raising gross proceeds
of $10.9 million. The price in the private placement was $3.10 per unit, each
unit consisting of one share of common stock and a warrant to purchase 0.2
shares of common stock. Roth Capital Partners LLC acted as the placement agent
in the private placement.

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 have an
exercise price of $3.41 per share of common stock and expire in May 2009.

The private placement was 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 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. Metretek has agreed to
file a registration statement covering the resale from time to time of the
shares of common stock, and the shares of common stock underlying the warrants,
issued in the private placement.

Metretek also announced that certain of its preferred stockholders have
converted a total of 2,500 shares of Series B Preferred Stock, including accrued
and unpaid dividends, and received 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. Metretek
has agreed to include the shares issuable upon exercise of those warrants in the
registration statement to be filed in connection with the private placement.

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.