Con Edison Chief Touts Safety, Innovation, Customer Digital Experience, and Solar Growth
May 20 2019 - 10:44AM
Consolidated Edison, Inc. (Con Edison) [NYSE: ED] Chairman and CEO
John McAvoy told a shareholder-annual meeting audience that safety,
incorporating new technology, working to provide an outstanding
customer experience, and investing in renewables are priorities for
the New York-based energy company.
“The safety of our customers and our employees is
our number one priority,” McAvoy told shareholders. “The company
has developed and started installing a first-of-its-kind,
battery-powered natural gas detector that is integrated with the
smart meter communications network. This is a significant safety
advance that will alert the company of potentially dangerous
situations immediately, generating quicker emergency response.”
He said Con Edison also has deployed 4,000 sensors
that can detect early signs of electric cable degradation, and
notify the company when a repair is needed.
“Solar power continues to grow; we now have 32,000
solar providers across our service territory, and we are working to
ensure a seamless connection process,” said McAvoy, who added that
Stuyvesant Town and Peter Cooper Village, not far from the
company’s headquarters, are now installing 9,600 solar panels
across 22 acres of rooftop. “To provide low-income New Yorkers with
solar benefits, we are installing solar panels on some of our
facilities, and those of NYCHA (the New York City Housing
Authority).”
He also noted that the company has introduced a
device that can avoid the cost of rewiring or modifying a home
circuit breaker panel, essentially allowing solar or electric
vehicles to be connected directly to the electric meter.
McAvoy reminded shareholders that Con Edison,
through its Clean Energy Businesses, is now North America’s
second-largest solar producer. Con Edison has solar and wind assets
in 17 states, with a total renewable portfolio of 2,600
megawatts.
“We also are making investments in electric vehicle
chargers,” McAvoy told the audience, “$25 million for programs that
include curbside and fast-charging stations, working with New York
City to get the charging stations in the best locations.
“We’ve recently modified our smart charging rewards
program,” McAvoy added, “to support the growth of electric
commercial trucks and buses. And our online marketplace allows any
customer to compare the efficiency ratings of electric vehicles.
These initiatives are a win for our customers, and the
environment.”
Con Edison’s chairman said that in the last decade,
700,000 customers have taken advantage of Con Edison’s and Orange
and Rockland’s energy efficiency programs that offer rebates and
incentives, resulting in the reduction of 5 million metric tons of
carbon emissions.
The two regulated utilities also are continuing
their installation of 5.3 million smart meters across their service
areas, a project that will be completed by 2022. The meters will
help reduce energy consumption by giving customers new
opportunities to improve evaluation, management, and control of
energy costs, and also will reduce power-generation emissions
through more effective voltage regulation, diminishing customer
costs.
McAvoy also cited the work of the company’s
subsidiary, Con Edison Transmission, Inc., which invests in
electric and gas transmission. Con Edison Transmission has a major
stake in the New York Transco partnership, which is the selected
developer for a 54-mile transmission line in the Hudson Valley. Con
Edison Transmission is also involved in pursuing offshore wind
opportunities.
He said Con Edison continues to strongly support
the communities it serves, providing over $12 million to over 700
nonprofits across the region. That support includes more than $1.5
million in endowed scholarships to local colleges, and funding for
science, technology, engineering and mathematics (STEM)
programs.
Consolidated Edison, Inc. is one of the nation's
largest investor-owned energy-delivery companies, with
approximately $12 billion in annual revenues and $55 billion in
assets. The company provides a wide range of energy-related
products and services to its customers through the following
subsidiaries: Consolidated Edison Company of New York, Inc., a
regulated utility providing electric, gas and steam service in New
York City and Westchester County, New York; Orange and Rockland
Utilities, Inc., a regulated utility serving customers in a
1,300-square-mile-area in southeastern New York State and northern
New Jersey; Con Edison Clean Energy Businesses, Inc., which through
its subsidiaries develops, owns and operates renewable and energy
infrastructure projects and provides energy-related products and
services to wholesale and retail customers; and Con Edison
Transmission, Inc., which through its subsidiaries invests in
electric and natural gas transmission projects.
CONNECT WITH US:
Facebook: https://www.facebook.com/ConEdisonTwitter: https://twitter.com/conedisonYouTube: http://www.youtube.com/conedisonny
Contact: Media Relations212-460-4111
Consolidated Edison (NYSE:ED)
Historical Stock Chart
From Mar 2024 to Apr 2024
Consolidated Edison (NYSE:ED)
Historical Stock Chart
From Apr 2023 to Apr 2024