Renewables, Energy Efficiency Gains, Core System Upgrades Highlight Con Edison 2018 Sustainability Report
May 23 2019 - 4:30PM
Consolidated Edison, Inc.’s (Con Edison) [NYSE: ED] 2018
Sustainability Report (https://bit.ly/2w2lJOq) noted that the New
York-based energy company acquired solar and wind projects worth
$2.1 billion through its Clean Energy Businesses subsidiary last
year, making the corporation the second largest solar producer in
North America.
“When it comes to a cleaner, more efficient future,
Con Edison is delivering for our customers and the planet,” said
John McAvoy, the corporation’s chairman and chief executive
officer. “Reducing carbon emissions and expanding our renewable
energy sources is vital to our long-term sustainability. That’s why
we’ve positioned ourselves to give customers what they expect:
clean renewable energy, while strengthening our systems to
withstand the effects of severe weather.”
The report features updates on progress in three
core areas, focusing on safety and the environment; the customer
and the community; and operational excellence.
The solar and wind acquisitions bring Con Edison’s
total renewable portfolio to 2,600 megawatts. Additionally, Con
Edison’s and Orange and Rockland Utilities’ (O&R) energy
efficiency programs avoided the release of nearly 300,000 tons of
greenhouse gasses last year, the equivalent of taking 88,000 cars
off the road. Consolidated Edison Inc. has reduced its carbon
footprint (carbon dioxide, methane and sulfur hexafluoride) by 49
percent since 2005, equal to the cumulative removal of another half
a million cars.
Con Edison and Orange and Rockland Utilities are on
pace to install 5.3 million smart meters across their respective
service areas by 2022. The meters will help reduce energy
consumption by giving customers unprecedented opportunities to
better evaluate, manage, and control their energy costs. The meters
also will reduce power-generation emissions through more effective
voltage regulation, diminishing customer costs by lessening the
energy needed during its delivery.
Con Edison has committed to spending some $100
million on efforts to strengthen the company’s overhead system in
Westchester County, and has developed programs to remove and cut
back trees that would otherwise pose a risk during storms.
The company also 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 about potentially dangerous situations immediately,
generating quicker emergency response.
Demonstrating the seriousness with which it views
environmental and social responsibility disclosure, Con Edison has
adopted the American Gas Association’s (AGA) Environmental Social
& Governance (ESG) Reporting Template for gas operations
beginning with this report. The AGA adopted these standards in
November, 2018. The corporation had previously adopted the Edison
Electric Institute’s ESG Reporting Template for electric
operations.
The company’s quest for operational excellence and
system reliability was recognized with the 2018 ReliabilityOne™
Award from PA Consulting Group for Outstanding Reliability
Performance in the Northeast Region.
Con Edison also has been active in promoting
science, technology, engineering and mathematics (STEM) programs;
the company is exposing college students to the possibility of a
future environment and energy career through the Con Edison
Scholars Network, a community of Con Edison STEM Scholarship
recipients from colleges and universities in the company’s service
area.
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