McAvoy to Shareholders: Con Edison Building a Cleaner, Renewable Energy Future
May 18 2020 - 10:52AM
Con Edison Chairman and CEO John McAvoy told shareholders today the
company is committed to clean energy alternatives and an aggressive
expansion of energy efficiency programs.
Con Edison will triple its energy efficiency
programs with an investment of more than $1.5 billion by 2025, help
customers reduce their reliance on natural gas with incentives for
ground and air-source heat pumps, and continue its support of
electric vehicle adoption, McAvoy said during the company’s first
virtual-only annual meeting.
“I believe one of the keys to rebuilding our
communities and boosting the economy is maintaining our focus on
clean energy,” he said. “We’re building tomorrow’s grid so that it
stands up to climate change and so that it can integrate renewable
energy resources like solar and wind.”
McAvoy affirmed Con Edison’s Clean Energy
Commitment to aggressively pursue reductions in overall energy
use.
McAvoy said letting utilities own large-scale solar
and wind farms would help New York City and State achieve their
ambitious climate goals. He noted that Con Edison is already the
second largest solar producer in North America and seventh largest
in the world.
McAvoy said its workforce is the company’s most
enduring strength and acknowledged members of Local 1-2, Local 3
and Local 503 and the supervisors, engineers and managers, who
routinely leave their homes during the outbreak.
“In the best and worst of times, our successes stem
from the extraordinary women and men of Con Edison,” he said. “They
are the drivers of our achievement and accomplishments.”
With safety as its highest priority, Con Edison
responded to the pandemic by protecting its workers and customers.
Employees are wearing face coverings, working remotely and
practicing social distancing. Some control room employees were
sequestered.
Con Edison is committed to making sure customers
have the energy they need to get through this crisis by powering
satellite hospitals and drive-through testing sites. Workers at a
machine shop in the Bronx made 40,000 plexiglass face shields for
health-care workers. In addition, employees have contributed more
than $100,000 to various groups since March 1, and those donations
are matched dollar-for-dollar by Con Edison.
Con Edison has contributed more than $300,000 to
nonprofit organizations dedicated to feeding New Yorkers; $50,000
to the NYC Healthcare Heroes Fund; more than $40,000 to assist
local police and fire departments and USO foundations; and donated
nearly 100,000 N95 masks for health-care workers.
The company also realized the impacts the health
emergency would bring and is trying to help customers.
“This is the time to build better and deeper
relationships with our customers and assure them we will help them
through this crisis,” McAvoy said. “We are alleviating some of
their anxieties about the economic fallout of the pandemic. We’ve
promised our customers that no one will lose service for failure to
pay now, offered tips to conserve energy, and alerted them of
COVID-related scams.”
Consolidated Edison, Inc. is one of the nation's
largest investor-owned energy-delivery companies, with
approximately $13 billion in annual revenues and $59 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.
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