Pepco Holdings, Seven Other Utilities Join Clinton Global Initiative To Address Climate Change
WASHINGTON D.C. – The Clinton Global Initiative (CGI) today announced that Pepco Holdings, Inc. (NYSE: POM) and seven other utility companies have committed to seeking regulatory reforms and approvals to increase their investment in energy efficiency by $500 million annually to about $1.5 billion annually. This increased level of investment in energy efficiency, when fully implemented in 10 years, will reduce carbon dioxide emissions by about 30 million tons - the equivalent of removing nearly 6 million cars from the road. It will also avoid the need for 50 500-megawatt peaking power plants.
The eight utilities, which represent nearly 20 million customers in 22 states, also committed to the creation of a national institute for electric efficiency to develop regulatory models and convene supporting conferences in the power sector. This institute would be formed within the Edison Electric Institute, which represents the nation’s investor-owned electric utilities. The new institute is open to interested parties – both domestic and international -- who share its commitment to energy efficiency.
“If we can provide tools for PHI’s customers to reduce their electricity usage, we can make a measurable contribution to meeting the nation’s environmental challenges and at the same time help customers keep their electric bills affordable,” said Dennis R. Wraase, PHI’s Chairman, President and Chief Executive Officer.
PHI utilities, Atlantic City Electric, Delmarva Power and Potomac Electric Power Co., serve nearly two million customers. The other utilities involved in this commitment are Consolidated Edison, Inc., Duke Energy, Edison International, Great Plains Energy, Inc., PNM Resources, Sierra Pacific Resources and Xcel Energy.
“Today’s commitment is indicative of the power of energy efficiency in addressing climate change,” said Jim Rogers, chairman, president and chief executive officer of Duke Energy, and a leader of the CGI energy efficiency commitment. “There has been a chronic underinvestment in energy efficiency in our country. We are determined to fix that, by creating the innovative regulatory frameworks that leverage technology to address climate change, reduce power demand and keep our customers’ power bills as low as possible.”
Some states and utilities are currently more active than others in delivering energy efficiency and demand side management services to consumers. The state of California has been a leader since the early 1980s in creating a regulatory framework that fosters these investments. Southern California Edison, an Edison International company, has offered programs, such as its refrigerator recycling program and portfolio of services for low-income customers, which are of a scale – over $500 million annually – and level of effectiveness that can serve as a model for other utilities.
CGI is a non-partisan catalyst for action, bringing together a community of global leaders to devise and implement innovative solutions to some of the world’s most pressing challenges. CGI has approximately 1,000 members, diverse and influential leaders from all over the world, who make tangible commitments to take action to address specific global challenges.
At the center of CGI is the Annual Meeting, held in New York each September coinciding with the U.N. General Assembly. This meeting is designed to provide insights into global problems for the purpose of enabling productive action.
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