Con Edison second largest solar producer after purchase of Sempra unit
Consolidated Edison officials recently announced the completion of the company’s previously announced purchase of a Sempra Energy subsidiary owning 980 megawatts (MW) AC of operating renewable electric production projects, the biggest acquisition the company has ever made.
The $1.6 billion acquisition, which includes certain development rights for additional solar electric production and energy storage projects, makes Con Edison the second largest solar energy producer in North America.
Growth, as well as operational and environmental improvements, serve as highlights of the company’s recently released 2017-2018 Sustainability Report, which coincided with the recent announcement.
Con Edison said it has invested $4 billion in renewable energy projects in 17 states. The company has reduced its carbon footprint nearly by half since 2005, the report said, eliminating 2.52 million tons of carbon emissions, the equivalent of taking half a million cars off the road.
“Our acquisition of these renewable energy assets builds on a strong record of environmental commitment, and our determination to be national leaders in clean energy initiatives,” John McAvoy, Con Edison’s chairman and CEO, said. “Over the next three years, we will double the gas energy efficiency levels we offer customers and reduce overall usage during peak periods while supporting the city and state’s climate and clean energy goals.”
McAvoy said the company anticipates investing $9.5 billion over the next three years on its energy systems during peak periods to improve safety, maintain reliability and reduce risk.
“Our core energy systems remain the backbone of our operations and will continue to serve as the platform for incorporating new renewable technologies,” he said.
The report also reflected that smart meters are improving control of voltage levels and energy efficiency, saving customers money and facilitating customer convenience with remote service turn-ons and automatic detection of outages.
“We are installing 5.3 million smart meters in our service territory by 2022, making it easier for customers to make more informed decisions about how they use energy and to integrate solar energy into the grid,” McAvoy said in the report.
In addition, the company has invested more than $5.2 million in electric vehicle charging infrastructure in its utility fleet while offering incentives for customers who purchase electric vehicles.
