Con Edison boosts commitment to clean-energy future

Published on November 17, 2021 by Kim Riley

Consolidated Edison Inc., one of the nation’s largest investor-owned energy companies with roughly $12 billion in annual revenues and $63 billion in assets, now plans to reach net-zero carbon emissions from its own facilities and operations by 2040.

“We are aggressively transitioning away from fossil fuels to a net-zero economy by 2050,” said ConEd President and CEO Tim Cawley on Tuesday. “The nation has begun a clean energy transformation that will bring profound economic, social and environmental benefits. Con Edison is well positioned and eager to create our clean energy future today.”

The plan will require decarbonizing New York City’s steam system, the largest district heating system in the country, according to ConEd’s updated Clean Energy Commitment, which outlines how the power company will transition to renewables. 

“This commitment builds on our past activities, outlined in our Sustainability Report, as a climate leader and boldly expands on that work, providing actionable metrics and targets for us to meet in the future,” according to the expanded commitment.

And ConEd’s utilities — which include Consolidated Edison Co. of New York Inc.; Orange and Rockland Utilities Inc.; Con Edison Clean Energy Businesses Inc.; and Con Edison Transmission Inc. — will invest $2 billion by 2030 to bolster their energy-delivery systems so that they’re protected from severe weather.

“The challenge of climate change demands new ways of producing, delivering and using energy,” Cawley said in a statement. “From connecting offshore wind farms, to making it easier for our customers to install solar panels or switch to electric vehicles, we are building clean, flexible and resilient energy infrastructure in New York and across the country.”

ConEd’s Nov. 16 announcement includes commitments to provide 100 percent clean power to its facilities by 2030, completely electrify the company’s light-duty vehicle fleet by 2035, and deliver 100 percent clean power to its customers by 2040.

To help the shift to zero-carbon energy resources, ConEd plans to spend $100 million on research and development by 2030, with a focus on long-duration energy storage and hydrogen, according to its renewed commitment, and said more details will be provided when the company releases new long-range plans for its electric, gas and steam systems in early 2022.

Con Edison’s new Clean Energy Commitment is supported by five pillars:

1. Build the grid of the future to be resilient and capable of delivering 100 percent clean power by 2040. This includes seven initiatives: the development of “clean energy hubs” to facilitate 6,000 MWs of offshore wind, new substations, local transmission projects, and peak demand reduction strategies; investing more than $2 billion on resiliency over the next 10 years, including on undergrounding overhead power lines most vulnerable to outages from storms and focusing on disadvantaged communities as part of the selection criteria; facilitating the significant expansion of distributed energy resources (DER) on the energy grid; investing more than $1 billion in clean energy projects from 2021 to 2023; seeking governmental authorization to add thousands of megawatts of medium- and large-scale renewable generation, like solar and wind, in New York State; Con Edison Transmission plans to invest more than $1 billion over the next five to 10 years to develop, with strategic partners, electric transmission to bring green power to customers; and promoting and encouraging the efficient operation of 1,000 MWs of energy storage by 2030. 
2. Empower all customers to meet their climate goals. ConEd will accelerate energy efficiency with deep retrofits, aims to electrify most building heating systems by 2050, and is all-in on electric vehicles (EVs). For instance, ConEd, the country’s second-largest solar-power producer with projects in 20 states, will invest $1 billion by 2023 through its Clean Energy Businesses on large wind and solar projects. The company also seeks authorization to own renewable plants in New York to help lower energy consumer costs. ConEd also plans to only purchase EVs for its own light-duty fleet and plans to fully electrify the fleet by 2035. ConEd’s utilities also will support the installation of 400,000 chargers for EVs by 2035, and more than one million chargers by 2050.
3. Reimagine the gas system. Because buildings are the largest source of NYC’s carbon emissions, ConEd plans to invest billions of dollars enabling the decarbonization of buildings, from deep energy-efficiency upgrades to electrifying space and/or water heating for more than 150,000 buildings by 2030. The company also will target $100 million in research and development investments by 2030 to facilitate the clean energy future, including the development of long-duration energy storage and hydrogen technologies, among others.
4. Lead by reducing the company’s carbon footprint. The $2 billion ConEd expects to invest by 2030 in more climate resiliency and adaptation measures will cover a range of approaches, including the selective undergrounding of overhead power lines in areas most vulnerable to storm-related outages, reducing the carbon footprint of its steam system, and reducing fugitive methane emissions from its natural gas delivery system to net zero by 2040.
5. Partner with our stakeholders. Across its activities, ConEd aims to deepen its collaboration with customers, regulators, policymakers, and other stakeholders in delivering a sustainable low-carbon future, including by providing easier access to programs and information for customers who want to reduce their use of fossil fuels; manage their energy use and emissions profile; and transition to new clean technologies. ConEd will use digital, in-person and interactive engagement tools to amplify its clean energy offerings and thought leadership.

ConEd’s expanded Clean Energy Commitment has garnered support from numerous stakeholders, including: the New York City Office of Climate and Sustainability; the NYC Department of Transportation; Advanced Energy Economy; the Sabin Center for Climate Change Law at Columbia Law School; the Smart Electric Power Alliance; Revel; the Urban Green Council; the New York League of Conservation Voters; the Center for Sustainable Business; the Building Energy Exchange; Solar One; the New York Geothermal Energy Organization; Rebuild by Design; the HOPE Program; and the Waterfront Alliance.