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:
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.
PSEG Long Island received an award recently for innovation in digital engagement. The CS Week Expanding Excellence Award for Innovation…
For the second month running, Florida Power & Light Company (FPL) will reduce customer rates, thanks to approved cuts to…
A new study by National Grid and RMI seeks to better understand how integrated energy planning (IEP) and non-pipeline alternatives…
Valley Forge, Pa.-based PJM Interconnection said Thursday it anticipates having enough resources to meet electricity demand for what weather forecasters…
Mon Energy of West Virginia will begin award negotiations with the United States Department of Energy (DOE) in coming days…
Innovative legislation will help Duke Energy Progress customers in South Carolina save $35 million in repair costs from a series…
This website uses cookies.