Eight Utilities Seek To Increase Energy Efficiency Investment by $500 Million Annually

Thursday September 27, 9:21 am ET


NEW YORK, Sept. 27 /PRNewswire-FirstCall/ -- The Clinton Global Initiative (CGI) announced today that eight utilities -- Con Edison, Duke Energy, Edison International, Great Plains Energy, Pepco Holdings, PNM Resources, Sierra Pacific Resources and Xcel Energy -- are 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. (See attached fact sheet.)

"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."

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