The Clinton Global Initiative announced today at its Annual Meeting 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.
A team from Van Ness Feldman, including Doug Smith, Kyle Danish, Janet Anderson, Curt Moffatt, Bob Nordhaus and Shelley Fidler, worked with representatives from the eight utilities to structure the commitment.
In a September 30th interview on ABC's "This Week," President Bill Clinton singled out this commitment as one of the most notable of this year's Annual Meeting. "This is the first thing I've seen in a good while that has a chance to systematically change America in a hurry," the President said.
View the press release from the Clinton Global Initiative
View the press release from Duke Energy
View the press release from Edison Electric Institute
More information on Van Ness Feldman's Climate Change and Energy Efficiency practice areas.