ComEd Customers Benefit from Nation-Leading Reliability, Clean Energy Gains

Rhea-AI Summary

In 2023, ComEd, the largest electric company in Illinois, improved reliability performance, expanded access to clean energy, and launched new programs for customers in need. The company served 9 million people, delivering enhanced reliability, clean energy resources, and new customer support programs.

Insights

Energy Sector Analyst

The expansion of clean energy resources by Illinois' largest electric company signifies a strategic move within the energy sector. This initiative aligns with global trends towards renewable energy adoption, driven by climate change concerns and policy incentives. It's crucial to note that such investments often lead to a more resilient grid, capable of handling the increasing frequency of severe weather events. The shift towards clean energy can also be financially beneficial in the long term due to potential operational cost reductions and the growing market demand for green energy solutions.

From a stakeholder perspective, these developments may lead to increased investor confidence, particularly among those with an interest in sustainable investments. However, the initial capital outlay for modernizing infrastructure and expanding renewable resources could impact short-term financials. Long-term benefits, such as potential government subsidies and a stronger market position, should be weighed against these initial costs.

Environmental Economist

The emphasis on clean energy resources like solar energy and electric vehicles (EVs) contributes to the broader economic transition towards a low-carbon economy. This transition not only combats climate change but also has the potential to generate new job opportunities in the green sector. Moreover, improved air quality from reduced reliance on fossil fuels has positive externalities, including public health benefits and decreased healthcare costs.

However, the economic impact of such a transition is multifaceted. It may lead to displacement within traditional energy industries, necessitating policies to support affected workers. Additionally, the economic benefits of a cleaner energy grid extend beyond immediate financial returns to include long-term societal gains, which are harder to quantify but equally significant.

Market Research Analyst

The launch of new programs to support customers in need reflects a growing trend in corporate social responsibility (CSR), which can enhance a company's brand reputation and customer loyalty. In the context of the energy market, such programs can improve customer retention and potentially attract new customers who value social consciousness in their service providers.

It's important to monitor how these programs are received by the public and their effectiveness in addressing customer needs. Positive reception can lead to increased market share and a competitive edge. Conversely, if these initiatives are not well-executed, they could result in negative publicity and a loss of consumer trust.

In 2023, Illinois’ largest electric company made gains in reliability performance, expanded access to clean energy and launched new programs for customers in need

CHICAGO--(BUSINESS WIRE)-- A stronger, more modernized grid is needed to both withstand the challenges of more frequent severe weather due to climate change and to support a cleaner energy future that will bring improved air quality to northern Illinois communities as more solar energy, electric vehicles (EV) and other all-electric technologies are adopted. ComEd today announced that, in 2023, the company delivered a variety of exceptional benefits to the 9 million people it serves, including enhanced reliability, expanded access to clean energy resources and the launch of new programs to support customers in need.

“We will remember 2023 as the year we confronted the challenges of climate change by expanding clean energy resources in northern Illinois, all while delivering best-in-industry reliability to our customers,” said ComEd President and CEO Gil C. Quiniones. “This performance is a testament to the skill and dedication of our 6,300 ComEd employees, who are committed to empowering ComEd customers with new tools to navigate the clean energy transition and ensuring that the grid is positioned to power a cleaner, more equitable future for all.”

ComEd achievements in 2023 will create both immediate and long-term benefits for customers and communities across northern Illinois and include the following:

Providing nation-leading reliability

• ComEd was named the most reliable utility in America by PA Consulting, reporting fewer outrages in 2023 than at any point in company history.
• Since ComEd started smart grid improvements in 2012, it has improved overall reliability by more than 70 percent, helping customers avoid nearly 21.7 million outages and save more than $3.8 billion in outage-related costs.

Delivering value to customers

• ComEd residential customers’ average monthly bills remained comparable to those of other utilities serving the nation’s top metropolitan areas. For ComEd commercial and industrial customers, average bills were 19% less and 44% less, respectively, than bills in the top 20 metropolitan areas in the U.S. during 2023.
• ComEd’s Award-Winning Energy Efficiency Program is one of the largest in the nation, offering residents, businesses and the public sector a variety of options that help them reduce energy consumption and costs. In 2023, customer savings resulting from the program passed the $8 billion mark since the program launched in 2008.

Supporting customers and communities in need

• To reduce the burden for those facing economic hardship, ComEd connected more than 198,000 customers to over $94 million in financial assistance and other support options.
• ComEd held Community Resource Fairs to meet customers where they are and provided education to more than 3,300 families in underserved neighborhoods on bill-assistance options, workforce development opportunities, family care programs, and health screenings.
• ComEd provided over $500,000 in grant funding in 2023 to more than 60 organizations and municipalities through its Green Region, Powering Safe Communities and Powering the Arts competitive grant programs.
• ComEd employees logged over 19,300 volunteer hours and contributed over $1.5 million to a broad range of community-based causes throughout 2023.
• Community Energy Assistance Ambassadors (CEAA) program employed nearly 100 residents from Chicago’s underserved south and west sides. These ambassadors helped connect customers in their communities with more than $59,000 in assistance.

Increasing equitable access to clean and renewable energy sources

• In 2023, more than 54,000 solar systems and related energy storage facilities were connected to the ComEd system, including the 100^th community solar site in northern Illinois. These projects enable about 25,000 residential customers to participate in the benefits of solar energy without installing panels on their own homes and receive credits on their ComEd bill for energy generated by the solar farm.
• Launched updated solar calculators to educate customers on costs, benefits, and savings from private rooftop solar systems and community solar.
• Announced the coming expansion of ComEd’s Wilton Center substation, which will enable the largest cluster of wind and solar projects in Illinois.
• The distributed generation rebate program grew from $8 million in payments in 2019 to $17.6 million in payments in 2023, helping more customers cover the cost of installing renewable energy systems.
• Readied the grid for clean energy expansion by securing nearly $70 million in federal infrastructure awards and grants to advance grid innovation, broadband, and building decarbonization projects.

Creating economic opportunity

• Companies continue to invest in the region thanks to the unparalleled access to clean, affordable and highly reliable power. To spark economic development, in 2023, ComEd brought 15 commercial projects to northern Illinois, including 9 data centers, with planned projects set to add 4,385 jobs and more than $8.6 billion in local investment.
• ComEd spent more than $1 billion in 2023 with minority-owned, women-owned and veteran-owned companies, equal to 43.4% of the company’s total spend.
• To prepare local residents for the growing number of clean energy jobs expected in the years ahead, ComEd launched new training programs in partnership with workforce agencies, community partners and local education institutions, which collectively reached 1,200 adults and youth.

Facilitating a decarbonized future

• ComEd’s service territory is a national leader in clean energy: In 2023, enough clean energy was available to meet 96 percent or more of our customers’ energy consumption with clean energy sources, with plans to reach 100 percent thanks to CEJA (Climate and Equitable Jobs Act).
• Became the first investor-owned company to be powered by 100% carbon-free energy.
• Expanded the integration of EVs, hybrids and biodiesel-powered equipment in the ComEd fleet and closed the year with over 600 EV charging ports across ComEd facilities, a key step as ComEd electrifies its own fleet.
• To expand the EV charging network and remove barriers to an equitable EV expansion, ComEd launched a three-year electrification investment of $231 million to offer rebates, new rate options and customer education.

Creating a pipeline of diverse STEM talent

• To improve diverse representation in STEM careers, ComEd provided educational and training opportunities to over 800 students in 2023. These programs included:
  • ComEd’s EV Rally, where 45 Chicagoland girls worked with ComEd mentors to build and race electric go-karts. Each participant also received a $2,000 scholarship.
  • ComEd’s Black History Month STEM Labs, where 75 Black high school students worked with ComEd mentors to construct robots and learn more about STEM careers. Each student also received a $250 scholarship.
  • ComEd’s Youth Ambassadors Program, a summer program where 120 high school students received an $800 scholarship while learning about the grid, renewable power and energy efficiency from ComEd engineers.
  • ComEd’s Hispanic Heritage Month STEM Labs, where 75 Latino high school students worked with ComEd mentors to build personal Bluetooth speakers and learn more about STEM careers. Each student also received a $250 scholarship.
  • ComEd’s Women’s History Month STEM Labs, where 40 female students from across Chicagoland heard from prominent female STEM professionals, networked with ComEd employees, and explored STEM careers.
  • ComEd’s ASME DropMEin! Program, where 190 elementary and middle school students learned from ComEd employees about power generation, energy sustainability and STEM career paths.
  • ComEd’s Learning from Leaders, where 110 students connected with ComEd STEM professionals to learn about career and education paths, what ComEd does, and the importance of STEM.
  • ComEd’s Power of STEM, where 159 students learned about STEM careers and the energy industry with a focus on microgrids, climate change and solar power.
• The ComEd Scholars program provided $640,000 in scholarships to 55 students pursuing STEM degrees in Illinois.

Looking ahead, ComEd will continue its mission of delivering reliable, affordable, and clean power. Find out more in ComEd 2030 – the company’s vision for advancing a low-carbon future that will benefit all communities.

ComEd is a unit of Chicago-based Exelon Corporation (NASDAQ: EXC), a Fortune 250 energy company with approximately 10 million electricity and natural gas customers – the largest number of customers in the U.S. ComEd powers the lives of more than 4 million customers across northern Illinois, or 70 percent of the state's population. For more information visit ComEd.com, and connect with the company on Facebook, Instagram, LinkedIn, X, and YouTube.

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Source: ComEd

FAQ

What did ComEd achieve in 2023?

In 2023, ComEd improved reliability performance, expanded access to clean energy, and launched new programs for customers in need.

How many people does ComEd serve?

ComEd serves 9 million people.

What challenges did ComEd confront in 2023?

ComEd confronted the challenges of climate change by expanding clean energy resources in northern Illinois.

What did ComEd prioritize in 2023?

ComEd prioritized delivering best-in-industry reliability to its customers in 2023.