ComEd Launches Program to Grow Diverse Pipeline of Energy-Efficiency Businesses and Entrepreneurs

Rhea-AI Summary

ComEd has launched the Market Development Initiative (MDI) to provide training and support services for local, diverse service providers and entrepreneurs in northern Illinois. The initiative aims to help individuals, both new and experienced in the energy-efficiency industry, compete for job opportunities in this growing sector. MDI aligns with Illinois' Climate and Equitable Jobs Act (CEJA), promoting clean energy technologies to lower carbon emissions. ComEd projects a net increase of over 150,000 jobs by 2050 due to the transition to clean energy. The initiative includes workforce training programs, resources for diverse vendors, and tools for energy efficiency service providers.

The next training sessions are scheduled for August 19, 2024, for newcomers and October 14, 2024, for experienced individuals. MDI also offers support for local businesses in obtaining certification and navigating the procurement process, with applications now open at ComEd.com/MDI. This program aims to foster community involvement and create meaningful career opportunities in the energy efficiency field.

Positive

• Launch of MDI aims to expand clean energy and energy-efficiency market.
• Training programs to support growth in energy efficiency industry.
• Projected net increase of 150,000 jobs by 2050 due to clean energy transition.
• Offers resources for diverse-owned businesses to gain certification.
• MDI includes support for navigating procurement processes.
• ComEd's Energy Efficiency Program has saved customers $9 billion since 2008.
• Collaborations with community-based and nonprofit organizations to raise initiative awareness.
• Sessions designed for both newcomers and experienced individuals in the energy field.

Negative

• No specific financial data on costs or funding sources for the initiative.
• Potential challenges in timely execution and effectiveness of the training programs.
• Uncertainty about the actual impact on job creation and local business growth.
• Dependence on successful community engagement and collaboration.
• No metrics provided to measure the success of the initiative.

Insights

Market Research Analyst

The launch of ComEd's Market Development Initiative (MDI) signifies a strategic move to expand the local energy-efficiency market, enhancing both economic and environmental outcomes. This initiative underscores a commitment to Illinois' Climate and Equitable Jobs Act (CEJA), aiming to diversify the pipeline of service providers and entrepreneurs.

Short-term implications include an increased entry of diverse vendors into the market, potentially boosting local business activities and community engagement. Long-term benefits are promising, with the projected job creation fueling local economies and supporting sustainable energy goals.

For investors, this initiative highlights ComEd's proactive approach in market development, aligning with green energy trends. Moreover, this could enhance brand loyalty and customer satisfaction by emphasizing cost savings and environmental stewardship.

However, the program's success hinges on effective training and support, requiring ongoing investment. Additionally, market saturation and competition may pose challenges for new entrants, necessitating continuous innovation and differentiation strategies.

Rating:

1

Financial Analyst

The Market Development Initiative (MDI) launched by ComEd reflects a significant investment in workforce development and local business growth, aligned with the objectives of the Climate and Equitable Jobs Act (CEJA). Notably, the initiative aims to create a substantial number of jobs, projecting a net increase of over 150,000 by 2050.

This initiative positions ComEd favorably within the clean energy sector, potentially enhancing its competitive edge and future profitability as clean energy solutions gain momentum.

From a financial perspective, investors should consider the potential $9 billion in customer energy savings since 2008, indicating the efficacy of ComEd’s existing programs. These savings may translate to higher customer retention and reduced churn, positively impacting revenue stability and long-term growth.

On the flip side, the financial outlay required for extensive training and support services could strain short-term margins. Yet, this investment may yield substantial returns through enhanced operational efficiency and market expansion.

Rating:

1

Environmental Policy Expert

ComEd’s Market Development Initiative (MDI) is a forward-looking program that aligns with global trends toward sustainability and carbon reduction. The emphasis on energy efficiency and clean energy technologies supports the goals of Illinois’ Climate and Equitable Jobs Act (CEJA).

The environmental benefits of such initiatives are manifold, including reduced carbon footprints and enhanced adoption of clean energy practices. By training individuals and supporting local businesses, ComEd is fostering an ecosystem that prioritizes environmental sustainability, benefitting both urban and rural communities.

However, the success of this initiative depends on sustained policy support and community engagement. It’s essential for ComEd to continue collaborating with policymakers, non-profits and local organizations to maintain momentum and achieve the intended environmental outcomes.

For investors interested in ESG (Environmental, Social and Governance) criteria, this initiative reinforces ComEd’s commitment to sustainability, likely boosting its attractiveness in socially responsible investment portfolios.

Rating:

1

ComEd’s Market Development Initiative offers training and support services to expand delivery of clean energy & money saving options to customers

CHICAGO--(BUSINESS WIRE)-- To help increase business opportunities for local, diverse service providers and entrepreneurs across northern Illinois, ComEd today announced the launch of the Market Development Initiative (MDI). This initiative is designed to provide individuals – both new to and experienced in the energy-efficiency industry – with skills and tools that can help them compete for job opportunities in this fast-growing sector. The result is more opportunities for families and businesses to take advantage of energy-efficiency offerings that can save them money and energy.

The launch of MDI is the latest example of ComEd’s commitment to the goals and policies outlined in Illinois’ Climate and Equitable Jobs Act (CEJA), which includes calls for the expansion of clean energy technologies that lower carbon emissions. New skills training programs under MDI are designed to support growth of the energy efficiency (EE) market, which can play an essential role in achieving clean energy goals, while preparing individuals for new opportunities created by the expanding clean energy industry. A recent study commissioned by ComEd projects the transition to clean energy could create a net increase of more than 150,000 jobs for the state by 2050. Applications for some of the programs under MDI are now being accepted at ComEd.com/MDI.

“ComEd is committed to ensuring our local businesses and residents are well positioned to play a part in – and take advantage of – the expected growth in the energy-efficiency market,” said Melissa Washington, Senior Vice President of Customer Operations and Strategic Initiatives at ComEd. “In collaboration with organizations across the region, MDI will deliver training necessary to help more local businesses join this expanding market, while improving chances for local residents to obtain good-paying jobs in the energy field.”

The skills and tools offered through MDI are designed to help families and businesses across northern Illinois access the benefits of ComEd’s award-winning Energy Efficiency Program, which features services, rebates and discounts to help families and business manage energy use to lower bills. Since its launch in 2008, the program has helped hundreds of thousands of customers save a total of $9 billion on energy bills, along with more than 82 million net megawatt-hours of electricity.

“For years, Walker-Miller Energy Services has collaborated with ComEd to help achieve energy-reduction goals, while taking an active role in helping other local, diverse businesses gain a foothold in the energy-efficiency industry,” said Carla Walker-Miller, founder and chief executive officer of Walker-Miller Energy Services. “As a part of MDI, we can contribute in a greater way to programs that help drive the broad adoption of energy-efficient practices and behaviors that ultimately lead to cost savings and a reduced carbon footprint.”

ComEd’s Market Development Initiative offerings

• Training & Development: ComEd builds upon its existing Workforce Development program by bringing forward two new workforce training cohorts. Both are designed to help grow the talent pipeline needed to supply ComEd and its partners working in the EE space. Programs – designed for workers both new and experienced in the EE field – are held locally to meet workers where they are. The next training session for individuals new to the energy industry begins Aug. 19, 2024.
  
  “This initiative aims to foster strong community involvement and support ComEd in developing a sustainable and skilled workforce,” said Stephen Taylor, Director, Professional Services of The Will Group, which is collaborating with both ComEd and Walker-Miller on MDI. “Our team is committed to delivering program messaging across multiple channels and supporting outreach efforts to ensure effective communication, strategic marketing, design, and community engagement. Our K-Town Business Centre in Chicago’s North Lawndale neighborhood will serve as the program’s training hub for skilled professionals and newcomers in the energy efficiency sector. This place-based strategy investment provides a local venue for workforce development. We are optimistic it will create meaningful career opportunities and advancements in the energy efficiency field.”
  
  The next session for individuals with experience in the energy industry begins Oct. 14, 2024. Links to applications for both sessions are available here.
  

• Resources for Diverse Vendors: This new initiative is designed to grow the pipeline of local, diverse-owned businesses by offering support in obtaining certification to perform energy-efficiency work, effectively navigating the procurement process, and applying to become part of a searchable database of available vendors. Information on eligibility and access to applications are available here.
  

• Tools & Resources for Energy Efficiency Service Providers: Building upon ComEd’s Energy Efficiency Service Provider Incubator Program which, since 2019, has delivered essential training and certifications to nearly 100 businesses, participants are offered education and training on ComEd's energy efficiency portfolio offerings; one-on-one assistance with certification applications, business growth plans and opportunities to build relationships with project financing lenders. Those completing the program are offered the opportunity to apply to become part of the EESP Network. More information, including a link to apply, are available here.
  

• Community Collaboration: To assist in the identification and recruitment of local, diverse businesses and entrepreneurs into MDI, ComEd collaborates with community-based, faith-based, and other nonprofit organizations to raise awareness about the initiative. Organizations looking for more information on how to be a part of MDI can click here.

MDI reaffirms ComEd’s commitment to collaborate with local, diverse businesses in the communities ComEd serves to share insights and best practices. For an in-depth look into MDI and how individuals, businesses and entrepreneurs can apply and play a pivotal role in shaping a more diverse and inclusive energy landscape, ComEd encourages exploration of its new dedicated MDI website at ComEd.com/MDI.

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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240530073815/en/

ComEd

Media Relations

312-394-3500

Source: ComEd

FAQ

What is ComEd's Market Development Initiative (MDI)?

ComEd's MDI is a program offering training and support services to expand business opportunities for local, diverse service providers and entrepreneurs in northern Illinois.

How does MDI align with Illinois' Climate and Equitable Jobs Act (CEJA)?

MDI supports CEJA by promoting clean energy technologies that lower carbon emissions and helps prepare individuals for opportunities in the expanding clean energy industry.

How many jobs does ComEd project to create by 2050 through MDI?

ComEd projects a net increase of more than 150,000 jobs in Illinois by 2050 due to the transition to clean energy.

When do the next training sessions for MDI start?

The next training sessions for individuals new to the energy industry start on August 19, 2024, and for experienced individuals on October 14, 2024.

What support does MDI provide for diverse-owned businesses?

MDI offers support in obtaining certification, navigating the procurement process, and applying to become part of a searchable database of available vendors.

How much has ComEd's Energy Efficiency Program saved customers since 2008?

Since 2008, ComEd's Energy Efficiency Program has saved customers a total of $9 billion on energy bills.

How can businesses and individuals apply for programs under MDI?

Applications for MDI programs are now open and can be accessed at ComEd.com/MDI.