BGE Awards ICF $65 Million in Energy Efficiency Contracts

Rhea-AI Summary

ICF (NASDAQ:ICFI) secures over $65 million in contracts from BGE to implement EmPOWER Maryland, a statewide energy efficiency program. The agreements span three years and involve a range of services for residential and commercial customers. ICF's proprietary technology platform will enable real-time program monitoring for optimized decision-making.

Insights

Energy Market Analyst

The contract awarded by Baltimore Gas and Electric (BGE) to ICF for implementing the EmPOWER Maryland program represents a significant investment in energy efficiency and demand response initiatives. This move by BGE is indicative of the growing trend among utilities to focus on sustainable energy solutions. The $65 million contracts will likely have a positive impact on ICF's financial performance, considering the size of the deal and the multi-year duration. It also solidifies ICF's position in the market as a provider of energy efficiency services.

In the context of the energy sector, demand response programs are critical as they help utilities manage peak load demands without having to invest in new generation capacity, which can be costly and time-consuming to build. This approach is not only cost-effective but also aligns with regulatory pressures to reduce carbon footprints. As utilities are increasingly held accountable for their environmental impact, contracts like these could become more common, potentially opening up new revenue streams for companies like ICF.

Environmental Policy Expert

ICF's role in supporting BGE's transition to a clean energy future is particularly noteworthy given the current regulatory environment. Maryland's commitment to reducing energy consumption and greenhouse gas emissions creates a favorable backdrop for energy efficiency programs. ICF's expertise in navigating this regulatory landscape is invaluable to BGE. The ability to implement programs that align with state policies can enhance BGE's compliance with environmental regulations and contribute to statewide goals for reducing energy consumption.

Furthermore, the emphasis on customer acquisition and contractor training indicates a holistic approach to energy efficiency. By focusing on the entire value chain, from customer engagement to the technical implementation of energy-saving measures, ICF is poised to create a more sustainable impact. This strategy not only benefits BGE and its customers but also supports Maryland's broader environmental objectives.

Technology Implementation Specialist

ICF's utilization of a proprietary utility technology platform to monitor program performance in real time is a significant aspect of this contract. The integration of technology in energy programs is a key differentiator in the market, enabling utilities like BGE to optimize their services dynamically. Real-time monitoring allows for immediate adjustments to improve program effectiveness and customer satisfaction. The ability to streamline customer experience through technology enhances the likelihood of program success and can lead to increased participation rates, thereby amplifying energy savings.

The technical and engineering support mentioned, along with rebate processing, underscores the complexity of implementing large-scale energy efficiency programs. ICF's role goes beyond mere consultancy to encompass hands-on operational support, which is crucial for the practical realization of BGE's program goals. The expertise required to manage these technical aspects is specialized and underscores the importance of ICF's role in the successful execution of the EmPOWER Maryland program.

Company Will Implement Statewide Residential and Commercial Programs

RESTON, Va., March 5, 2024 /PRNewswire/ -- Baltimore Gas and Electric (BGE) has awarded global consulting and technology services provider ICF (NASDAQ:ICFI) over $65 million in re-compete and new contracts to implement EmPOWER Maryland, the utility's statewide energy efficiency and demand response program. The agreements were awarded in the fourth quarter of 2024 and have a term of three years.

ICF will deliver a full range of energy efficiency program implementation services to residential and commercial customers across Maryland including customer acquisition, contractor training and management, technical and engineering support, rebate processing, regulatory support and more. ICF will also use their proprietary utility technology platform to monitor program performance in real time, enabling BGE to make fast, effective program optimization decisions and provide a more streamlined customer experience. 

ICF has delivered award-winning energy efficiency programs for BGE for over 15 years that have achieved over 5.5 gigawatts in energy savings to over 18 million utility customers.

"We are excited to continue our longstanding work with BGE to evolve and optimize their energy efficiency programs as they navigate the challenging transition to a clean energy future," said Anne Choate, ICF executive vice president for energy, environment and infrastructure. "We will draw on our deep understanding of Maryland's regulatory environment, our proven technology capabilities that enable data-driven customer experiences, and our industry-leading energy expertise to help BGE achieve their program goals."

ICF partners with the nation's top utilities and developers, along with nearly every U.S. federal agency, state energy offices and energy non-governmental organizations, providing end-to-end offerings across the energy value chain—from strategy to planning and analysis to implementation. The company currently delivers over 200 active energy efficiency, electrification and demand management programs across North America, including for the top 60 utilities. The company has processed over $3.1 billion in energy efficiency rebates and is one of the largest electrification implementers in the U.S.

ICF's energy experts work hand-in-hand with the company's technologists, data analysts, marketers and more to design and implement cost-effective, award-winning utility programs that deliver maximum energy savings and advance the transition to clean energy.

Read more about ICF's energy efficiency and technology services and how they help clients meet their electrification and decarbonization goals.

About ICF
ICF is a global consulting and technology services company with approximately 9,000 employees, but we are not your typical consultants. At ICF, business analysts and policy specialists work together with digital strategists, data scientists and creatives. We combine unmatched industry expertise with cutting-edge engagement capabilities to help organizations solve their most complex challenges. Since 1969, public and private sector clients have worked with ICF to navigate change and shape the future. Learn more at icf.com.

Caution Concerning Forward-looking Statements
Statements that are not historical facts and involve known and unknown risks and uncertainties are "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. Such statements may concern our current expectations about our future results, plans, operations and prospects and involve certain risks, including those related to the government contracting industry generally; our particular business, including our dependence on contracts with U.S. federal government agencies; our ability to acquire and successfully integrate businesses; and the effects of the novel coronavirus disease (COVID-19), or any other future pandemic, and related national, state and local government actions and reactions, on the health of our staff and that of our clients, the continuity of our and our clients' operations, our results of operations and our outlook. These and other factors that could cause our actual results to differ from those indicated in forward-looking statements that are included in the "Risk Factors" section of our securities filings with the Securities and Exchange Commission. The forward-looking statements included herein are only made as of the date hereof, and we specifically disclaim any obligation to update these statements in the future.

Contact: Lauren Dyke, lauren.dyke@ICF.com, +1.571.373.5577

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SOURCE ICF

FAQ

What is the contract value awarded to ICF by BGE for implementing EmPOWER Maryland?

ICF (NASDAQ:ICFI) secured over $65 million in re-compete and new contracts from BGE.

What services will ICF provide under the agreements with BGE?

ICF will deliver energy efficiency program implementation services to residential and commercial customers, including customer acquisition, contractor training, rebate processing, and more.

How long is the term of the agreements between ICF and BGE?

The agreements have a term of three years.

What technology platform will ICF use to monitor program performance for BGE?

ICF will utilize their proprietary utility technology platform for real-time monitoring to enable fast and effective program optimization decisions.

How many energy efficiency programs does ICF currently deliver in North America?

ICF currently delivers over 200 active energy efficiency, electrification, and demand management programs across North America.