Dive Brief:
- Officials from the Edison Electric Institute, a trade group for investor-owned utilities, met this week with Wall Street representatives, touting more than $100 billion annually in investment and vowing to work with the new Trump administration on energy and tax policy.
- The industry maintained its commitment to using cleaner resources, pointing out that 2015 carbon dioxide emissions were 21% below 2005 levels, and said that with declining prices for natural gas, renewable energy, and new technologies, the trajectory is expected to continue.
- EEI's top priorities include tax reform, workforce development, smart cities and electric vehicle initiatives, and streamlining the regulatory process for siting energy infrastructure.
Dive Insight:
EEI, the group representing investor-owned utilities, reached out to Wall Street this week, assuring analysts, bankers, and investors, that the electric industry is committed to long-term investments and a collaborative relationship with the new White House.
"EEI will work with President Trump and with key policymakers on both sides of the political aisle to develop an agenda that supports investments in infrastructure, grows the economy, and recognizes the vital role of the energy grid and the importance of maintaining reliable, affordable, secure, and increasingly clean energy for all customers," EEI President Tom Kuhn said in a statement.
A copy of the full presentation can be found here.
Member companies are investing more than $100 billion each year, officials said, and spent an estimated $121 billion in 2016—more than twice the level of investment seen 10 years ago. EEI noted the industry makes up more than 2% of the United States' real GDP, and employs more than 1 million people directly and indirectly.
EEI also noted the industry's advancement on clean energy resources during the presentation. About a third of U.S. power generation comes from zero-emission sources today, including nuclear and renewable energy and hydro.
Last month, the Trump administration released a 50-item list of infrastructure priorities that included provisions for transmission expansion, wind and energy storage, among other power sector projects In total, the list called for $137 billion in investment and included seven projects in the power sector.
President Trump’s promises to grow the country's infrastructure "is positive for our industry and our economy," Kuhn said in the presentation.
EEI also touted the work it has done on grid security, but acknowledged improvements needed to be made as cyber threats increase. "By working together through the [Electricity Subsector Coordinating Council], industry and government greatly enhance our nation’s ability to defend and protect against cyber and physical security threats," Kuhn said.
Last year, the Federal Energy Regulatory Commission directed the North American Electric Reliability Corp. to develop an improved cybersecurity protocol to protect the nation's electric grid.
