Dive Brief:
- Consolidated Edison's chief executive officer John McAvoy told shareholders the company is spending $2.5 billion each year to maintain and upgrade its facilities. Key priority areas were cyber and physical security of the grid.
- The utility also plans to spend $1 billion to improve weather resistance on the grid over the next four years.
- The company is also spending $150 million over the next five years in incentives for 200,000 homes and businesses that make substantial energy efficiency savings
- The company said it expects electricity peak demand to go up by 1.3%, while natural gas demand is expected to increase by 3.3%.
Dive Insight:
Securing the future of the grid is a top priority for utilities around the country, particularly as they become more aware of the impact of adverse weather and security threats on grid reliability and the utility's ability to deliver.
Part of the new investment is to go to smart grid technology that will enable the utility to monitor customer usage in real time, as well as empower customers to make more informed choices about their electricity use.
Looking ahead, McAvoy gave some scope for ConEd's plans, particularly in light of the recent sweeping changes to New York's utilities industry. "First, we give customers tools and incentives to help them use less energy in their homes and businesses. Next, we maintain high levels of reliability by making wise investments ininfrastructure. Finally, we enrich the lives of the 10 million people we serve by giving them green energy choices and supporting local nonprofits," he said.