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ConEdison Solutions: U.S. Department of Energy Designates ConEdison Solutions to Provide Energy Efficiency Services

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^{Published in Business and Finance on Friday, December 19th 2008 at 12:43 GMT, Last Modified on 2008-12-19 12:44:30 by Market Wire}  

WHITE PLAINS, NY--(Marketwire - December 19, 2008) - The federal Department of Energy (DOE) has designated ConEdison Solutions, a national energy services company based in White Plains, New York, as an approved provider of energy efficiency, renewable energy and water conservation services to federally owned buildings and facilities.

As the result of a nationwide selection process intended to identify qualified vendors, ConEdison Solutions became the only New York State-based company among sixteen providers designated nationwide. ConEdison Solutions has held this designation since 2003 so this new selection marks a continuation and expansion of its relationship with DOE.

The award confirms ConEdison Solutions' capabilities for helping the federal government achieve its highly ambitious energy savings goals. Over the life of the award, the DOE expects the overall program could potentially finance and manage as much as $80 billion in energy efficiency, renewable energy and water conservation projects at federal sites.

"Energy efficiency is one of America's most critical public policy priorities," said Jorge J. Lopez, president and CEO of ConEdison Solutions. "We are pleased that the federal government has chosen our company to continue to help achieve this vital, national goal. It is the right thing to do for our economy, our climate, and our national security and ConEdison Solutions is very proud to have a role."

According to federal officials, the nationwide portfolio of projects is designed to save energy, reduce federal energy costs, cut greenhouse gas emissions, bring more cutting-edge technologies to use, strengthen national security, and create a stronger economy.

Projects would be awarded on the basis of an "energy savings performance contract," which enables government agencies to undertake energy initiatives without paying up-front capital costs. Under such contracts the contractor designs, constructs, and obtains the necessary financing for an energy savings project with the agency then making payments to the contractor over time from the reduction in utility bills. The contractor guarantees that the energy improvements will generate the savings it calculated. The sum of annual payments to the contractor plus payments for utilities cannot exceed the amount that the agency would have paid for utilities without such a contract. Once the contract ends, all continuing cost savings accrue to the agency.

Under legislation adopted in both 2005 and 2007, the federal government has targeted a 30 percent reduction in energy intensity and a 16 percent reduction in water use by 2015, and an increase of renewable energy to 7.5 percent of electricity purchases by 2013 for federal facilities.

About ConEdison Solutions

ConEdison Solutions is a leading energy services company that provides competitive power supply, renewable energy, sustainability services, and cost-effective energy solutions for commercial, industrial, residential, and government customers. The company is headquartered in White Plains, New York, with offices in Burlington, Massachusetts; Cherry Hill, New Jersey; Arlington, Virginia; Houston, Texas; Tampa, Florida; Durham, North Carolina; and Overland Park, Kansas. The firm's dedicated team of energy professionals delivers a broad range of commodity, consulting, demand-side management and performance contracting services. ConEdison Solutions offers programs and services designed to help customers achieve their individual energy objectives and is accredited as an Energy Services Provider (ESP) by the National Association of Energy Service Companies (NAESCO).

ConEdison Solutions is a subsidiary and registered trademark of Consolidated Edison, Inc. (NYSE: [ ED ]). More information can be obtained by calling 1-888-210-8899 or visiting the ConEdison Solutions website at [ www.conedsolutions.com ]. You can also visit the Consolidated Edison, Inc. website at [ http://investor.conedison.com ] for information on all of the Consolidated Edison companies.