Economic Development News-ComEd
ComEd Recognized as National Utility Leader in Attracting Jobs, Investment to Region
Electric utility ranked among top 1 percent of all American utilities for reliable and clean energy infrastructure
CHICAGO (Sept. 1, 2022) – ComEd has been recognized again for its leading role in supporting economic growth and job creation across northern Illinois, according to new rankings today by Site Selection Magazine, which named ComEd as one of the Top 20 utilities in economic development. Selected from more than 3,300 electric companies across the country, ComEd is among the top 1 percent of all utilities in attracting new businesses, jobs and investments.
“Companies continue to invest in northern Illinois thanks to the unparalleled access to clean, affordable and reliable power that is essential for meeting the demands of today’s digital economy,” said Gil C. Quinones, CEO of ComEd. “With industry-leading reliability fueled by our investments in grid modernization, ComEd’s service territory is attracting investment from some of the most innovative and exciting industries in the nation. We are committed to continuing the grid investments needed to transition to a clean energy future and power growth of Illinois companies that bring jobs and opportunity into the communities we are proud to serve.”
This marks the ninth year ComEd has earned the recognition – a testament to the company’s strong record in delivering clean, reliable and affordable power for 9 million people and businesses in the region, including some of the world’s largest companies. Last year alone, ComEd helped launch 16 new commercial projects – with commitments to invest $3 billion locally and create 4,700 new jobs.
“Just as utilities’ generation and distribution portfolios turn toward renewables and smart technologies, the economic developers at Top Utilities like ComEd are helping their communities pursue sustainable growth by cultivating the flow of smart capital and talent,” said Adam Bruns, managing editor of Site Selection.
The magazine attributes ComEd’s investments to enhance grid infrastructure and promote reliable, clean energy service as key factors that are driving jobs and new business to Illinois. This includes:
RELIABILITY: ComEd has a key role to play in powering business, as it continues to make the investments necessary to enhance resiliency in the face of climate change, improve safety, and achieve new technology needs in an increasingly clean energy economy. These investments are paying off: ComEd’s overall reliability has improved 79 percent since investments began in 2011, avoiding more than 18.6 million customer interruptions and producing more than $3 billion in savings, including avoided business losses. ComEd’s industry-leading reliability performance continues in 2022, with the company providing its highest reliability on record for the first half of the year, and record storm restoration time amid an uptick in severe storms.
CLEAN ENERGY ACCESS: In support of Illinois’ goal of 100 percent clean energy by 2050, ComEd is working closely with a growing developer community to increase access to clean and affordable solar energy in the residential and commercial and industrial (C&I) sectors. Since the community solar program launched, subscribers have grown substantially – from 700 in 2016 to nearly 30,000 residential customers today.
ComEd offers C&I customers a Distributed Generation (DG) Rebate of $250 per kilowatt of installed solar energy, which helps offset the out-of-pocket costs of installing a qualified renewable energy generating system. In the past four years, ComEd has provided close to $94 million in DG rebates to expand solar projects in northern Illinois.
EV EXPANSION: ComEd has also proposed a Beneficial Electrification (BE) plan which commits $300 million over the next three years to help remove barriers to beneficial technologies, including electric vehicles (EVs). A mix of rebates and programs will help communities and customers advance toward clean transportation goals as outlined by the State of Illinois’ Climate and Equitable Jobs Act (CEJA) law, which seeks to put 1 million vehicles on the road by 2030. The plan also includes technical assistance for businesses with customized fleet assessments, and a new rate delivery class that would help large business customers offset the upfront costs of installing EV charging infrastructure at scale.
AFFORDABILITY: ComEd continues to expand programs that help customers save on energy, while keeping monthly bills among the lowest in the nation. ComEd customer bills today are in line with the past several years, and next year’s average bills are expected to remain below those of the 10 largest U.S. metropolitan areas. Recently, ComEd’s energy efficiency program hit a critical milestone, saving northern Illinois communities a total of over $7 billion on their electric bills – including nearly $3 billion in savings for businesses – since 2008.
WORKFORCE DEVELOPMENT: To prepare communities for a clean energy future, ComEd is expanding workforce training programs that prepare more diverse, local workers with clean technology skills. Last year, more than 1,700 local residents participated in job training programs sponsored by ComEd, including programs to prepare residents for overhead electrical, construction and solar careers. These programs have a strong job placement rate, with close to 75 percent or more hired upon completion.
“Access to reliable, affordable, and increasingly sustainable energy is key to companies making location decisions,” said Intersect Illinois CEO Dan Seals. “We’re pleased to see ComEd recognized for its commitment to economic development in Illinois.”
“We congratulate ComEd on news that it is recognized as a national leader in economic development by Site Selection Magazine,” said Michael Fassnacht, President & CEO, World Business Chicago, Chief Marketing Officer, City of Chicago. “This recognition is well deserved and testament to ComEd’s long-term commitment to the Chicagoland region, strong performance and innovative energy efficiency programs, all of which are vital to helping local businesses thrive.”
“ComEd’s track record on reliability, resiliency and affordability has been vital to the growth of our region, and will play a key role in driving economic investment and jobs here for many years to come,” said Will County Center for Economic Development CEO, Doug Pryor. “Businesses know that ComEd provides industry-leading reliability, low and stable pricing, business-focused energy efficiency programs and renewable energy solutions that are critical to businesses aiming for long term sustainability. This provides businesses confidence knowing that when they choose Will County and northern Illinois, they’ll remain competitive in an ever-changing climate.”
ComEd’s year over year investments in grid modernization continue to drive new business to the area. This includes strong growth by sectors like data centers, logistics and manufacturing, all of which depend on a high volume of clean energy to power local operations and customers served around the world.
To read the 2022 Top Utilities Ranking story by Site Selection magazine, click here.
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Commonwealth Edison Company (ComEd) is a unit of Chicago-based Exelon Corporation (NASDAQ: EXC), the nation’s leading competitive energy provider, with approximately 10 million customers. ComEd provides service to approximately 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, Twitter, Instagram and YouTube.