Baltimore
Gas and Electric Company (BGE), one of the 25 largest private
employers in Maryland with 3,200 employees, had an estimated economic
impact of $5 billion of output, supported more than 9,500 jobs and
produced more than $920 million in labor income in the company’s service
area during 2015 according to the Economic Alliance of Greater Baltimore
(EAGB).
“A strong economy powers a strong community and BGE takes pride in our
role as an economic engine for the state of Maryland,” said BGE CEO
Calvin Butler Jr. “Innovating today to meet our customers’ evolving
energy needs and expectations also means continued investment in our
service area. By working together with the state, emerging businesses
and our customers, we will move smart energy, and our communities,
forward.”
BGE’s total economic impact is comparable to the output of entire
industries in its service area, such as legal services, employment
services, and retail food and beverage. EAGB analyzed BGE’s 2015 general
operations and measured the direct, indirect and the induced economic
impact using the IMPLAN model.
Based on 2015 data, EAGB found that BGE’s ongoing energy management
programs and charitable giving have a positive economic impact on our
communities:
-
Energy management programs had an estimated economic impact of more
than $227 million of output, nearly 800 jobs, and nearly $50 million
in labor income. BGE customers also saw more than $92 million in
savings through these programs.
-
Charitable contributions of $4.5 million supported approximately $8
million of output and $2 million in labor income.
In addition, the company’s Smart Energy Economic DevelopmentSM
(SEEDSM) Program has approved incentives for 23 businesses
which are expected to contribute to the addition of more than 3,200 new
jobs in Maryland. New and expanding businesses creating new full-time
employment can qualify for SEED discounts on natural gas and electric
connection and usage costs.
BGE invested more than $6 billion in system upgrades and expansions
since 2002 and an additional $4 billion will be invested during the next
five years. These include investments in natural gas pipes, utility
poles, overhead power lines, underground cable and other equipment. BGE
also invests close to $600 million annually to operate and maintain the
company’s electric and gas system infrastructure.
BGE,
founded in 1816 as the nation’s first gas utility, is Maryland’s largest
natural gas and electric utility. Headquartered in Baltimore, BGE
delivers power to more than 1.25 million electric customers and more
than 650,000 natural gas customers in central Maryland. The company’s
approximately 3,200 employees are committed to the safe and reliable
delivery of natural gas and electricity, as well as enhanced energy
management, conservation, environmental stewardship and community
assistance. BGE is a subsidiary of Exelon Corporation (NYSE: EXC), the
nation’s leading competitive energy provider. Like us on Facebook
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View source version on businesswire.com: http://www.businesswire.com/news/home/20170119006031/en/
Copyright Business Wire 2017
Source: Business Wire
(January 19, 2017 - 1:46 PM EST)
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