FOR IMMEDIATE RELEASE
Charles Coleman, Edison International, (626) 302-7982, Charles.Coleman@edisonintl.com
Scott Cunningham, Edison International, (626) 302-2540, Scott.Cunningham@edisonintl.com
Edison International introduces new subsidiary to largest energy users nationwide
IRVINE, Calif. – March 29, 2016 – Edison International (NYSE:EIX) today introduced a new business that will focus on meeting the energy needs of the largest users of energy nationwide. The new business, Edison Energy, is based in Irvine, Calif., and will collaborate with clients throughout the country to identify and execute opportunities to help them lower costs in managing their entire energy portfolio, reduce complexity, and deliver on increasingly important sustainability objectives.
“Edison International has a long history of leading the way in innovative solutions to energy challenges, both through our regulated businesses and our experience in competitive markets,” said Ted Craver, chairman and chief executive officer of Edison International. “Large energy users increasingly need a strategic partner to help them navigate through the diverse energy marketplace. Edison Energy will provide the expertise that will enable large commercial and industrial energy users to explore the many options available to them and to select the best portfolio of alternatives to power their operations.”
At an event held today at the University of California, Irvine, Edison Energy unveiled insights from an extensive study Edison International conducted into the future energy needs of large businesses. The research highlighted the challenges facing large energy users, including increasing complexity and cost, greater volatility, multiple regulatory jurisdictions, rapidly evolving technology choices and increasing environmental concerns. The company presented an overview of the research on the changing energy marketplace titled The New Energy Future – Challenges and Opportunities in Corporate Energy Management.
The research indicated that companies are concerned about managing costs and volatility, demonstrated by a finding that 25 percent of companies surveyed do not have an accurate overview of their total energy spend. In addition, the study found that only 6 percent of all companies believe they have captured all the energy opportunities available to them. A key finding for Edison Energy, the study showed an absence of trusted advisors and partners to help companies steer through the complex array of energy options, with more than 40 percent of companies stating the lack of a credible partner as a major barrier to making new investments in energy.
Customers, especially large commercial and industrial companies, have more energy choices than ever, driven by a complex, fragmented and often confusing mix of technologies, business models, and pricing structures available in the market.
“We are helping clients develop clear, enterprise-wide energy strategies and the detailed roadmap to realize those strategies for their businesses,” said Allan Schurr, president of Edison Energy. “Edison Energy will focus on meeting the needs of the country’s largest energy users in a variety of sectors such as commercial buildings, data centers, retail, industrial, health care and educational institutions.”
“Edison Energy has the capability to assess a customer’s energy strategy and the technical and engineering services needed to realize their cost, resiliency and sustainability objectives,” said Schurr. “Our heritage, resources, experience and entrepreneurial business model enable us to deliver the insights, integration and ‘Energy-as-a-Service’ approach to help make energy simple again.”
Edison Energy has been building its capabilities to meet the needs of the largest energy users with a combination of recent strategic acquisitions in energy consulting, efficiency and engineering, energy procurement and data analytics, as well as renewable energy advisory and procurement. Edison Energy already serves one in four of the FORTUNE 50 companies and employs more than 200 people. “Our existing client base illustrates the strong foundation of Edison Energy and the future opportunity to make ‘Energy-as-a-Service’ a reality for the nation’s largest users of energy,” commented Schurr.
About Edison Energy
Edison Energy is an independent advisory and services company with the capabilities to develop and integrate an array of energy solutions for the largest energy users nationwide. Edison Energy is focused on helping the largest energy users simultaneously reduce their energy costs, improve the environmental performance of their operations, ensure energy resiliency and manage exposure to energy price risk. We do that by providing insight, integration and an approach that simplifies through Energy-as-a-Service. Edison Energy has the heritage, resources, experience, technology and entrepreneurial business model to improve the way commercial, industrial and institutional organizations procure, use, and manage energy. Edison Energy makes energy simple again for the largest energy users.
Three recently acquired companies that are now part of the Edison Energy business are:
- ENERActive Solutions, based in Asbury Park, N.J., is a full- service energy consulting, engineering, and project development firm specializing in the analysis, design, development, and installation of energy efficiency projects, building system optimization projects, and power generation solutions for optimization and environmental control. Clients include colleges, universities, K-12 schools, government, high tech/data centers, industrial sites, hospitals and health care facilities.
- Delta Energy Services, based in Dublin, Ohio, provides custom energy consulting services to large energy users, typically corporations with at least $1 billion in revenue. Consulting areas include energy procurement, energy data management, renewable energy integration and energy policy analysis.
- Altenex, based in Boston, Mass., provides comprehensive renewable energy advisory and procurement services to its clients, featuring a proprietary market access platform where over 500 renewable energy developers with more than 4,500 wind, solar, biomass and hydro projects compete for their clients’ business. The company typically negotiates long-term power purchase agreements for renewable energy on behalf of their large corporate clients.
These three newly acquired companies join SoCore Energy, a Chicago-based market leader in commercial and industrial solar portfolio development that was acquired by Edison International in 2013. SoCore has installed hundreds of solar power systems in 17 states at multisite retailer sites, REITs and industrial companies, as well as electric cooperatives and municipalities.