NEW YORK, Feb. 10, 2016 /PRNewswire-USNewswire/ -- Edison Electric Institute (EEI) President Tom Kuhn and five other EEI officers – David Owens, Brian Wolff, Phil Moeller, Richard McMahon, and Quin Shea – today briefed Wall Street analysts, bankers, and investors on the state of the U.S. electric power industry. EEI represents all of the nation's investor-owned electric power utilities, which serve nearly 70 percent of American's industries, businesses and consumers. The presenters outlined the electric power industry's positive impact on the U.S. economy, and explained how EEI's members are creating a clean energy future that is customer-driven and delivered by a modern, reliable, and resilient grid.
"We are excited about the promise of tomorrow, and the possibilities that lie ahead for our industry," said Kuhn. "Across the country, we know customers believe that the way energy is used and produced is changing. They are excited about innovation and are paying attention to what is coming next. Most important, they expect our industry to be at the center of change and to deliver the future they want, in ways that do not jeopardize reliability and affordability."
"Electric utilities are investing in clean energy and pursuing energy efficiency," Kuhn added. "They are partnering with technology companies and start-ups to bring innovation to the forefront and to make the grid smarter and stronger. We are laser-focused on customers and the benefits they will derive from the changes underway."
Kuhn emphasized that the $930-billion electric power industry is critically important to the nation's economy, accounting for more than 2-percent of GDP. The industry is also leading the way in reducing emissions, he added. Nearly one-third of U.S. power generation now comes from zero-emissions sources like nuclear and renewables, including hydropower, wind, and solar. It is projected that EEI's members will spend more than $300 billion over the next three years to enhance the grid and to make the generation fleet even cleaner. So far, electric utilities have cut carbon dioxide emissions 15-percent below 2005 levels.
During the presentation, the EEI team outlined the ongoing grid transformation, the clean energy future, the industry's customer-driven approach to providing services, and the recent and impending policy and regulatory issues that will have a major impact on the industry. The presenters also highlighted the industry's commitment to improving efforts to protect the grid from cyber and physical security threats; the growing number of partnerships between electric power utilities and technology companies; and industry efforts to drive greater adoption of electric vehicles.
View the full briefing here.
EEI is the association that represents all U.S. investor-owned electric companies. Our members provide electricity for 220 million Americans, operate in all 50 states and the District of Columbia, and directly employ more than 500,000 workers. EEI has 70 international electric companies as Affiliate Members, and 270 industry suppliers and related organizations as Associate Members.
SOURCE Edison Electric Institute