New York City-based Consolidated Edison Inc. (ED) joined the St. Patrick’s Day celebrations having achieved a significant mark in its “Green Power” renewable energy program. ConEdison Solutions, a subsidiary of Consolidated Edison, said that the company has curtailed fossil fuel consumption for 2010 by an amount equivalent to 380,000 barrels of oil.
ConEdison Solutions serves more than 23,000 business and residential “Green Power” customers in New York, Connecticut and Massachusetts. The company pointed out that these helped achieve a notable reduction (nearly 200,000 tons) in emissions of harmful carbon dioxide in 2010.
The total amount of renewable “Green Power” used by ConEdison Solutions customers in 2010 was equal to preserving 1,330 acres of forest. This is equal in size to a full, dense forest one-and-a-half times the size of Manhattan’s Central Park.
St. Patrick’s Day is the greenest day of the year in America. People celebrate this day by wearing green clothes. Consolidated Edison took the opportunity of spreading the message of a greener world and a greener lifestyle.
ConEdison Solutions supplies renewable “green” energy from wind power located in New York State or around the country, and also from environmentally friendly “run-of-the-river” hydro power generated within New York State.
Consolidated Edison is a diversified utility holding company with subsidiaries engaged in both regulated and unregulated businesses. Consolidated Edison is a predominantly regulated utility with multi-year rate plans for its services. The stock is currently trading at a premium as per the current fiscal earnings estimates vis-à-vis its peers like American Electric Power Company Inc. (AEP) and Edison International (EIX).
Consolidated Edison currently retains a Zacks #3 Rank, which translates into a short-term Hold rating. Considering the fundamentals, we are maintaining our Neutral recommendation on the stock.
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