BGE Economic Impact Exceeds $5 Billion
20 January 2017 - 5:46AM
Business Wire
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 and follow us on Twitter, YouTube and
Flickr.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170119006031/en/
Baltimore Gas and Electric Company (BGE)Richard Yost,
richard.yost@bge.comMedia Hotline: 410.470.7433
Exelon (NYSE:EXC)
Historical Stock Chart
From Apr 2024 to May 2024
Exelon (NYSE:EXC)
Historical Stock Chart
From May 2023 to May 2024