ComEd’s $7.4 Billion Investment in Local Communities

Map of Chicago, Illinois ComEd's $7.4 Billion Investment in Local Communities

(Credit: ComEd)

by | Apr 17, 2023

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Map of Chicago, Illinois ComEd's $7.4 Billion Investment in Local Communities

(Credit: ComEd)

ComEd, a major energy company serving the Chicago area, has committed significantly to advancing equity in its local communities.

In 2022, the company spent $963 million on businesses owned by women, people of color, and veterans. Representing a significant, 43% of its total supply chain spend. Of this diverse spend, $651 million was spent with Illinois-based suppliers.

It’s worth noting that the total amount spent with diversity-certified suppliers since 2012 has now reached $7.4 billion. Emphasizing the company’s long-term commitment to supporting diversity and inclusion in its business operations.

“Recognizing the important and growing role that diversity-certified suppliers play in meeting the needs of our customers and making their communities stronger, we will increase our diverse spend to 45% of our total supply chain spend by 2028,” said Gil Quiniones, CEO, ComEd. “We believe investing in businesses owned by people of color, women, and veterans is essential to creating an equitable clean energy transition.”

2022 Report

The 2022 report submitted to the Illinois Commerce Commission (ICC) sheds light on the company’s partnerships with diversity-certified suppliers. ComEd has formed partnerships with 650 suppliers in total, with 159 of these being new partnerships. Contributing significantly to various departments and workstreams across ComEd, ranging from construction to engineering and materials.

Moreover, these suppliers play critical roles in its customer-focused programs that are designed to help reduce energy use and costs. As a result of increased funding from the Climate and Equitable Jobs Act of 2021, these partnerships will continue expanding.

By working with a diverse group of suppliers, ComEd can tap into a range of skills, experience, and perspectives, helping it to achieve its business goals while supporting local economies.

Women-Owned

Intren LLC is an Illinois-based contractor that has been supporting ComEd’s initiatives, including the interconnection of community solar projects, which are expected to double to over 150 in northern Illinois by the end of 2023. Previously, Intren LLC was the largest woman-owned utility specialty contractor in the US. In 2021, it was acquired by MasTec, Inc., the second-largest Hispanic-owned company in the US with over 20,000 employees across North America.

Commitment to Local Communities

Additionally, ComEd’s commitment to increasing spending with diversity-certified suppliers is well-aligned with the performance targets adopted by the ICC in September 2022. This move is reflected in ComEd’s multi-year grid and rate plans filed with the ICC in January, which aim to strengthen the region’s infrastructure and economy. In addition, the company is looking to increase access to the benefits of clean energy and decarbonization.

The Illinois Utilities Business Diversity Council (IUBDC) was formed in 2015 to help utilities establish and share best practices for diverse supplier participation and development. Its members include Ameren Illinois, Aqua, ComEd, Illinois American Water, Nicor Gas, North Shore Gas, and Peoples Gas.

From 2017-2020, IUBDC reported that Illinois utility companies’ spending with diversity-certified suppliers contributed $11.8 billion to the state’s GDP, with $4 billion in purchases from Illinois-based diverse businesses.

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