ConEdison: Gas No Longer in the Longer Term View August 31 2020

S&P Global Market Intelligence reports:

Consolidated Edison Inc. will no longer invest in long-haul natural gas pipelines and may sell its existing portfolio, the company said just days after outlining plans for adopting alternative energy technology.

"I don't expect we'll be making any further investments in those types of gas transmission assets," Chairman, President and CEO John McAvoy said during an Aug. 26 investor presentation about environmental, social and governance issues.

"...natural gas, while it can provide emissions reductions, is no longer...part of the longer-term view," particularly in the U.S. Northeast where state regulators have blocked pipeline projects.

ConEd is one of several utilities looking to ramp up their renewable energy footprint as cracks appear in the role of natural gas as a bridge fuel between hydrocarbons and cleaner forms of energy. As of mid-July, 13 of the 30 largest U.S. publicly traded electric and gas utilities had set goals to achieve either zero or net-zero greenhouse gas emissions by 2050 or earlier or have set a goal of 100% clean electricity. At least 10 plan to reduce emissions of greenhouse gases, primarily methane, from their gas distribution and retail sales operations. Many of these efforts involve replacing older gas delivery pipelines.

See the full article from S&P Global here.

Thanks to NY-GEO member Bob Wyman for this tip.