Energy utility Constellation Energy Group Inc. (CEG) said that it has been selected again by Trenton Housing Authority to implement energy conservation measures at five housing developments through a second phase of a guaranteed energy performance contract (“EPC”).
Constellation will get $11.5 million from the Housing authority to implement energy saving measures. The new investment will be partially funded by the realized savings generated from the energy conservation measures the company implemented in 2008 through the first phase of the EPC program with the housing authority.
The second phase will once more ensure guaranteed savings in energy cost. Trenton Housing Authority will be able to save $31 million in guaranteed energy savings over the next 15-year period. Energy will be conserved via installation of updated HVAC systems and by conversion of boilers and bathroom showers. Constellation is expected to complete the work by fall 2012.
Besides ensuring energy savings, Constellation is also helping to promote solar energy use in Maryland, New Jersey, New York, Massachusetts, Ohio and Pennsylvania, through its solar panel leasing program. Per the program, the company will install solar panels on homes with little or no cost upfront to the customer. The consumers will then make lease payments to Constellation over a period of 20 years and will potentially reduce their electricity bills.
We appreciate the initiatives undertaken by the company to optimize energy usage while ensuring a greener environment through the promotion of solar energy.
Constellation Energy currently retains a Zacks #3 Rank, which translates into a short-term Hold rating. The peers of the company are American Electric Power Co. Inc (AEP) and Duke Energy Corporation (DUK).
Based in Baltimore, Maryland, Constellation Energy supplies energy products and services in North America. The company operates in three segments: Merchant Energy, Regulated Electric, and Regulated Gas.
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