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EEI Wall Street Briefing February 10, 2021 America’s Electric Companies Are #Committed2Clean Electric Power Industry Outlook A Message From EEI President Tom Kuhn Last February, we could not have imagined the severity of the global pandemic that was just over the horizon. This past year has been unprecedented, and it has been tough for our world, for our nation, for our cities and communities, and for so many families across our country.
Like they do when faced with any crisis, EEI’s member companies—America’s investor-owned electric companies—have met the challenges of the pandemic head on, with courage and commitment. They quickly adapted to very adverse circumstances, and they have worked tirelessly to deliver the safe, reliable, affordable, and clean energy their customers and communities need, while also protecting the health and safety of their employees.
As always, our North Star is serving our customers. As we look to 2021 and to all that we hope to accomplish this year, we will continue to center our efforts on maintaining the steady and strong transition to clean energy; modernizing the energy grid to make it more dynamic, more resilient, and more secure; and developing the innovative solutions our customers expect and deserve.
Thomas Edison once said: “What you are will show in what you do.” EEI’s member companies and our workforce were tested repeatedly throughout 2020. In every instance, they came through with flying colors. Their capability for doing so much, so well, inspires us. We will look to their example as we engage on the many exciting opportunities that we see in the year ahead. For us, the path forward is clear, and the path forward is clean.
Share on Social #PoweringThruTogether Throughout the COVID-19 crisis, we have focused on helping our customers and our employees power through together. Working with our government partners through the Electricity Subsector Coordinating Council (ESCC), we ensured that our industry’s frontline workers were designated as mission-essential. We also stood up teams to develop COVID-19 protocols to ensure business continuity. What started as an 8-page industry overview quickly grew into a comprehensive resource guide shared broadly with international electric companies in 90 countries.
Recognizing the dramatic impact of the COVID-19 pandemic on families and businesses across the country, EEI’s members also worked quickly to expand their well-established programs designed to reach customers suffering hardships. In addition to helping individual customers, EEI’s member companies have increased their charitable giving and their financial support to their communities through grants and donations. They also have contributed vast supplies of personal protective equipment and other critical materials to health care workers and first responders.
While the coronavirus remains a deadly adversary, the vaccines certainly give us hope. As we look for the light at the end of the tunnel, we know that our industry will play a critical role in supporting our customers and in helping our nation’s economic recovery.
Electric Companies and COVID-19: Helping Our Customers and Communities
Electric Companies Respond to the Global Pandemic – Electric Perspectives, May/June 2020
Carbon Emissions Lowest in 30 Years Carbon emissions from the U.S. power sector are at their lowest level in more than 30 years – and continue to fall.
Nearly 40% of Electricity Nearly 40% of all U.S. power generation comes from carbon-free sources, including nuclear energy, hydropower, wind and solar energy.
More Than 1/2 Over the past 10 years, more than half of new electricity generation capacity was wind and solar.
Leading on Clean Energy EEI and our member companies are united in our commitment to get the energy we provide as clean as we can as fast as we can, without compromising on the reliability or affordability that our customers expect and value. We are leaders on clean energy, and we already are making progress.
Carbon emissions from the U.S. power sector are at their lowest level in more than 30 years—and continue to fall. Today, nearly 40 percent of the nation’s electricity comes from carbon-free sources, including nuclear energy, hydropower, wind, and solar energy. Collectively, EEI’s member companies are on a path to reduce their carbon emissions at least 80 percent by 2050, compared with 2005 levels, with many companies pledging to reduce their emissions even further and even faster.
As impressive as our progress has been, and continues to be, now is the time to accelerate our efforts. With the right policies and the right technologies, a 100-percent clean energy future can be more than a goal. It can be a reality. For us, the path forward is clear, and the path forward is clean.
Our Clean Energy Vision More Than $1 Trillion INVESTED IN SMARTER ENERGY INFRASTRUCTURE Since 2010, EEI’s member companies have invested more than $1 trillion to build smarter energy infrastructure and to integrate new generation. Flat Average Bills Over this past decade of record investment, EEI’s member companies have kept growth in electricity prices below the level of inflation. 107 Million+ Smart Meters INSTALLED IN THE U.S. THROUGH THE END OF 2020 Smart meters have been the foundation for today’s customer-facing, modern energy grid. Investing in Smarter Energy Infrastructure Our industry is the nation’s most capital-intensive industry, and since 2010, EEI’s member companies have invested more than $1 trillion to build smarter energy infrastructure and to integrate new generation into the energy grid. These investments are critical to achieving our clean energy goals. They also help to protect the grid from extreme weather and cyberattacks; help predict, mitigate, and prevent outages; and help companies restore electricity faster when outages do occur.
Our significant investments in the energy grid ensure that our customers receive the electricity they need, when they need it, safely and reliably. A robust transmission system is essential to helping our industry continue its clean energy transformation. The transmission system also enhances grid resilience, powers electric transportation, and facilitates the adoption of a broad array of smart technologies to better serve our customers.
$67.7 Billion According to projections, EEI member companies invested $67.7 billion in 2020 to enhance the energy grid and to further support grid security efforts. Industry-Government Partnership ELECTRICITY SUBSECTOR COORDINATING COUNCIL (ESCC) The ESCC is critical to sharpening our security posture and to advancing our preparedness across a host of fronts. Addressing Wildfire Risks INDUSTRY PRIORITIES: MITIGATION, DETECTION, RESPONSE & RECOVERY Our industry and government partners are elevating the wildfire risk mitigation and response efforts to a national level through the ESCC. Building a Stronger Energy Future Protecting our nation’s energy grid and ensuring a reliable supply of energy are top priorities for EEI and our member companies. Over the past year, our industry confronted historic hurricanes, devastating wildfires, tornadoes, a powerful derecho, and a record-breaking October ice storm—not to mention a global pandemic. Each storm and each natural disaster is unique and creates new challenges. We are committed to learning from these events and to applying their lessons to make our industry’s response stronger and more efficient going forward.
Today, the CEO-led ESCC is working closely with our government partners to ensure that grid resilience and cybersecurity remain front and center, as always. One of our greatest strengths as an industry is our ability to convene and to adapt quickly to changing circumstances and challenging events. As always, we continue learning from these events to advance our preparedness for the future.
Protecting the Energy Grid for Customers Maintaining Our Financial Strength Our industry remains the most capital-intensive industry in America. For the ninth consecutive year, we expect another industry record, with total capital expenditures projected at $139.8 billion in 2020.
The industry’s average credit rating remained at BBB+ for a seventh straight year in 2020, and the industry extended its long-term trend of widespread and consistent dividend increases. A total of 34 companies or 87 percent of the EEI Index companies increased their dividend in 2020.
2020 Industry Financial Highlights
Additional Resources February 10, 2021 Press Release January/February 2021 Electric Perspectives Magazine  701 Pennsylvania Ave NW
Washington, D.C. 20004-2696
202-508-5000 Follow Us The Edison Electric Institute (EEI) is the association that represents all U.S. investor-owned electric companies. Our members provide electricity for about 220 million Americans, and operate in all 50 states and the District of Columbia. As a whole, the electric power industry supports more than 7 million jobs in communities across the United States. In addition to our U.S. members, EEI has more than 65 international electric companies with operations in more than 90 countries, as International Members, and hundreds of industry suppliers and related organizations as Associate Members.
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