) business unit - Constellation Energy Resources, LLC
- has constructed a 2.6-megawatt (MW) solar
generation project in N.Y. The company will invest, develop, own
and preserve the solar power systems of the project. This project
is expected to be completed by 2013.
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The solar system consists of roughly 9,000 ground-mounted,
photovoltaic panels located on approximately 9 acres. It will
generate nearly 3.3 million kilowatt-hours of power annually. At
the same time, this system will reduce carbon dioxide emission by
nearly 2,339 metric tons per year.
Constellation Energy will sell the output to
) over the next 20 years. The long-term power purchase agreement
will help Owens Corning to fulfill approximately 6% of
electricity requirements of its thermal and acoustical insulation
plant in Delmar, N.Y.
This project is partly supported by the New York State Energy
Research and Development Authority and will come under the New
York Sun initiative, a public-private partnership. The main
objective of this initiative is to expand the solar industry and
make solar technology affordable for every New York citizens.
We believe Exelon Corporation's efforts toward expansion of its
solar portfolio will create a win-win situation for both the
parties. This project will support Owens Corning's 2020
Environmental Footprint Goals for energy utilization and
minimization of greenhouse gas emissions.
Globally, utilization of renewable energy is rising primarily due
to its clean nature and a growing awareness among the masses
regarding its benefits. These influence utility providers to
shift their mode of power generation to solar, wind and water.
Constellation Energy currently owns and operates approximately
145 MW of solar installations that have been completed or are
under way throughout the United States. In Apr 2013, the company
constructed a 1.6 MW solar generation project in the Somerton
School District, Yuma County, Ariz.
Exelon Corporation generates 55% of its electricity from the
nuclear power plants. The company is currently venturing into
environment-friendly power projects, which will subsequently
allow it to avoid incidents like Japanese nuclear plant accident.
Currently, nearly 10% of Exelon Corporation's total production
comes from renewable sources, with the ratio rising gradually.
Apart from Exelon Corporation, other utility providers including
Wisconsin Energy Corporation
) also invest substantial amounts to expand and upgrade their
Chicago, Ill.-based Exelon Corporation, a utility services
holding company, engages in the generation, transmission,
distribution and sale of electricity to residential, commercial,
industrial and wholesale customers. Exelon Corporation currently
has a Zacks Rank #3 (Hold).