2023 年年度公用事业脱碳报告【英文版】VIP专享VIP免费

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2023-10-17
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2023

Report

Annual Utility

BROUGHT TO YOU IN PARTNERSHIP WITH

The Annual Utility Decarbonization Report

is a deep dive into the state of decarbonization

across the top 47 investor-owned utilities

(IOUs) in the United States based on their

electricity generation.

The report utilizes a ranking system that focuses on

six key metrics related to each utility’s 2021* fuel mix,

CO2 emissions, decarbonization goals,

and low-carbon investments.

* Date of data collection: April 2023

n p u c a n n u a l u t i l i t y d e c a r b o n i z a t i o n r e p o r t 2 0 2 3 p r e f a c e ii

CHANGE AND

OPPORTUNITY

Electric power is a vital

component for every

facet of the economy.

This report aims to inform,

support, and encourage the

rapid decarbonization of

the electricity sector using

data-informed analysis.

This year's report emphasizes change

and opportunity in the utility sector.

It discusses the urgent need for change, industry progress

since the release of the last report, and strategies for

accelerated change in the race to net-zero.

Also highlighted are the advantages of decarbonization,

emphasizing that sustainability oﬀers both signiﬁcant

competitive and ﬁnancial opportunities.

n p u c a n n u a l u t i l i t y d e c a r b o n i z a t i o n r e p o r t 2 0 2 3 p r e f a c e iii

/54

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AnnualUtilityReportBROUGHTTOYOUINPARTNERSHIPWITHTheAnnualUtilityDecarbonizationReportprefaceiiisadeepdiveintothestateofdecarbonizationacrossthetop47investor-ownedutilities(IOUs)intheUnitedStatesbasedontheirelectricitygeneration.Thereportutilizesarankingsystemthatfocusesonsixkeymetricsrelatedtoeachutility’s2021fuelmix,CO2emissions,decarbonizationgoals,andlow-carboninvestments.Dateofdatacollection:April2023npucannualutilitydecarbonizationreport2023CHANGEANDElectricpowerisavitalOPPORTUNITYcomponentforeveryfacetoftheeconomy.Thisyear'sreportemphasizeschangeThisreportaimstoinform,andopportunityintheutilitysector.support,andencouragetherapiddecarbonizationofItdiscussestheurgentneedforchange,industryprogresstheelectricitysectorusingsincethereleaseofthelastreport,andstrategiesfordata-informedanalysis.acceleratedchangeintheracetonet-zero.Alsohighlightedaretheadvantagesofdecarbonization,prefaceiiiemphasizingthatsustainabilityoﬀersbothsigniﬁcantcompetitiveandﬁnancialopportunities.npucannualutilitydecarbonizationreport2023TABLEOFTheU.S.UtilitiesCONTENTSESGReportCardMethodology32ESGReportCard33ESGReportingStandards366ReasonsforDecarbonizingUtilities01DecarbonizationStrategiesforU.S.UtilitiesLookingBackat2021–2022Obstacles38Strategies39Highlights07Challenges09ChangesintheIndex10AboutUsAboutNPUC46The2023U.S.UtilitiesCollaborators48DecarbonizationIndexMethodology14DecarbonizationIndex15Bibliography50Year-to-YearProgression30npucannualutilitydecarbonizationreport2023prefaceivREASONSFORDECARBONIZINGUTILITIESTHEGROUNDSFORCHANGEREASON01The2023IPCCreport2warnsthathuman-causedclimatechangeisalreadyMOUNTINGaﬀectingglobalclimateandweatherextremes.LEVELSOFCOAsCO2concentrationsandglobaltemperaturescontinuetorise,thereisamorepressingneedforimmediateactiontowarddecarbonizationacrossallsectors.Speciﬁcallyforutilities,shiftingawayfromemission-intensiveelectricitysourcesismoreimportantthaneverbefore.PowergenerationisthesecondU.S.ELECTRICITYGENERATIONBYSOURCE,1990–2021largestsourceofgreenhousegas(GHG)emissionsintheU.S.1100%behindtransportation.In2021,greenhousegasCoalHerearesixreasonsNaturalGaswhyutilitiesneedtoemissionsfromelectricNucleardecarbonizeandmaketheshifttowardcleaner75%powerintheU.S.weremoreenergysourcesandoperationalpractices.than1,500millionmetricnpucannualutilitydecarbonizationreport2023tonsofCOequivalent.50%HydroelectricSolar25%WindOther0%2000201020201990SourceInternationalEnergyAgency3IntergovernmentalPanelonClimateChange016reasonsfordecarbonizingutilities02REASON02REASON03GROWINGTHEESGTheadoptionofsustainableDEMANDADVANTAGEpracticesisacompetitiveadvantageforutilities.Withpopulationgrowth,electriﬁcation,andincreasedindustrialactivity—especiallyinItcanattractclimate-consciousthetechnologysector—electricitydemandininvestors,enhancebrandtheU.S.andacrosstheglobeisrisingeachyear.Decarbonizingtheelectricitysectorcouldreputation,boostinvestortriggerdecarbonizationinothersectorsthatrelyonelectricity,resultinginadominoeﬀect.conﬁdence,andstrengthenU.S.RETAILGLOBALrelationshipswithregulators.ELECTRICITYSALESPROFESSIONALLYDirectUseMANAGEDFINANCIALBYSECTOR,1950–20224ASSETSTrillionkWhTransportation2014–2025ESGmandatedNon-ESGmandated232014TT1Residential20162018TT220202021◊TTCommercial2022†12023†TTBy2024,over50%ofall2024†professionallymanaged2025†TassetsareforecastedTtobeESG-mandated.TTTTIndustrialTT19501960197019801990200020100TT2020SourceU.S.EIA4SourceDeloitte5Asof2021evaluation◊=Expected†=Forecastnpucannualutilitydecarbonizationreport2023016reasonsfordecarbonizingutilities03REASON04CLEANENERGYANDCLIMATEFUNDINGINTHEINFLATIONREDUCTIONACT2022–2031ESTIMATEDSPENDING,USDMONETARYINCENTIVESBCleanElectricityBAirPollution,BCleanFuel&UtilitiescanreapsigniﬁcantTaxCreditsHazardousVehicleTaxmonetaryadvantagesfromMaterials,Creditsdecarbonization.Transportation&InfrastructureExamplesofsuchadvantagesincludelowerfuelcosts,increasedrevenueBstreams(e.g.,throughthesaleofrenewableenergycredits),reducedOtherregulatorycosts,andincreasedopportunitiestoobtaintaxcredits.BConservation,RuralInturn,consumersalsostandtobeneﬁtfromlowercostsorrebatesasaresultDevelopment,Forestryofmorecompetitivepricing.BIndividualCleanBCleanManufacturingBBuildingEiciency,Electriﬁcation,SourceU.S.CongressionalBudgetOﬃce6EnergyIncentivesTaxCreditsTransmission,IndustrialFacilities,npucannualutilitydecarbonizationreport2023DOEGrants&Loans016reasonsfordecarbonizingutilities04REASON05AsthetransportationﬂeetREASON06AsdemonstratedbytheRussia-Ukraineelectriﬁesacrosstheworld,conﬂictin2022,dependenceonforeignELECTRIFIEDthetwosectorscontributingENERGYoilandgascantriggereconomicTRANSPORTthemosttoGHGemissions,SECURITYshockwaves.electricityandtransportation,LIFE-CYCLEEMISSIONSaremerging.EmbracingcleanenergysourceslikeOFABATTERYDecarbonizingelectricityhaswind,solar,andnuclearenhancesenergyELECTRICVEHICLEthepowertodecarbonizethesecurity,reducingdependencyonotherusephaseemissionsofallnationsandprotectingagainstfossilfueltCO2EQUIVALENTelectricvehicles(EVs).pricevolatilityandsupplydisruptions.EmissionsfromelectricityFOSSILFUELPRICES2021–2022generationisbyfarthemostemission-intensiveNaturalGasEuros/MWh400CrudeOilUSD/barrel150stageinanEV’slifecycle.EUDutchTTFWTIBattery+5manufacturing+9+2620075Vehicle+1manufacturing-2Fuel/electricityproductionTailpipeemissions20212022020212022020232023MaintenanceCoalUSD/tonne500NewcastleRecyclingGlobalfossilfuelpricesexperiencedasurgeinTotal39tCOe2502022,reachingsomeofthehighestpriceswitnessedForcontext,acombustionenginevehicle'sinthelastdecade.life-cycleemissionsare55tCO2e.202120220Chartdisplayslife-cycleemissionsforamedium-sizedEV.2023SourcePolestarandRivianPathwayReport,20237SourceTradingEconomics8npucannualutilitydecarbonizationreport2023016reasonsfordecarbonizingutilities05–LOOKINGBACKATCHANGESTOCONSIDERHighlights07Challenges09ChangesintheIndex10HIGHLIGHTTHERISEOFNEWTECHNOLOGIESTherehasbeenincreasedpublicandprivatefocusonemergingenergytechnologiesfordecarbonization,suchas:HerearesomehighlightsLONG-DURATIONCASESTUDYandchallengesthattheENERGYSTORAGELDESXutilitysectorfacedin2021and2022withintheU.S.SMALLMODULARPG&EANDandbeyond,aswellasREACTORSENERGYVAULT’SsomeofthechangesyouLDESPROJECTcanexpectinthisyear’sGREENHYDROGENDecarbonizationIndex.PG&EispartneringwithEnergyVaultThesetechnologiesarecriticaltoenabletodeployautility-scalebatteryplusnpucannualutilitydecarbonizationreport2023reliablerenewableenergyintegration,greenhydrogenLDESsystem.enhancegridﬂexibility,andfacilitatethetransitiontoacleanenergyfuture.Thesystemisdesignedtohaveaminimumof293MWhofdispatchableenergytopowerthecityofCalistogafor48+hoursduringshutoﬀs,replacingdieselgenerators.SourcePG&E,EnergyVaultviaBusinessWire902lookingbackat2021-202207HIGHLIGHTHIGHLIGHTNUCLEAR’SGLOBALTHEINFLATIONTURNAROUNDREDUCTIONACTThereisaresurgenceofnuclearpowerIn2022,theInﬂationReductionActacrosstheworld.Speciﬁcallybecause:(IRA)wassignedintolaw.ENERGYSECURITYWithincentivesforcleanelectricityproductionandinvestment,itishasbecomeaprioritypost-energyprojectedtodrivedownpowercrisis,andnuclearisageopoliticallysectoremissionsthrough2030.secureenergysource.THEIRA’SPREDICTEDIMPACTTHERACETONET-ZEROONU.S.GHGEMISSIONSwillbecheaperandmoreeﬃcientwithMetrictonsofCOenuclearpowercomplementingrenewables.7BTECHNOLOGICALADVANCEMENTS%below2005levelslikesmallmodularreactorsandspent5BCurrentpolicy24–35%fuelrecyclingenhancethesafetyandaﬀordabilityofnuclearplants.IRA32–42%npucannualutilitydecarbonizationreport20233B20202030U.S.ParisAgreement20102030target50–52%SourceRhodiumGroup1002lookingbackat2021-202208CHALLENGETheimpactsofclimateCHALLENGEchangewerefeltacrossALARMINGtheworldin2022.ENERGYCRISISCLIMATERESHAPESU.S.DISASTERSFUELMIXTHECOSTLIEST>BDuetorisingnaturalgascostsafterthepandemic,EXTREMEWEATHERthepowersectorincreaseditsuseofcoalin2021,DISASTERSOFEuropeandemonstratingtheabilityofmarketﬂuctuationstodroughthinderprogresstowardcleanerenergysources.USDJune-September>BCOAL-FIREDNETELECTRICITYGENERATIONFROMTHEChinaﬂoodsTOPU.S.IOUSJune-2020VS.2021SeptemberB23%oftotalnetgenerationSouthwesternB>Bdrought,U.S.2020HurricaneIanChinadroughtYearroundMMWhCuba,U.S.YearroundSeptemberTheincreasedfrequencyand2021intensityofextremeweathereventsrelatedtoclimatechangeMMWhposechallengesforutilities,necessitatingresilient29%oftotalnetinfrastructureanddisastergenerationpreparednessmeasures.SourcesUNOﬃceforDisasterRiskReduction,11NOAA12Basedonutilitiesincludedinthisreport.npucannualutilitydecarbonizationreport202302lookingbackat2021-202209CHANGESINTHEThisyear,we’veexpandedandupgradedtheDECARBONIZATIONDecarbonizationReporttoincludemoreutilities.INDEXHerearesomeofthechangesyou’llseeasaresult.HerearesomehighlightsThisyear,theshareofcoal,wind,26%ofIOUsdidnotreporttheirandsolarincreasedintheoverallcapitalexpenditures(CAPEX)andTchheatolple47nsgU.eS.sIOtUhsaartetinhcluededinthiselectricitymixoftheIOUsincludeddedicatedtolow-carbonsourcesutiliy3te0yalras’ssteDyceecataro.rbArosnfsiauzacchtie,otndheInirdneepxto,rhctoehmapsaarewdidteorintheindex.(metric6),upfrom13%lastyear.pastscyoepeaarndwpiotrthraiynsatmhoereUac.cSu.ratepictureandobfedeycoarnbodn.izationinthepowersector.CAPEXREPORTINGU.S.NETELECTRICITY4.1BTOTALELECTRICITY12outofGENERATIONMWhGENERATIONBYSOURCEthe47IOUsdidnotreport2021U.S.Total2020clean-energyCAPEX.2.7B23%9%2%WhilefewerIOUsreportedlow-carbonMWhCoalWindSolarexpenditurecomparedtolastyear'sreport,it'simportanttonotethattheindustryiswitnessingTop47IOUs2021othernotabletrends,suchasinvestmentsin:U.S.ELECTRICCUSTOMERS,202125%10%3%CoalWindSolar109MTop47IOUs161MU.S.TotalThe47IOUsincludedinthe2023IndexSmartChargingBatteryEnergycomparedtothe30IOUsinthe2022Index.13GridsNetworksStorageEﬃciencynpucannualutilitydecarbonizationreport202302lookingbackat2021-202210CHANGESINTHEDECARBONIZATIONINDEXCONTINUEDThe2023DecarbonizationIndexdepicts2021data.Mid-sizeIOUsdominatedthetop4positionsinlastAssuch,theeﬀectsoftheCOVID-19pandemicarestillinyear'sindex.Thisyear,however,ConstellationEnergyplayinthisyear’srankings,albeitnotasdrasticas2020.(formerlyExelonandthelargestIOUintheU.S.bytotalnetgeneration),claimedthe#1spotthankstoitsimprovementsintotalCO2emissions,decarbonizationgoalsandlow-carboninvestment.EFFECTSOFPre-pandemic2021TOPRANKED2023THEPANDEMIC2019UTILITY1.332022U.S.comercial1.36BYUTILITYSIZEelectricitysalestrillionkWhtrillionkWhPriortothepandemic,commercialelectricityU.S.residential1.441.47saleshadn'tbeenthislow2021netowned55269electricitysalessince2012.andpurchasedtrillionkWhtrillionkWhelectricitymillionmillionResidentialsales,onthegenerationMWhMWhotherhand,havebeenboostedbyremotework.U.S.energy-related51474904Thelowestrankingsremainablendofsmall,CO2emissionsmedium,andlargeIOUsinbothyears,underscoringmillionmtmillionmtthatutilitysize,whilesigniﬁcant,isn'ttheforemostofCO2ofCO2hurdleinthedecarbonizationrace.SourceU.S.EnergyInformationAdministration1402lookingbackat2021-202211npucannualutilitydecarbonizationreport2023THEU.S.UTILITIESDECARBONIZATIONMethodologyINDEXDecarbonizationIndex1415Year-to-YearProgression30IINNVTREOSTDOURC-IONWGNTHEDEUTILLAITRIEGSESTBY2021NETOWNEDANDPURCHASEDELECTRICITYGENERATION,MWhIOUswithinternationaloperations(inadditiontotheU.S.)12345678269.1M224.8M221.3M197M175.9M150.4M142.8M137.9MMWhMWhMWhMWhMWhMWhMWhMWh9101112131415161755M53.7M51.5M48.4M1840.5M64.2M56.2M104.6M99.3M99M1920212223242526272829303136.4M34.4M34.4M34.3M34.1M33.1M31.9M31.6M30.6M22.6M22.4M19.5M19.4MFortisInc.ConsumersOG&EEnergyWECEnergyPinnaclePaciﬁcGasAlliantEnergyPPLCorporationEmeraAvangridPugetSoundTransAltaPortlandEnergyWestCapitalandElectricEnergyGeneralElectric3242433334353637383940414445464714.5M14.1M13.9M12.8M12.7M11.6M11.3M10.8M10.1M7.8M7.7M7.5M5.9M5.1M3.5M3.5MConsolidatedAlleteEnergyNiSourceAlgonquinAvistaUtilitiesPNMSempraClecoPowerLLCHawaiianBlackHillsNorthWesternNationalCenterPointOtterTailMDUMGEEdisonPowerResourcesEnergyElectricGridPLCEnergyIndustriesCorporationCorporationEnergyCorporationResources&Utilitiesnpucannualutilitydecarbonizationreport2023AESreportsgross(notnet)generationnumbers.03theu.s.utilitiesdecarbonizationindex13METHODOLOGYFUELMIXOwnednetgenerationfromHOWTHEUTILITYTheshareoflow-carbonlow-carbonsourcesDECARBONIZATIONsourcesinthecompany’sINDEXISSCOREDownedgenerationmix.TotalownednetgenerationCOEMISSIONSTotalCO2emissionsINTENSITYfromownedandTheamountofCOemittedperpurchasedgenerationmegawatt-hourofelectricitygeneratedandpurchased.TotalownedandpurchasednetgenerationThe2023AnnualUtilityTheﬁrstfourmetricsTOTALCOSumofCO2emissionsDecarbonizationIndexusesassessthefuelmixandCOEMISSIONSfromownedandthelatestavailabledata(2021)emissionsofeachutilityasofatthetimeofdatacollectionTheabsoluteCOemissionsfrompurchasedgeneration(April2023)totrackthetheirlatestreports(2021).ownedandpurchasedelectricitydecarbonizationprogressofgenerationofeachcompany.the47largestU.S.IOUsusingMetrics2-4exclusivelyfocusthefollowingsixmetrics.onCOasthisgasconstitutesCOEMISSIONSPERCUSTOMERover97%ofemissionsfromTotalCO2emissionsthepowersector.15COemissionsfromownedfromownedandandpurchasedelectricityConversely,thelasttwogenerationpercustomer.purchasedgenerationevaluatetheirfutureDECARBONIZATIONTotalnumberofretail,directionbasedonreportedGOALScommercialandgoalsandcapitalinvestmentsAnevaluationofthecompany’sindustrialcustomerssupportingtheirtransition.interimgreenhousegasreductionandnet-zerotargets.ComparisonoftheThesizesofIOUswererankedbasedontotalownedandcompany’sclimategoalspurchasedgeneration.Utilitieswithlessthan2millionagainstabaselineof50%MWhofownedgenerationwereexcludedfromthereport.GHGemissionsreductionby2030andnet-zeroby2050npucannualutilitydecarbonizationreport2023LOW-CARBONPlannedCAPEXINVESTMENTforlow-carbonTheshareofplannedcapitalgenerationexpenditure(CAPEX)forelectricitygenerationdedicatedTotalplannedCAPEXtolow-carbonsources.forgeneration03theu.s.utilitiesdecarbonizationindex14THEUTILITYWestCgyPNMXcelEnergyCenterPointDECARBONIZATIONResourcesEnergyEnerPinnaapcitalEmerainioAlliantHawaiianicDomIndEulescttrriesEntergy21222324INDEXInc.le20FortispraEergy193.53.53.53.43.43.3SemnEn1817Companiesarescoredonascaleforeachnergy163.5.02.03.03.01.0metricbasedontheir2021reports,andtheiroverallNorEvergy153.533.04.01.0CorthW1.0decarbonizationscoreisanaverageofthesesixmetrics.CoGenerPporeastter43.6.02.04.03.013.623.05.03.05.0.0.0nsolidalEloertlaionn13143.05.03.73.03.05.0.05.0LowestHighestPugeatedctrincd12.74.04.04.04.04.04.05.0tSouEdiso314.05.0n15.003.01.03.83.04.05.04.03.32.03.34.012345ndEn13.04.03.03.0Algonqergy3.83.03.05.05.03.0n/an/a3.04.0.0.310425.04.0.02.8&uinPo3.95.0.004.4.0METRICSNexUtilitwieer8.04.05.0452.83.0s9.05.02.04.0tEraEn4.0.0.05.04.03.5.053.3FuelMixe55.0rgy5.04.05.0.03.04.001.8Avis25.055.05CO2EmissionsIntensity4.TotalCO2EmissionstaUtilities64.4.0n/a7EdisonIntern4.23.0.0.0n/a5.05.0ational4.54.24.03.83.05CO2EmissionsPerCustomer05.0.0n/a3.052.8anPdacEiﬁleccGas55.0tric2.0DecarbonizationGoals4.045.05.05.05.0.04.05.4Low-carbonInvestmentEntePrupbrliisceSGervice12344.84.84.64.55.05.0.0n/aroup5.05.03.05.05.05.05.03.54.54.53.35.05.05.05.04ThispagepresentsIndexincludesparentcompaniesonly.Avangrid5.05.05.04thetop24companiesCompaniesthathaven'treporteddataforabyranking.metrichavebeendenotedwithn/aandhaveConstellationEnergybeenexcludedfromscoringforthemetric.03theu.s.utilitiesdecarbonizationindex15Decarbonizationnpucannualutilitydecarbonizationreport2023ScoreWECEnergyTransAltaElAemcterriiccanDukeEnergynLowestHighestPowerMGEEnergyAESCorporatterTailtionDTEEnergCorporatiopany12345METRICSOFuelMix25262728yComridPLCCO2EmissionsIntensityTotalCO2Emissions3.33.33.329nalGnergyCO2EmissionsPerCustomer30DecarbonizationGoals3.33.331NatioLow-carbonInvestment1.02.02.0lleteE3.03.33.232ceTheconsideredmetricsarenot1.0all-inclusiveintermsof3.03.03.02.03.133ANiSillstionergycompanies'net-zeroprogress.4.03.03ourRather,theyoﬀertrackable2.0.134kpHorarsEninsightsandhighlightgeneral4.0trendsintheU.S.IOUlandscape.4.05.03.02.02.935BlCacorsummpaenyUsingthiscomparative2.05.03.01.0analysis,wesimplyhighlightwhatispossible4.0n/a4.04.03.02.02.02.93ConhernCowhenserioustimeand4.0resourcesareallotted5.03.06todecarbonization.4.04.04.01.02Sout03theu.s.utilitiesdecarbonizationindex163.05.0213.03.53.82.5.9373.52.54.05.0.0.02eren2.05.03.04.05.0.939384.04.05.031.0AmEEnergyes2.82.0.02.84.03.83.053.0OG&esourcn/a4.01.5.02.2.002.71.03.5454.0.0.02.32.02.63.012.7MDUR4.01.0402.72.62.01.01.01.0n/a.5n3.04.01.042FirstEnergy41/a3.02.72.02.542.05.01.0.04.03.33.02.0RGEnergy1.01.55.043NireHathawayn/a3.03.02.02.01.1.0BEenrekrsghyn2.044445464755.0/a3.03.02.0PPLCorporation2.81.83.0.04.04.04.01.03.01.0Thispagepresentsthe3.02.01.04.02.32.32.2Vistrabottom23companiesClecoPowerLLCbyranking.3.0n/a2.82.83.01.01.05.0npucannualutilitydecarbonizationreport2023DecarbonizationScoreMETRIC01rpBerkDTCEoEmnepanyHawaiianicAlleteEnergySCooumthpearnnyAmericanTailCoshireHaEneIndEulescttrriesElectricPowerFUELMIXTOPU.S.UTILITIESOtterWthawragyyesPtinCapitaBYFUELMIX,naclelrgyThismetricmeasurestheshareoflow-carbonsourcesineachutility’sFossilfuelsDukEntergyoration21222324ownedelectricitygeneration.20eEne19Dom18Carbon-freesourcesEvrgy17nEn16inioergyNuclearpowerwasXc15thelargestsourceelEnergofcleanelectricityNory14amongthetop47IOUs.CortphWeergyorastitoern1303theu.s.utilitiesdecarbonizationindex17SCORECRITERIANextEraResouPNn30%1234rcesMEnerg30%5Shareoflow-carbonAvistay6sourcesinowned31%7electricitygenerationEntPubUtilities4932%8Morethan80%ScoreerprilsiceServ33%95Gi37%1060–80%411337%1240–60%241%120–40%42%42%Lessthan20%47%48%50%%Algonquroucpe51%&inUPtiloitwerEdisonInteries53%54%national57%anPdacEiﬁlecGas66%ctric66%ConsolidatedEdison77%Avangrid78%86%Includesrenewablesandnuclear.WhereownedgenerationwasnotreportedConstellationEnergy90%separately,thefuelmixofautility'scombinedownedandpurchasedgenerationwasused.100%50%0%npucannualutilitydecarbonizationreport2023TransAltaMDUAlliantEnergyKEYTAKEAWAYSResourcesAmerenCAoErSporationFossilfuelsEPnuegregtySoundergyricTotalElectricityMGEalElectGenerationbySource(all47IOUs)25262728NRGEnGenretlrandCarbon-freesources2930gyration31Ener32PoCorpo25.1%23.8%33CoalNuclear34BlackInc.FortisHillsridPLC35ationalGrgy2.4B3NEneMWh10%WindEC44454647WEnergy30%43tra2.6%Solar29%42Visers2.5%Hydro25%41Consum33.1%23%40Natural0.6%Otherrenewables21%392.3%Otherfossilfuels20%38gas19%19%17%14%37EmeraergyComparedtolastyear's119%11%OG&EEnDecarbonizationIndex,13the177%6shareofnaturalgasandnuclear%iSourcedecreasedintotalelectricitygeneration,whilecoal,wind,Nporationandsolarincreased.9%PPLCor9%17IOUsusedfossilClecoPowerLLCThismetricsolelyconsidersfuelsformorethan6%ownedgeneration,whichcanreﬂectautility’sdirectemissions.80%oftheirowned5%CenterPointEnergyHowever,purchasedpowerelectricitygeneration,2%agreements(PPAs)canalsoaiddecarbonization.someashighas100%.2%FirstEnergy2%0%SempraEnergy0%0%50%100%npucannualutilitydecarbonizationreport202303theu.s.utilitiesdecarbonizationindex18METRIC02TOPU.S.UTILITIESBYEMISSIONSINTENSITYMETRICTONSOFCO2/MWh,2021EMISSIONSINTENSITY1234567891011121314151617181920212223242526Thismetricmeasureshowmany0.03PSEGNextEraEdison0.23SempraEnergyAvistaUtilitiesDominionEnergyAvangridEntergyAlleteEnergy0.31PortlandGeneralElectricFortisInc.DukeEnergy0.35NorthWesternCorporationPinnacleWestCapitalAESCorporationXcelEnergyPugetSoundEnergySouthernCompany0.42BerkshireHathawayEnergyPNMResourcesConsolidatedEdisonAlliantEnergyConsumersEnergymetrictonsofCO2eachutilityemitsEnergyInternationalperMWhofownedandpurchasedPG&E0.10electricitygeneration.Constellation0.190.20EnergyAlgonquin0.25Power0.150.290.300.300.310.32&Utilities0.170.40.340.390.390.400.410.41MetrictonsofCOper0.470.490.490.50SCORECRITERIAMWhofownedandpurchasedgenerationScore0.6Lessthan0.22tonnes/MWh5Energysourcesandpowerplanteiciency(heatrate)canbothaect0.22–0.43tonnes/MWh4emissionsintensity.Movingawayfromfossilfuelswhile0.43–0.65tonnes/MWh30.8improvingeiciencyiskeytoreducingCOemissionsperunitofelectricity.0.65–0.87tonnes/MWh203theu.s.utilitiesdecarbonizationindex19Morethan0.87tonnes/MWh11.0MetricsthatconsiderbothownedandpurchasedgenerationmayresultindoublecountingofemissionsininstanceswhereanIOUpurchasestheownedgenerationofaneighboringIOU.npucannualutilitydecarbonizationreport2023COEmissionsIntensityMetrictonsof272829303132333435363738394041424344454647CO2/MWh0.0NationalGridPLC0.2KEYTAKEAWAYSEvergyEmeraConstellationEnergyandPaciﬁcGasandElectric,theutilitieswithOG&EEnergythelowestemissionsintensity,relyVistrasigniﬁcantlyonnuclearpowerfortheirownedgeneration,withnuclearAmericanElectricPoweraccountingfor80%and60%oftheirHawaiianElectricIndustriesnetgeneration,respectively.OtterTailCorporationEmissionsfrompurchasedWECEnergyelectricityisjustasrelevantasemissionsfromownedgenerationBlackHillsCorporationonthepathtonet-zero.TransAltaAssuch,utilitiesareencouragedtoNiSourcetakebothintoconsiderationwhilecalculatingtheiremissionsintensity,MGEEnergyjustaswehaveinthismetric.Ameren03theu.s.utilitiesdecarbonizationindex20FirstEnergyDTEEnergyCompanyMDUResourcesNRGEnergyPPLCorporationCenterPointEnergyClecoPowerLLC0.40.510.60.510.540.80.540.560.570.590.600.620.640.640.660.670.680.720.730.770.770.971.0npucannualutilitydecarbonizationreport20231.081.11METRIC03RankTotalCOemissionsTOTALCO2.0MTOPU.S.UTILITIESBYEMISSIONSTOTALCOEMISSIONS1AlgonquinPowerThismetricmeasureseachutility’s6OtterTailMETRICTONSOFCO2,2021absoluteCO2emissionsfromowned&Utilitiesandpurchasedelectricitygeneration.3.1MCorporation2.3M27MGEEnergy3.2MAvistaUtilities2.6M3PaciﬁcGas891011BlackHillsSempraEnergyandElectricCorporation3.3M3.8M4.4M5.0M4AlleteNational332.7M5GridPLCEnergy29.4MMDUResources2.7M12PNM35ResourcesDTEEnergyNorthWestern5.4MCompany33.2MCorporationAmeren136.0MHawaiianElectricIndustries321526.1M346.4MEvergy30.6MPPLCorporationCenterPoint1731MetrictonsoftotalCO14Energy7.0M36emissionsfromownedPortlandConsolidated18andpurchasedgenerationGeneralElectric6.1M16Edison8.3M39.6MSCORECRITERIALessthan19.7MtonnesScore6.8MConstellation19.7–39.4Mtonnes54AvangridEnergy39.4–59.1Mtonnes321.2M21Dominion22630Energy59.1–78.8Mtonnes1WECEnergy13.4M15.5M18.6M19Morethan78.8Mtonnes16.4M9.1MPugetSound9.4M20OG&EEnergyPublicServicePinnacleWest2712.4M17.3MEnergy9.1MEnterpriseCapitalGroup23NiSource2211.7MAlliantEnergy282925Emera11.4MFortisInc.ConsumersEdisonEnergyInternationalTransAlta2412.0MClecoPowerLLCRepresentsCO2-equivalentemissionsforcompanies03theu.s.utilitiesdecarbonizationindex21thatdidn'treportCO2emissionsseparately.npucannualutilitydecarbonizationreport20233940Someofthehighestemitters,KEYTAKEAWAYSnotablyVistra,AmericanElectric41.6M42.3MPower,andNRGEnergy,relyonThescoresofthismetricarefossilfuelsfor70%ormoreofsigniﬁcantlyinﬂuencedbyNRGEnergyNextEratheirelectricitygeneration.variationsinutilitysizeandfuelmix.Energy46Therangebetweenthelowest3841andhighestemittersdiﬀersbyan80.8Mastonishing5,000%,withutilities40.4M42.6MservingthemostcustomersgenerallySouthernbeingthelargestemitters.AESCorporationEntergyCompanyUtilitiesareunderpressuretomeet37424547thegrowingelectricitydemandresultingfromrapidelectriﬁcation.Assuch,39.6M46.0M77.0M98.7MemissionsarelikelytorisetemporarilyastheindustryleansawayfromfossilXcelEnergyFirstEnergyDukeEnergyVistrafuelsandtowardcleansources.4344Whilethisistheonlymetricintheindexthattakesabsolutenumbersinto56.6M63.3Mconsideration,it'simportanttohighlightwhoisputtingthemostcarbonintheAmericanBerkshireatmosphere,astheseutilitieshavetheElectricPowerHathawayEnergymostroomtoimprove.npucannualutilitydecarbonizationreport202303theu.s.utilitiesdecarbonizationindex22METRIC04TOPU.S.UTILITIESBYEMISSIONSPERCUSTOMERCOEMISSIONSPERCUSTOMERMETRICTONSOFCO2,2021Thismetricmeasureshowmanymetric40tonsofCO2eachIOUemitspercustomerfromtheirownedand30purchasedgeneration.Itincludesretail,commercial,andindustrialcustomers.SCORECRITERIAMetrictonsofCOemissions0.6PG&Epercustomer1.0NationalGridPLCLessthan8.1tonnes1.9ConsolidatedEdison1.9SempraEnergy2.2EdisonInternational2.3CenterPointEnergy3.0Avangrid4.1PSEG5.3ConstellationEnergy5.7FortisInc.5.9NorthWesternCorporation6.5AlgonquinPower&Utilities6.7PortlandGeneralElectric7.4FirstEnergy7.4NextEraEnergy7.6PugetSoundEnergy8.0AvistaUtilities8.2NRGEnergy9.2ConsumersEnergy9.4DukeEnergy10.0PNMResources10.1PinnacleWestCapital10.2AmericanElectricPower10.8XcelEnergyScore205108.1–16.2tonnes412345678910111213141516171819202122232416.2–24.4tonnes303theu.s.utilitiesdecarbonizationindex2324.4–32.5tonnes2Morethan32.5tonnes1RepresentsCO2-equivalentemissionsforcompaniesthatdidn'treportCO2emissionsseparately.DuetotheirinternationalreachandbeingconsideredanindependentpowerproducerinCanada,TransAltadoesnotreportacustomercountandisthusexcludedfromthismetric.npucannualutilitydecarbonizationreport2023COEmissionsClecoPowerLLCperCustomerMetrictons41.2KEYTAKEAWAYSofCO240Onaverage,thetop47IOUsemitted11.7metrictonsof30CO2percustomer.20IOUsservingmorecommercial/industrialcustomersmightscore10lowerforthismetric.Otherfactorstoconsiderare0theirnon-retailcustomersizes,25262728293031323334353637383940414243444546wholesalesales,andwhethertheircustomerbaseisprimarilytiedtonpucannualutilitydecarbonizationreport2023theirgenerationbusinessor10.9Emeratransmissionbusiness.11.0PPLCorporation11.5DominionEnergyIngeneral,however,companieswiththecleanestfuelmixesare12.7HawaiianElectricIndustriesamongthehighestrankersfor12.9WECEnergythismetric.13.0DTEEnergyCompany13.4Ameren03theu.s.utilitiesdecarbonizationindex2414.4Entergy14.5MGEEnergy15.2BerkshireHathawayEnergy15.7AESCorporation15.8AlliantEnergy15.9Evergy18.4SouthernCompany18.8MDUResources18.9NiSource21.8OG&EEnergy22.9Vistra23.0BlackHillsCorporation23.0OtterTailCorporation29.7AlleteEnergyMETRIC05DECARBONIZATIONGOALSThismetrictrackseachutility’sinterimandlong-termemissionsreductiongoals.Emissionsreduction20%40%60%80%Net-zeroThebaselinetargetsof50%emissionsreductionby2030andnet-zeroby2050aregoalfrombaselinegivenascoreof2.5.Therestarecomparativelyscoredbasedontheirambition.ScoreGoalType(ElectricityNaturalgasSteam)2025203020352040204520504.5GHGPublicServiceEnterpriseGroupSCOPE1&24.5CO4.3GHGAvangridSCOPE1&2TThheebbrreeaaddtthhooffInterimgoalUUllttiimmaatteeggooaall34COePortlandGeneralElectricSCOPE1,2&3eeaacchhuuttiilliittyy''ssggooaallss,,wwhheerreeiiddeennttiiﬁﬁeedd4CO4COeCenterPointEnergySCOPE1&24GHGSCOPE33.8CONextEraEnergySCOPE1&23.8GHGAvistaUtilitiesPlanstohavea3.8GHGcarbon-neutral3.5COsupplyofelectricity3.5GHGby20283.5COEdisonInternationalSCOPE1,2&3PugetSoundEnergySCOPE1&2SCOPE3(CUSTOMERENDUSE)NationalGridPLCSCOPE1&2SCOPE3AmericanElectricPowerConstellationEnergySCOPE1&2NiSourceSCOPE1SCOPE2MGEEnergynpucannualutilitydecarbonizationreport202303theu.s.utilitiesdecarbonizationindex25Emissionsreduction20%40%60%80%Net-zerogoalfrombaseline20452050ScoreGoalType(ElectricityNaturalgasSteam)20252030203520403.5GHGConsolidatedEdisonSCOPE1&23.5COeTransAltaSCOPE1&23.3GHGXcelEnergy3.3COEvergy3.3GHGPaciﬁcGasandElectricSCOPE1&2SCOPE33.3GHGAmerenSCOPE1&2Includes3.3COHawaiianElectricIndustriesSCOPE1&3purchased3GHGEntergySCOPE1,2&3power3GHGWECEnergy3GHGPinnacleWestCapitalSCOPE1&23COePPLCorporationSCOPE1,2&33GHGEmeraSCOPE1&22.8GHGNRGEnergySCOPE1,2&3(EMPLOYEEBUSINESSTRAVELONLY)2.8COeVistraSCOPE1&22.8CO&DominionEnergySCOPE1,2&3(MATERIALCATEGORIESONLY)Methane2.8CODTEEnergyCompany2.8COeAlgonquinPower&UtilitiesSCOPE1&22.8COClecoPowerLLC2.8GHGFortisInc.SCOPE1SCOPE3npucannualutilitydecarbonizationreport202303theu.s.utilitiesdecarbonizationindex26Emissionsreduction20%40%60%80%Net-zerogoalfrombaseline20452050ScoreGoalType(ElectricityNaturalgasSteam)20252030203520402.5CODukeEnergySCOPE1,2&(SOME)32.5GHG2.5COSouthernCompany2.3GHG2.3GHGAESCorporation2GHG2COConsumersEnergyELECTRICITYGENERATIONHasaninterimgoalof2GHGeliminatingownedcoal2COAlliantEnergySCOPE1generationby20401.8GHGFirstEnergySCOPE11.8GHGPlanstoceaseallcoal-ﬁred1.5GHGgenerationby20311.5CO1.5EinmteisnssiiotnyPNMResourcesELECTRICITYGENERATION1.5EinmteisnssiiotnySempraEnergySCOPE1&2OtterTailCorporationOWNEDELECTRICITYGENERATIONBerkshireHathawayEnergyNorthWesternCorporationSCOPE1&2OG&EEnergySCOPE1AlleteEnergyELECTRICITYGENERATIONBlackHillsCorporationMDUResourcesHasaninterimgoalofceasingcoaloperationsby2035npucannualutilitydecarbonizationreport202303theu.s.utilitiesdecarbonizationindex27METRIC06TOPU.S.UTILITIESintAmericaenrSouthernBYLOW-CARBONCenteErnPeorgyElectricCompanyLOW-CARBONINVESTMENTMGEEnergyINVESTMENTAESCInternPowFossilfuelsThismetricmeasurestheshareoforporEadtiisonal1617eachutility’srealizedorplannedcapitalexpenditure(CAPEX)foron15electricitygenerationdedicatedtolow-carbonsources.ation14Evergy13Low-carbonsourcesAlliargy1271%ntEEne1173%EC1073%W74%Dominionnergy76%77%Energy980%84%86%8Emer86%Constellatioa87%ShareofplannednEner790%generationCAPEXforSCORECRITERIAlow-carbonsourcesScoregyMorethan80%54Sempra660–80%3Energy240–60%1520–40%anPdacEilﬁecGas495%ctric96%Lessthan20%398%Avangrid100%EntePrupbrliisceSGerroviucpe2NextEraEnergy1100%The12IOUsthatdidnotreporttheirCAPEX100%50%0%ﬁgureswereexcludedfromthismetric.03theu.s.utilitiesdecarbonizationindex28npucannualutilitydecarbonizationreport2023DukeEnergyCDToEmEpnaenrygyFortisInc.EntergyXcelEnergyitalFossilfuelsLow-carbonsources181920WPiennacstClaepergyKEYTAKEAWAYS2122RGEnSomeIOUsthatlaginothermetricsrankhighinthisone,namely23NsAltaSempraEnergy,CenterPointEnergyandSouthernCompany,24TranEnewhoaredemonstratingtheirrgymeaningfulactionsforthefuture.68%67%25AlleteReportingdetailedCAPEXdata67%forgenerationisimportantfor62%26istratransparency,accountability,andVinvestorconﬁdence.55%ergyThereisaneedforincreased55%27FirstEndisonindustry-wideeﬀortsinthisregard,50%edEasover25%ofIOUsincludedin49%28olidatthisreportcurrentlydonot46%Consdisclosetheseﬁgures.29Energyonsumers03theu.s.utilitiesdecarbonizationindex2943%CPower43%3040%Algonilqituieins38%&Ut32%31away30%kshireHathBEenrergyLower-rankedIOUsmaybe7%32investingindecarbonization-supportingtechnologieslike3%33Amerenbatterystorageandsmartgrids.1%34NationalGridPLCYet,iffossilfuelsdominateanIOU'sgenerationCAPEX,such0%investmentsholdlimitedimpact.35PPLCorporation50%100%npucannualutilitydecarbonizationreport2023YEAR-TO-YEAR2022Rankings(2020Data)2023Rankings(2021Data)PROGRESSIONPublicServiceEnterpriseGroup11ConstellationEnergyPreviouslyExelonThe2023UtilityDecarbonizationIndexNextEraEnergyResources22Avangridanalyzedmorecompaniesthanin2022,PaciﬁcGasandElectric33PublicServiceEnterpriseGroupandconsideredparentcompaniesonly.Avangrid44PaciﬁcGasandElectricHereisalookathowtherankingshaveExelon55EdisonInternationalchangedbetweenthetwoyears.PortlandGeneralElectric66AvistaUtilitiesDominionEnergy77NextEraEnergyRankIncreaseFloridaPowerandLight88AlgonquinPower&UtilitiesRankDecreasePNMResources99PugetSoundEnergyNewlyAddedin2023AlliantEnergy1010ConsolidatedEdisonConsolidatedEdison1111PortlandGeneralElectricFortisInc.1212NorthWesternCorporationAmericanElectricPower1313EvergyConsumersEnergy1414SempraEnergyEvergy1515DominionEnergyNRGEnergy1616FortisInc.AESCorporation1717AlliantEnergyXcelEnergy1818PinnacleWestCapitalWECEnergy1919EmeraDTEEnergy2020EntergyDukeEnergy2121HawaiianElectricIndustriesEntergy2222PNMResourcesTransAlta2323XcelEnergyEmera2424CenterPointEnergyAmeren2525WECEnergy26TransAltaBerkshireHathawayEnergy2627AmericanElectricPowerOklahomaGas&ElectricCompany2728DukeEnergy29MGEEnergySouthernCompany2830AESCorporationPPLCorporation2931OtterTailCorporationVistra3032DTEEnergyCompany33NationalGridPLCNextEraEnergyResourcesandFloridaPowerandLight34AlleteEnergyaresubsidiariesofNextEraEnergy.35NiSource36BlackHillsCorporationnpucannualutilitydecarbonizationreport202337ConsumersEnergy38SouthernCompany39Ameren40OklahomaGas&ElectricCompany41MDUResources42FirstEnergy43NRGEnergy44BerkshireHathawayEnergy45PPLCorporation46Vistra47ClecoPowerLLCTHEU.S.UTILITIESESGREPORTCARDMethodology32ESGReportCard33ESGReportingStandards36METHODOLOGYEnvironmental,socialandgovernance(ESG)accountingandtransparencygoeshandinhandwithdecarbonization,brandHOWTHEESGREPORTvalue,reputation,andriskmanagementforelectricutilities.CARDISSCOREDToshedlightontheleveloftransparencyamongthetopU.S.IOUs,withanemphasisonthe"E"inESG,theESGreportcardevaluateswhethereachutilitypubliclydisclosedthefollowingmetricsin2021.SCOPEDirectemissionsresultingfromINTERNALTheamountofenergyusedEMISSIONSownedorcontrolledsources.ENERGYforelectricitygenerationandCONSUMPTIONotheroperations.SCOPEIndirectemissionsresultingfromWATERTheamountoffreshwaterEMISSIONStheconsumptionofpurchasedWITHDRAWALwithdrawnforelectricityelectricity,heat,orsteam.generationandotheroperations.SCOPEIndirectvaluechainemissionsfromupstreamWASTETheamountofwastegeneratedEMISSIONSanddownstreamoperations,includinghowGENERATIONduringelectricitygenerationmanythey’vereportedoutofthe17categoriesandotheroperations.identiﬁedbytheClimateDisclosureProject.CURRENTThecurrentshareofeachenergysourceVEHICLEUtilities'vehicleﬂeetelectriﬁcationENERGYMIXinautility’sownedgenerationmix.ELECTRIFICATIONplansandinitiativesthatsupportelectriﬁcationforcustomers.PROJECTEDTheprojectedshareofeachenergyPOLITICALThespeciﬁcsofanyﬁnancialdonationsENERGYMIXsourceinautility’sownedgenerationmix.CONTRIBUTIONSmadebythecompanytopoliticalcandidates,parties,oradvocacygroups.npucannualutilitydecarbonizationreport202304theu.s.utilitiesesgreportcard32THEU.S.UTILITIESESGREPORTCARDReportedNotreportedIOUsareintheorderofnetNumberofelectricitygeneration(MWh)metricsreportedCompaniesScope1Scope2Scope3CurrentProjectedInternalWaterWasteVehiclePoliticalemissionsemissionsemissionsenergymixenergymixenergywithdrawalgenerationconsumptionelectriﬁcationcontributionsConstellationEnergy15DukeEnergy233NextEraEnergy310SouthernCompany45N/AVistra54BerkshireHathawayEnergy634Entergy77DominionEnergy86AESCorporation934XcelEnergy103AmericanElectricPower1112FirstEnergy128EdisonInternational134PublicServiceEnterpriseGroup1436NRGEnergy151Evergy1646Ameren17DTEEnergyCompany18FortisInc.19ConsumersEnergy20OG&EEnergy21WECEnergy22PinnacleWestCapital23npucannualutilitydecarbonizationreport202304theu.s.utilitiesesgreportcard33ReportedNotreportedScope1Scope2Scope3CurrentProjectedInternalWaterWasteVehiclePoliticalemissionsemissionsemissionsenergymixenergymixenergywithdrawalgenerationCompaniesconsumptionelectriﬁcationcontributionsAlliantEnergy242PPLCorporation251Emera262PaciﬁcGasandElectric276Avangrid285PugetSoundEnergy292TransAlta3010PortlandGeneralElectric311ConsolidatedEdison322AlleteEnergy331NiSource342AlgonquinPower&Utilities359AvistaUtilities361PNMResources37N/ASempraEnergy383ClecoPowerLLC39N/AHawaiianElectricIndustries405BlackHillsCorporation412NorthWesternCorporation421NationalGridPLC436CenterPointEnergy441OtterTailCorporation451MDUResources461MGEEnergy472Unitil484Duetolowownedgeneration,Unitilwasnotincludedinthemainindex.SourcesClimateDisclosureProject,16Companysustainabilityreportsnpucannualutilitydecarbonizationreport202304theu.s.utilitiesesgreportcard34KEYTAKEAWAYSFROMWHATARETHEMOSTREPORTEDTHEESGREPORTCARDSCOPE3METRICSBYU.S.IOUS?Whilescope1emissions,currentenergymix,Purchasedgoodsandserviceswaterwithdrawal,andwastegenerationarebroadlyEmployeecommutingreportedwithintheindustry,moreeﬀortsareBusinesstravelneededinthereportingof:Fuelandenergy-relatedactivities(notincludedinscope1or2)ThisisespeciallyGenerallyincludespurchasedpowerrelevantforIOUsthatUseofsoldproductsaresmallerinsizeinEspeciallyrelevantforcompaniestermsofnetgeneration.thatalsosellnaturalgasProjectedInternalEnergyPolitical04theu.s.utilitiesesgreportcard35EnergyMixConsumptionContributionsComparedtolastyear'sAnnualUtilityNonetheless,IOUsareencouragedtoDecarbonizationReport,13therearebenchmarktheirscope3reportingpracticesagainsteachotherandalsofewergapsinscope3emissionsreportingacrosstheboard.collaboratetopromoteevenmoreconsistentESGreportingacrosstheindustry.npucannualutilitydecarbonizationreport2023DIVINGDEEPERCARBONUpdateditsscoringmethodology,withDISCLOSUREanincreasedfocusonsector-speciﬁcESGPROJECTperformance,Scope3emissions,waterREPORTINGU.S.SECURITIESsecurityandscience-basedtargetsSTANDARDSANDEXCHANGEalignedtotheParisClimateAgreement.COMMISSIONWithpressurefromregulators,CreatedaClimateandESGTaskForceinvestorsandthegeneralpublic,ESGSECtoidentifyESG-relatedmisconduct.17reportingstandardsareconstantlyevolvingtobecomemorerobust.SUSTAINABILITYProposednewrulestoenhanceACCOUNTINGclimate-relateddisclosures,potentiallyHerearesomerecentSTANDARDSBOARDleadingtomandatoryreporting.18changestokeepinmind.SASBNote:MandatoryESGreportinghasnpucannualutilitydecarbonizationreport2023recentlybeenscheduledintheEU,settingprecedent.19Isreﬁningitsmaterialityframeworktoprovidemoreclarityonhowcompaniesshouldidentifyandprioritizesustainabilityissues.04theu.s.utilitiesesgreportcard36DECARBONIZATIONSTRATEGIESFORU.S.UTILITIESOPPORTUNITIESANDSOLUTIONSFORCHANGEObstacles38Strategies39THEOBSTACLESTODECARBONIZATIONBeforedivingintotheTechnologicalCostsIntermittencyofFundingandstrategies,here'sabriefandAvailabilityRenewablesRegulatoryNeedsoverviewofthe6mainobstaclestothenet-zerotransitionthatwerecoveredinlastyear'sAnnualUtilityDecarbonizationReport.13LackofSocio-economicWorkforceTransmissionDivideDevelopmentInfrastructurenpucannualutilitydecarbonizationreport202305decarbonizationstrategiesforu.s.utilities38STRATEGY01LEADINGRESEARCHONEMERGINGTECHNOLOGIESAddressingObstacles01,02,04,and06CASESTUDYBasedonthe2023EmergingtechnologiesthatimprovegridXUtilityDecarbonizationﬂexibility,enhanceenergyeﬃciency,andIndex,theobstaclestosupporttheadvancementofcleanenergyAVANGRID&SEMPRAdecarbonization,andtheandelectriﬁcationareinstrumentalinCOLLABORATEONthemesofchangeandtransformingthepowersectortowardCLEANHYDROGENopportunity,hereareﬁvealow-carbonfuture.ANDAMMONIAstrategiestoacceleratedecarbonizationforThereareampleopportunitiestoIn2022,AvangridandSempraelectricutilities.collaborateacrosstheindustry,suchasInfrastructuresignedaheadsofthroughrevenuesharingmodelstohelpagreementtojointlydeveloplarge-scalebringtechnologiestothemarketquickergreenhydrogenandammoniaprojectsandmoreeﬀectively.Inthelongrun,earlypoweredbyrenewableenergy.investmentsinnewtechnologiescancutcosts,increaserevenuestreamsandleadTheinitiativecombinesAvangrid'stohigherinvestorconﬁdence.backgroundinrenewableenergywithSempraInfrastructure’sexpertiseinbuildingenergyprojects.npucannualutilitydecarbonizationreport202305decarbonizationstrategiesforu.s.utilities39STRATEGY02CLEANELECTRICTYTAXCREDITSINTHEIRAUSDLEVERAGING.BCreditforElectricity.BCleanElectricityGOVERNMENTFUNDINGProducedfromInvestmentCreditRenewableSourcesAddressingObstacles01,03,and04QualiﬁedinvestmentsincleanenergyRenewableenergyplantsareeligiblefacilitiesareeligibleforacreditofupUtilitieshaveaccesstobillionsinfundingforacreditofupto$1.8/kW.21to30%ofthetotalamount.21throughtheInﬂationReductionActandBipartisanInfrastructureLaw.TheIRA'sCleanElectricityTaxCreditsaloneoﬀer$161Bforcleanpowergenerationandinvestment,inadditiontofundsfortechnologieslikegreenhydrogen,carboncapture,andenergystorage.GOVERNMENTFUNDINGCHECKLIST.BZero-EmissionNuclear.BExtensionandModiﬁcationClearNetZeroStrategyPowerProductionCreditofEnergyCreditLong-TermPlanningMetrics&Reporting.B.BCleanElectricityPartnerships&CollaborationProductionCreditTechnologicalInnovationCreditforCarbonEconomic&SocialBeneﬁtsRegulatoryComplianceOxideSequestrationnpucannualutilitydecarbonizationreport2023.BCostRecoveryforQualiﬁedFacilities,QualiﬁedProperty,andEnergyStorageTechnology05decarbonizationstrategiesforu.s.utilities40STRATEGY03Assuch,smallerutilitiesandsubsidiariesCASESTUDYoflargerIOUsshowgreaterpotentialforLEANINGINTOmakingsigniﬁcantprogressintheEXELONCOMPLETESSMALLUTILITYdecarbonizationeﬀort.THESEPARATIONOFITSMODELSPOWERGENERATIONCreatingdivisionsthatfocusonBUSINESSAddressingObstacles03and06decarbonizationcanallowutilitiestopursueindependentgoalsthatcouldU.S.’slargestelectricutility,ExelonWhenitcomestocompanysize,otherwisebeconﬂictingwithotherCorporation,hasseparateditsnewthereareadvantagestobeinglargepartsofbusiness,whiletargetingasubsidiary,ConstellationEnergyenoughtohaveampleresourcesmorefocusedgroupofinvestors.Corporation,intoastandalonecompanybutsmallenoughtobenimbleinfocusedonpowergenerationsolutions.thefaceofnecessarychanges.ThismoveallowsConstellationtoindependentlypursueitsrenewableenergygoalsandcontributetothedecarbonizationeﬀortswithintheutilitysector.Meanwhile,Exelonwillfocusondevelopingitstransmissionanddistributionbusiness.npucannualutilitydecarbonizationreport202305decarbonizationstrategiesforu.s.utilities41STRATEGY04CASESTUDYSUPPORTINGNATIONALGRIDUSESTECHNOLOGYPERSONALIZEDVIDEOSTRANSITIONSTOEDUCATECUSTOMERSONHEATPUMPSAddressingObstacles05and06IncollaborationwithOpower,DecarbonizingtheutilitiessectorNationalGridusedpersonalizedrequiresamulti-stakeholderapproach.videostoeducatecustomersaboutthebeneﬁtsofinstallingheatpumps.EachutilitymustplayapartintheeducationInthevideossentviaemail,customersandawarenessofitscustomerbasewhilesawhowmuchtheywerespendingonensuringthatthetransitiontonet-zeroisasheatingandcooling,learnedaboutheatsmoothaspossiblefortheiremployees.pumptechnology,andwereencouragedtoparticipateinNationalGrid'sheatTHREEMUST-HAVESFORAGREENSupportingcustomersisespeciallypumprebateprogram.ThecampaignimportantasthetransportationsectorledtothousandsofcustomersWORKFORCEDEVELOPMENTPROGRAMelectriﬁesandenergyeﬃciencyultimatelypurchasingheatpumps.Launchretrainingprogramsmeasuresbecomenecessary.Attractyoungertalent05decarbonizationstrategiesforu.s.utilities42InvolveminoritypopulationsAdditionally,utilitiescanhelphouseholdsintakingadvantageoftheindividualnpucannualutilitydecarbonizationreport2023cleanenergyincentivesintheIRA.STRATEGY05CASESTUDYENCOURAGINGCONSOLIDATEDDEMANDRESPONSEEDISON’SONGOINGMANAGEMENTSYSTEMSDRMSPARTNERSHIPWITHTHECITYOFNEWYORKAddressingObstacles02and05Since2013,theDemandResponseDemandresponseisastrategyprogramputforthbyConsolidatedthatallowselectricityconsumersEdisonandtheCityofNewYorkhastoadjusttheirenergyusagebasedbeeninplacetoprotectthecity’songridconditionsandpricesignals.electricitygridintimesofhighdemand,suchasduringheatwaves.WHYDRMS?DemandresponsecanhelpachieveTobalancethegrid,createadditionalIncreasedGridStability&Reliabilitydecarbonizationbyincentivizingrevenueforparticipants,andavoidtheCost&EnergySavingsconsumerstoreducetheirelectricityuseofhigh-emissionelectricitysourcesRenewableEnergyIntegrationconsumptionduringpeakdemandperiods.likecoal,555facilitiesparticipateintheEmpoweringtheCustomerprogramtoreduceelectricityuseGridFlexibilityThisreducestheneedforfossilfuel-basedduringpeaktimes.peakingpowerplantsandpromotesthenpucannualutilitydecarbonizationreport2023integrationofintermittentenergysources,05decarbonizationstrategiesforu.s.utilities43suchaswindandsolar.EMBRACING05decarbonizationstrategiesforu.s.utilities44AFUTUREOFCHANGEANDOPPORTUNITIESInthistransformativeeraofenergy,U.S.utilitiesarepresentedwithasigniﬁcantchancetochallengetheexistingnormsandleadthewayinachievingnet-zeroemissions.Byrevolutionizingthecustomerandworkforceexperienceandpioneeringeﬀectivesolutionsforachievingnet-zeroemissions,utilitiescannotonlycontributetoabrighterfuturebutalsoserveasaguidinglightforothersectorstoemulate.npucannualutilitydecarbonizationreport2023ABOUTUSAboutNPUC46Collaborators48ABOUTNPUCFromchampioningpracticalsolution-basedroundtablediscussionstoTheNationalPublicUtilitiesCouncil(NPUC)beingarepositoryofknowledgeandresearchforutilities,NPUCisisaleadingresearchorganizationdedicatedtodrivingpioneeringthedecarbonizationprogressinthedecarbonizationofthecleanenergytransition.movementandforgingnewpathsforutilitydecarbonizationeﬀorts.NPUC’SGOALSTokeepuptodatewithNPUC’sBRINGTOGETHERroundtables,conferencesandINDUSTRYLEADERSgeneralconversationaroundutilitydecarbonization,visit:todiscussbottlenecksandbestdecarbonizationreport.compracticesontheroadtodecarbonization.06aboutus46IDENTIFYEMERGINGINDUSTRYTRENDSShareknowledge,revealopportunities,andexpeditesolutionsthroughbenchmarkingandinteractivedialogue.WORKWITHPARTNERStocreateavaluablelearningexperienceforallstakeholderstodrivecollaborationinachievingnet-zero.npucannualutilitydecarbonizationreport2023ABOUTTHEDECARBONIZATIONCHANNELInpartnershipwithNPUCandVisualCapitalist,theDecarbonizationChannelhostscontentthatshinesalightontheprogresstowardnet-zerogoalsintheU.S.anddrivestheutilitydecarbonizationconversationforward.Thewebsiteprovidesutilities,administrators,investors,andutilitycustomersadata-drivenlookatallthingsdecarbonizationwithafocusontheU.S.energysector.Checkoutthecontentnowat:decarbonization.visualcapitalist.comnpucannualutilitydecarbonizationreport2023COLLABORATORSAspecialthankyoutotheteammembersat,andfriendsof,theNationalPublicUtilitiesCouncil,MotivePower,andVisualCapitalist,whohavecontributedtheirtimeandexpertisetocreatethisbodyofwork.AUTHORS/RESEARCHLeadWriterCOPYEDITOREditorWriterAccountDirectorSelinOğuzKatieJonesGovindBhutadaSalinaVuongDESIGNArtDirectorWITHTHANKSTOFounder,NPUCArtDirectorNeilSchwartzClaytonWadsworthAngelLanceAmyRealeyDesigner06aboutus48AmyKuoDesignerTaraNemecMirandaSmithnpucannualutilitydecarbonizationreport2023BIBLIOGRAPHYPageSource0202EnvironmentalProtectionAgency.SourcesofGreenhouseGasEmissions.02Retrievedfromhttps://www.epa.gov/ghgemissions/sources-greenhouse-gas-emissions#:~:text=Transportation%200303IntergovernmentalPanelonClimateChange.(2023).AR6SynthesisReportClimateChange2023.04Retrievedfromhttps://www.ipcc.ch/report/ar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