BALTIMORE--(BUSINESS WIRE)--
Baltimore Gas and Electric Company (BGE), one of the 25 largest private employers in Maryland with 3,200 employees, had an estimated economic impact of $5 billion of output, supported more than 9,500 jobs and produced more than $920 million in labor income in the company’s service area during 2015 according to the Economic Alliance of Greater Baltimore (EAGB).
“A strong economy powers a strong community and BGE takes pride in our role as an economic engine for the state of Maryland,” said BGE CEO Calvin Butler Jr. “Innovating today to meet our customers’ evolving energy needs and expectations also means continued investment in our service area. By working together with the state, emerging businesses and our customers, we will move smart energy, and our communities, forward.”
BGE’s total economic impact is comparable to the output of entire industries in its service area, such as legal services, employment services, and retail food and beverage. EAGB analyzed BGE’s 2015 general operations and measured the direct, indirect and the induced economic impact using the IMPLAN model.
Based on 2015 data, EAGB found that BGE’s ongoing energy management programs and charitable giving have a positive economic impact on our communities:
- Energy management programs had an estimated economic impact of more than $227 million of output, nearly 800 jobs, and nearly $50 million in labor income. BGE customers also saw more than $92 million in savings through these programs.
- Charitable contributions of $4.5 million supported approximately $8 million of output and $2 million in labor income.
In addition, the company’s Smart Energy Economic DevelopmentSM (SEEDSM) Program has approved incentives for 23 businesses which are expected to contribute to the addition of more than 3,200 new jobs in Maryland. New and expanding businesses creating new full-time employment can qualify for SEED discounts on natural gas and electric connection and usage costs.
BGE invested more than $6 billion in system upgrades and expansions since 2002 and an additional $4 billion will be invested during the next five years. These include investments in natural gas pipes, utility poles, overhead power lines, underground cable and other equipment. BGE also invests close to $600 million annually to operate and maintain the company’s electric and gas system infrastructure.
BGE, founded in 1816 as the nation’s first gas utility, is Maryland’s largest natural gas and electric utility. Headquartered in Baltimore, BGE delivers power to more than 1.25 million electric customers and more than 650,000 natural gas customers in central Maryland. The company’s approximately 3,200 employees are committed to the safe and reliable delivery of natural gas and electricity, as well as enhanced energy management, conservation, environmental stewardship and community assistance. BGE is a subsidiary of Exelon Corporation (NYSE: EXC), the nation’s leading competitive energy provider. Like us on Facebook and follow us on Twitter, YouTube and Flickr.
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