For Immediate Release
PHILADELPHIA (November 15, 2016) – PECO's operations provided a significant economic impact to the region and across Pennsylvania in 2015 according to a recent analysis by the Economy League of Greater Philadelphia and Econsult Solutions, Inc.
In terms of total employment, the company continued to serve as a significant employer in the region, increasing direct employment by 4.4 percent in 2015 to 2,565 full-time employees. Based on the analysis of PECO's operations, which measured the direct, indirect and the induced economic impact using the IMPLAN Input-Output model, the company had an estimated total economic impact of approximately $4.3 billion, supported nearly 9,000 jobs and produced more than $730 million in labor income across Pennsylvania.
"PECO serves as an economic driver for the region and the commonwealth of Pennsylvania," said Craig Adams, president and CEO. "We are committed to providing safe, reliable, affordable and clean energy and energy services to our customers in the communities we serve. The work we do every day helps us meet that commitment and also provides family-sustaining jobs for the region that help our neighborhoods thrive."
Based on the results of the analysis, PECO's individual company operations are similar in size and scope to other entire industries in our region, including the architectural, engineering and related services sector.
In addition to increasing employment and providing a substantial economic impact, PECO also increased its purchase of domestic, low-cost natural gas from the Marcellus Shale region in 2015. About 88 percent of the natural gas used by PECO customers in 2015 came from the Marcellus Shale region, up from 75 percent in 2014.
PECO's ongoing energy management programs and charitable giving continue to have a positive economic impact for PECO customers and the region:
Energy Management Programs:
PECO contributed more than $6.5 million in charitable contributions and employees continued to do their part by serving on 163 non-profit boards and logging 14,900 volunteer hours for numerous groups.
PECO also was recently recognized by Site Selection Magazine as one of the nation's top utilities for economic development. Specifically, the company was acknowledged for its successful partnerships with external stakeholders, including state, regional and county economic development organizations, and efforts to bring together critical resources to meet the needs of companies that are considering relocating or expanding in southeastern Pennsylvania.
In addition, PECO was named Best Employer in the Nation in the Midsize Utility category according to Forbes Magazine's "America's Best Employers 2016," and was recognized once again as an Environmental Protection Agency ENERGY STAR Partner of the Year for PECO Smart Ideas, the company's highly successful suite of energy efficiency and customer programs.
Based in Philadelphia, PECO is an electric and natural gas utility subsidiary of Exelon Corporation (NYSE: EXC). The company's 2,500 dedicated employees provide advanced, innovative energy solutions to 1.6 million electric and more than 511,000 natural gas customers in southeastern Pennsylvania. In 2015 PECO delivered 86.9 billion cubic feet of natural gas and 38 billion kilowatt-hours of electricity. The company also has an estimated annual economic impact of $4.3 billion in Pennsylvania, supporting more than 8,700 local jobs and producing $732 million in labor income. Founded in 1881, PECO is one of the Greater Philadelphia Region's most active corporate citizens, providing leadership, volunteer and financial support to numerous arts and culture, education, environmental, economic development and community programs and organizations. For more information visit PECO.com, and connect with the company on Facebook and Twitter.
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