Eastern Bank, a full-service commercial bank headquartered in Boston, is taking steps to help protect the environment by “greening” 100 percent of its electricity use with renewable energy certificates (RECs) from Constellation Energy (NYSE:CEG).
Constellation Energy’s retail business and Eastern Bank have signed an agreement for Constellation to supply more than 30 million kilowatt-hours of electricity to Eastern Bank’s 94 branches and five corporate centers for the next three years. The energy provided will be “greened” through Constellation renewable energy certificates, a key factor in Eastern Bank’s decision making process.
“Eastern Bank is proud to work with Constellation Energy in an effort that protects the environment and provides our offices with ‘green energy,’” said Eastern Bank’s Thomas Dunn, senior vice president, general services director. “We are committed to promoting sustainable environmentally friendly business practices and encouraging bank employees, customers and the community to adopt green practices into their lives.”
The RECs supplied to Eastern Bank by Constellation Energy are Green-e® Energy Certified and sourced from wind energy. The RECs give developers of renewable energy a market-based, financial incentive to build wind, solar and other forms of renewable energy. One REC is created for each megawatt-hour of renewable power that is delivered to the electric grid. Once a REC is sold, it is retired, ensuring that each REC is only used once.
“Eastern Bank was looking for a greener energy option from their energy supplier and by supplying renewable energy certificates we were able to meet their needs,” said John Bennett, vice president of sales for Constellation Energy. “Increasingly companies are searching for options to support sustainability goals and initiatives. We are proud that we are able to offer our customers multiple green products, including not only renewable energy certificates but also solar and load response options as well.”
The energy deal was brokered through Taylor Consulting, a national utility management firm specializing in deregulated energy procurement and regulated utility consulting. The bidding process for Eastern Bank’s electricity purchase was facilitated through Taylor’s online reverse auction platform EnergyAuctions.
"Taylor is pleased to have provided the platform for Constellation and Eastern Bank to facilitate this green energy purchase," said Karen Tomaine, CEO and president of Taylor Consulting. "Over the years, Constellation has won many of our EnergyAuctions solicitations, and we are confident that Eastern Bank will be provided quality service along with competitive pricing."
About Constellation Energy
Constellation Energy (www.constellation.com) is a leading competitive supplier of power, natural gas and energy products and services for homes and businesses across the continental United States. It owns a diversified fleet of generating units, totaling approximately 12,000 megawatts of generating capacity, and is a leading advocate for clean, environmentally sustainable energy sources, such as solar power and nuclear energy. The company delivers electricity and natural gas through the Baltimore Gas and Electric Company (BGE), its regulated utility in Central Maryland. A FORTUNE 500 company headquartered in Baltimore, Constellation Energy had revenues of $13.8 billion in 2011.
About Eastern Bank
Founded in 1818 and based in Boston, Eastern Bank is the largest independent and mutually owned bank in New England, with $7.6 billion in assets and more than 90 branches serving communities from the Merrimack Valley to Cape Cod. Eastern Bank offers banking, investments and insurance all under one roof, and prides itself on working harder to understand its customers’ needs so it can deliver these services in a committed and personal way. Eastern Bank includes Eastern Wealth Management and Eastern Insurance. For more information visit www.easternbank.com or www.facebook.com/easternbank.