Supporting Our Stakeholders in the Transition of Our Electric Generation Fleet
We embrace our responsibility to deliver affordable, reliable and clean energy to our customers. Core to being a leader in the transition to a clean energy future is the reshaping of our electric generation fleet.
We have set and are well on our way to achieving some of the most ambitious carbon reduction goals in our industry, culminating in long-term expectations for our electric generation to be net carbon neutral by 2050.
Achieving our ambitious goals requires significant investment in renewable generation and research to identify technologies for the future, and continuous focus on the impact of our actions on our stakeholders. The following principles guide us on our path.
- Share information and engage in two-way dialogue with employees, union leadership, regulators, investors and communities about plans to retire power generation assets as far in advance of any plant closure as possible.
- Ensure that executive management provides personal updates to affected stakeholders throughout periods of facility transition.
Proactive Talent Management
- Continuously evaluate current and future workforce needs, and evaluate those needs in the context of expected retirements and other employee attrition in order to avoid or minimize layoffs and preserve job opportunities for employees affected by plant closures.
- Retain affected employees by offering appropriate training and development needed to assume new roles elsewhere in the company.
- Partner with civic and community leaders, economic development organizations, and others to identify opportunities for investment in new businesses and job creation.
- Reuse retiring plant locations for other clean energy assets and for preserving biodiversity and restoring the natural habitat of plants and wildlife.
- Leverage the power of our charitable foundations to support nonprofit programs and institutions.
Responsible Financial Solutions
- Evaluate the potential financial impact of generation reshaping to stakeholders who provided capital and financial support for prudent investments in affected assets
- Develop and advocate for fair and balanced approaches that take into account financial benefits and impacts to customers and other stakeholders.