LS Power Publishes Inaugural Sustainability Report, Emphasizing Commitment and Industry-Leading Efforts to Decarbonize the Energy Grid
LS Power, a leading development, investment and operating company focused on the North American power and energy infrastructure sector, today announced the release of its inaugural sustainability report. This report is informed by the Global Reporting Initiative Standards (GRI) and the Sustainability Accounting Standards Board (SASB), and accounts for LS Power’s Environmental, Social and Governance (ESG) performance for calendar years 2019 and 2020.
“At a time of immense, rapid change in our world, we at LS Power are driven each day by a deep responsibility to meet this critical moment – to deliver the energy people increasingly need to live modern lives while also protecting and preserving our planet,” said Paul Segal, Chief Executive Officer of LS Power. “This is not new for us; we’ve long been at the forefront of transitioning America’s energy system and we are especially proud of our leadership in lowering carbon in the power and transportation sectors.”
“With this inaugural sustainability report, we are excited to share how our ongoing mission of taking on energy’s biggest challenges leads us to swing at decarbonization’s fattest pitches today,” Segal said.
LS Power’s sustainability strategy is designed to not only disrupt, but transform the industry by:
- Advocating for high-impact policies – including competitive power markets, expanded transmission procurements, and economy-wide technology-neutral carbon pricing
- Developing new clean energy resources – including battery storage, renewable generation, electric vehicle fast-charging infrastructure, demand response and energy efficiency platforms, and renewable fuels
- Optimizing existing power assets – including pumped hydro (effective as longer duration batteries to store more renewable energy) and high-efficiency thermal plants (necessary to complement intermittent renewables and able to displace less-efficient plants)
- Enhancing grid reliability and enabling renewable energy through our transmission development efforts – with over 660 miles of high voltage transmission projects developed and more underway, our projects strengthen the nation’s power system and enable energy delivery, including that of remote solar and wind resources, to millions of people across the country
- Investing into emerging clean energy technologies – including carbon capture, advanced transmission, renewable fuels, and new forms of electric mobility
Additional highlights of LS Power’s 2020 report include:
- Gateway Energy Storage – the world’s largest battery storage project when energized in August 2020, with the ability to store and deploy 250 MW of energy
- EVgo – the nation’s largest public fast charging network for electric vehicles and the first to be 100% powered by renewable energy, advancing the electrification of transportation which can serve to significantly decarbonize the economy
- CPower – LS Power’s demand-side energy management platform, which offers commercial and industrial customers tailored solutions for demand response, energy efficiency, distributed energy, energy storage and peak demand management
- LS Power Grid New York – The Marcy to New Scotland Project joint proposal with New York Power Authority was selected by the New York Independent System Operator as the most efficient and cost-effective solution to improve electric transmission facilities within existing utility corridors. Encompassing nearly 100 miles of double-circuit 345 kV transmission and two new gas insulated substations, LS Power’s plan to use existing rights-of-way across five New York counties will also significantly reduce impacts on the community and environment while providing jobs and lowering electricity costs
- Rise Light & Power – comprised of Ravenswood Generating Station, as well as development solutions for batteries (Rise Power Storage) and transmission (Catskills Renewable Connector) which can support New York State in meeting its ambitious clean energy and reliability goals
- Renewable Fuels Initiative – to develop a portfolio of landfill waste to Renewable Natural Gas (RNG) projects which can both reduce methane gas emissions from landfills, as well as provide an alternative to traditionally sourced fossil fuels for heating and transportation
- Community Philanthropy Efforts – which included the contribution of approximately $1.8 million during 2020 to aid food banks, crisis centers, emergency response and health organizations and other critical resources in the local communities where LS Power operates
LS Power is committed to reporting on its environmental, social and governance efforts on an annual basis. This 2019-2020 report can be found on LS Power’s website at https://www.lspower.com/sustainability.