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Letter from our CEO

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“Over the past year, our dedicated, passionate people have continued to make the nation’s energy system cleaner, more efficient, and more resilient. Our 2021 Sustainability Report details our growing Energy Transition Platforms, our decarbonization efforts, our talented team, and the incredible philanthropy work that our people do.”

 

Building America’s Energy Future Today

Since 1990, LS Power has been disruptive and transformative in our approach to producing and delivering energy. From being among the first private developers of utility-scale solar in 2008, to seeing the future of electrification with our investment in EVgo (the nation’s largest electric vehicle fast charging network) in 2020, we actively take steps to build the future we want to live in.

In just a few short years, our Energy Transition Platforms have grown to now include several national leaders in this effort: CPower Energy Management (demand response and energy efficiency); Endurant Energy (microgrids); EVgo (EV charging); REV Renewables (renewable generation and energy storage); Rise Light & Power (New York City’s largest energy provider); and Waste-to-Renewable Fuel initiatives.

Paul Segal, CEO

The newest member of our Platforms is REV Renewables. Formed in July 2021 out of LS Power’s existing assets, REV consists of (i) the largest non-utility owned portfolio of pumped storage hydro in the country, (ii) a sizable lithium-ion battery portfolio including Gateway, the world’s largest battery at 250 MW when it was energized in August 2020, (iii) a wind and solar generation portfolio that spans 14 states, and (iv) a significant number of LS Power employees who transferred over to REV to further lead its operations and development efforts. With an operating portfolio of more than 2.6 gigawatts and a substantial development pipeline, we see REV and its business model as critical to accelerating the energy transition.

But renewable generation is only one piece of the solution. Connecting those renewable energy resources like wind or hydro, often from remote areas, to population centers is another critical component of decarbonization. To address this challenge, LS Power has built more than 660 miles of high voltage transmission to connect energy resources to where they are most needed, with another 400 miles in development.

We recognize a void in the quest toward decarbonization — how to enable it smoothly and responsibly while keeping energy affordable and accessible. With our unique platform of resources, LS Power is driven to help fill that void.

80.67M metric tons of CO2e avoided for 2021

In 2021, LS Power’s ranks expanded to nearly 280 people, with approximately another 75 people hired for REV Renewables. We also celebrated several team members achieving milestones in 2021, with 25% of our workforce now with us for over ten years. I am so grateful and honored to have these talented people spend their careers with us, and share our mission to deliver the energy people increasingly need for our modern lives while preserving our planet.

Our industry is growing for the first time in decades; identifying and developing talent requires unwavering focus to maintain our competitive advantage. To aid us in this mission, our Powering Change initiative expanded our recruitment program to proactively seek qualified, talented candidates from Historically Black Colleges and Universities (HBCUs) and Hispanic Serving Institutions (HSIs), to complement our ongoing sponsorship programs that encourage women and other underrepresented communities in science, technology, engineering, and math (STEM) fields. Importantly, Powering Change works to embed a culture of diversity, equity, and inclusion (DE&I) into our employees’ shared purpose to decarbonize and transform the energy industry. We believe having diverse backgrounds and perspectives can foster innovation and create a competitive advantage that makes us all stronger.

Moreover, our 100+ projects since inception across the country have created thousands of jobs for our neighboring communities, primarily in construction and operations, and generated more than $415 million to date in tax and other revenues. In 2021, we continued our philanthropic efforts, providing nearly $1.7 million in donations to groups including food banks, crisis centers, youth and STEM programs, environmental programs, and more.

$1.7M in charitable contributions for 2021

As COVID-19 continued into a second year, our team found new ways to connect and work efficiently to ensure safe and sustained operations for our projects and companies across the United States. Additionally, we were pleased to welcome back our employees and meet new colleagues who were hired during the pandemic when our corporate offices fully reopened in July 2021.

I am very proud of our team and our work. This includes our tireless efforts on the advocacy front, where we push for high-impact policies to promote competitive power markets, expanded transmission procurements, and technology-neutral carbon pricing. Transparent and competitive energy markets are a pathway to innovation and efficiency that will ultimately lead to more affordable and cleaner solutions for consumers and our environment.

With deep gratitude for our employees, industry partners, and customers, I sincerely thank you for supporting LS Power in building a sustainable future.

Paul Segal

Chief Executive Officer

2021 Sustainability Report