Comcast Marks Step Toward Carbon Neutral Goal with 250 MW Solar Agreement

The agreement to source renewable energy through the Blue Sky Solar Project will create local jobs and bring additional clean electricity to the U.S. power grid.

PHILADELPHIA–(BUSINESS WIRE)–Comcast today announced an agreement to purchase 250 megawatts (MW) of solar electricity from Constellation that will power approximately 12 percent of its U.S. operations and the vast majority of its Mid-Atlantic operations with clean, renewable energy.

The agreement will support construction of the Blue Sky Solar Project, currently being developed by Scout Clean Energy in Illinois, creating local jobs and bringing additional clean electricity to the U.S. power grid.

“Sourcing clean, renewable energy is the top priority for meeting our goal to be carbon neutral by 2035,” said Peter Kiriacoulacos, Executive Vice President and Chief Procurement Officer at Comcast. “This marks the first of many major green investments that are already underway or on the immediate horizon which demonstrate our commitment to sustainable, responsible business.”

Comcast is committed to being carbon neutral by 2035 for Scope 1 and 2 emissions, or the direct and indirect emissions it owns and controls, across its global operations. With purchased electricity accounting for the majority of these emissions, sourcing renewable energy is critical to meeting this goal.

Comcast’s renewable energy strategy will prioritize securing green tariffs, direct power purchase agreements (PPAs), and virtual PPAs through contracts that bring new renewable capacity to the grid. It will also include building onsite renewable energy capacity and supplementing electricity needs with purchases from existing clean energy projects or renewable energy certificates (RECs).

“We commend Comcast on its carbon neutral commitment and are pleased that our offsite renewable solution will serve as a significant steppingstone toward achieving that goal,” said Jim McHugh, Chief Commercial Officer, Constellation. “As our nation transitions to a clean energy future, Constellation is dedicated to offering the products, services and expertise that help our customers strategically manage their energy use and reduce their carbon footprints.”

Project highlights:

• Comcast will source 250 MW of carbon-free solar electricity from the 300 MW Blue Sky project – a majority share of the project’s total output. Blue Sky is one of the largest solar projects approved to date in the PJM power grid, which spans the U.S. Mid-Atlantic region and portions of the Midwest, and Comcast is currently the sole customer.
• The agreement will allow Comcast to reduce the carbon dioxide emissions associated with its energy use by nearly 360,000 metric tons annually – equivalent to avoiding the emissions from more than 65,000 homes’ electricity use for a year.
• The project will create up to 400 construction jobs and 20 new local long-term jobs, and generate $36.3 million in tax revenue over the life of the project, including $25.4 million slated to go directly to local schools.
• Blue Sky is expected to reach commercial operation by December 2024. Comcast has signed a corresponding 15-year agreement with Constellation beginning in 2025 to receive energy and RECs from Blue Sky as part of its retail electric supply contract.

“We are pleased to work with Comcast and Constellation to deliver carbon-free solar energy and invest $400 million into the local community, creating new sustained jobs and tax revenue for local schools,” Michael Rucker, founder and CEO of Scout Clean Energy. “Comcast’s commitment made this possible.”

For more information on Comcast’s environmental efforts, visit the environment page on Comcast’s corporate website.

About Comcast Corporation

Comcast Corporation (Nasdaq: CMCSA) is a global media and technology company that connects people to moments that matter. We are principally focused on broadband, aggregation, and streaming with 57 million customer relationships across the United States and Europe. We deliver broadband, wireless, and video through our Xfinity, Comcast Business, and Sky brands; create, distribute, and stream leading entertainment, sports, and news through Universal Filmed Entertainment Group, Universal Studio Group, Sky Studios, the NBC and Telemundo broadcast networks, multiple cable networks, Peacock, NBCUniversal News Group, NBC Sports, Sky News, and Sky Sports; and provide memorable experiences at Universal Parks and Resorts in the United States and Asia. Visit www.comcastcorporation.com for more information.

About Constellation

Constellation is the nation’s largest producer of carbon-free energy and the leading competitive retail supplier of power and energy products and services for homes and businesses across the United States. Headquartered in Baltimore, its generation fleet powers more than 20 million homes and businesses and is helping to accelerate the nation’s transition to clean energy with more than 32,400 megawatts of capacity and annual output that is 90 percent carbon-free. Constellation has set a goal to eliminate 100 percent of its greenhouse gas emissions by 2040 by leveraging innovative technology and enhancing its diverse mix of hydro, wind and solar resources paired with the nation’s largest carbon-free nuclear fleet. Constellation’s family of retail businesses serves approximately 2 million residential, public sector and business customers, including three-fourths of the Fortune 100. Visit ConstellationEnergy.com or follow Constellation on Twitter at @ConstellationEG.

About Scout Clean Energy

Scout Clean Energy (https://scoutcleanenergy.com/) is a renewable energy developer, owner-operator headquartered in Boulder, Colorado with over 1,200 MW of operating assets. Scout is actively developing a portfolio of over 12,000 MW of onshore wind, solar PV, and battery storage projects across 21 US states. Scout has expertise in all aspects of renewables project development, permitting, power marketing, finance, construction, 24/7 operations, and asset management. Scout is a portfolio company of Quinbrook Infrastructure Partners.

Forward-Looking Statements

This press release includes estimates, projections and statements regarding plans and goals that may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “potential,” “strategy,” “future,” “opportunity,” “commit,” “plan,” “may,” “should,” “could,” “will,” “would,” “will be,” “will continue,” “will likely result” and similar expressions. Forward-looking statements are based on current expectations and assumptions that are subject to risks and uncertainties that may cause actual results to differ materially. In evaluating these statements, you should consider various factors, including the risks and uncertainties we describe in the “Risk Factors” sections of our Forms 10-K and 10-Q and other reports we file with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date they are made. We undertake no obligation to update or revise publicly any forward-looking statements, whether because of new information, future events or otherwise.

Contacts

Chandler Clay

chandler_clay@comcast.com
215-779-4690