Commitment to enough renewable energy to power approximately 10,000 U.S. homes per year
CORNING, N.Y., December 14, 2015 - Corning Incorporated (NYSE: GLW) announced today that it has entered into a 25-year power purchase agreement for solar-generated electricity produced by Duke Energy Renewables.
Corning will purchase 62.5% of the expected output of the facility, estimated to be 120,300 megawatt hours per year, beginning in the first quarter of 2016. That amount of electricity is equivalent to the annual power used by approximately 10,000 U.S. homes.
The new solar farm being constructed by Duke Energy Renewables is located in Conetoe, North Carolina, and will be the largest solar-generating facility completed to date east of the Mississippi River. Corning's presence in North Carolina includes more than 3,000 employees across five locations.
"Corning is committed to reducing its carbon footprint, and this is a major step in that direction," said Dr. Jeffrey Evenson, senior vice president, chief strategy officer. "Going green makes good business sense because it encourages efficiencies and clean power usage that eventually lower costs. We believe this decision fits our corporate mission to be a good steward of the environment."
The solar power purchase agreement will produce more clean energy for the electric grid, while substantially reducing Corning's greenhouse gas footprint.
"Serving Corning's commitment to clean energy is a great example of the customer-centric solutions we can offer to organizations," said Greg Wolf, president of Duke Energy's Commercial Portfolio. "In delivering this quality project, we're proud to bring more solar power to North Carolina as we partner with Corning to advance their environmental stewardship."
Rocky Mountain Institute, an independent nonprofit focused on market-based clean energy solutions, commended Corning for the company's commitment to renewable energy.
"Corning now belongs among a select group of companies that have taken action on renewable procurement through long-term contracts. These contracts directly enable project developers to build new solar and wind capacity," said Hervé Touati, a managing director at Rocky Mountain Institute and head of the Business Renewables Center. "Beyond pioneers from the ICT sector, we are seeing this year large corporations such as Corning - coming from a variety of industrial and services sectors - entering the market for the first time as fast followers. It is a strong indication that long-term renewable energy contracts are becoming increasingly relevant to all Fortune 500 companies and will soon become the standard way of running business."
This purchase is part of Corning's consistent commitment to clean the air.
Corning produced the first emission control substrate that enabled the auto industry to meet standards set in the Clean Air Act in 1972.
Corning Environmental Technologies is focused on manufacturing substrates and filters designed to trap soot, or particulate matter, from diesel or gasoline exhaust emissions in a variety of light-duty and heavy-duty applications.
In 2006, Corning established its Global Energy Management (GEM) program, which drives efficient energy use and saved Corning more than $410 million in cumulative energy costs.
Corning received the EPA's ENERGY STAR® Partner of the Year in 2014 and 2015.
"Corning has a history of being an environmentally conscious company and clearly sees how the increased use of renewable energy sources helps enable a brighter future for everyone," said Patrick Jackson, director of Corning's Global Energy Management program. "Today's announcement is testimony to our corporate citizenship and is the first of what we hope to be a series of projects focusing on utilizing greener energy sources."