Constellation Energy Helps Eastern Bank “Go Green”
Eastern Bank, a full-service commercial bank headquartered in Boston, is
taking steps to help protect the environment by “greening” 100 percent
of its electricity use with
Eastern Bank, a full-service commercial bank headquartered in Boston, is taking steps to help protect the environment by “greening” 100 percent of its electricity use with renewable energy certificates (RECs) from Constellation Energy (NYSE:CEG). Constellation Energy’s retail business and Eastern Bank have signed an agreement for Constellation to supply more than 30 million kilowatt-hours of electricity to Eastern Bank’s 94 branches and five corporate centers for the next three years. The energy provided will be “greened” through Constellation renewable energy certificates, a key factor in Eastern Bank’s decision making process. “Eastern Bank is proud to work with Constellation Energy in an effort that protects the environment and provides our offices with ‘green energy,’” said Eastern Bank’s Thomas Dunn, senior vice president, general services director. “We are committed to promoting sustainable environmentally friendly business practices and encouraging bank employees, customers and the community to adopt green practices into their lives.” The RECs supplied to Eastern Bank by Constellation Energy are Green-e ® Energy Certified and sourced from wind energy. The RECs give developers of renewable energy a market-based, financial incentive to build wind, solar and other forms of renewable energy. One REC is created for each megawatt-hour of renewable power that is delivered to the electric grid. Once a REC is sold, it is retired, ensuring that each REC is only used once. “Eastern Bank was looking for a greener energy option from their energy supplier and by supplying renewable energy certificates we were able to meet their needs,” said John Bennett, vice president of sales for Constellation Energy. “Increasingly companies are searching for options to support sustainability goals and initiatives. We are proud that we are able to offer our customers multiple green products, including not only renewable energy certificates but also solar and load response options as well.”
Constellation Energy Group (NYSE:CEG) is trading at unusually high volume Monday with 8.7 million shares changing hands. It is currently at 4.2 times its average daily volume and trading up 97 cents (+2.7%).