According to a new study by Eastern Connecticut State University economists, The Connecticut Light & Power Co. makes annual investments that generate thousands of jobs statewide. In fact, the study concluded that CL&P has more multidimensional economic impacts on the state's citizens and businesses than any other Connecticut-based company.
"In an industry that is being transformed by dramatic changes in technologies, pricing and public policy directions, CL&P's investments will shape the energy future of Connecticut," said Dimitrios S. Pachis, a professor of economics at ECSU who led the study with Jennifer L. Brown, assistant professor of economics at the university.
The study concluded that CL&P is a linchpin organization to job growth, economic development and environmental improvements in the state:
-The combined annual economic impact of CL&P's investments is an increase in the state's employment by 4,411 jobs, and an estimated increase in the state's output by $673.5 million. Output is the dollar value of goods and services produced in the state of Connecticut as a result of additional CL&P spending.
-Planned investments in CL&P's distribution business through 2012 will increase the state's employment by 2,767 new jobs, and the state's output by an estimated $551.1 million.
-Additionally, planned investments in CL&P's transmission business through 2013 will produce 2,598 additional jobs and will increase output by an estimated $354.8 million total.
-In 2008 alone, the company's $5.7 million investment in the state's tax credit program helped to develop nearly 500 affordable housing units in Connecticut.
-CL&P gives more than $2 million annually to the communities it serves, in both individual and corporate matching funds.
-Conservation and efficiency programs have lowered peak demand use for electricity, reduced carbon emissions equivalent to 1.7 million tons in 2008, and saved customers an estimated $635 million.
The study also found that CL&P pays more than $71 million in municipal taxes annually, supporting an estimated 1,550 jobs. While CL&P is already among the top taxpayers in every community it serves, the study shows that tax payments are projected to increase to more than $100 million a year based on company investments.
"Everyone talks about the economy and how to stimulate growth, but we've been quietly investing in the state every year, and creating jobs along the way," said CL&P President Jeff Butler. "We commissioned this study because we were curious to measure our impact on Connecticut's economy. What we have now is a study that helps us quantify that impact. We invest heavily in the state, we create jobs and our employees give generously to our communities."
Earlier this year, CL&P's parent company, Northeast Utilities, issued its first Corporate Social Responsibility Report. It measured the corporation's overall social impact in Connecticut, Massachusetts and New Hampshire.
"The ECSU study builds on that report by measuring our economic impact on Connecticut," Butler said. "We're proud of the story it tells about CL&P and the important role we play in adding value to Connecticut."