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Energy East Code of Conduct and 2009 Web Pages

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Analyst Comments
It is evident in Energy East’s most recent report that progress towards a more environmentally sound production is indeed in progress, especially in comparison with other companies, and improvements in social intent are also apparent. In contrast with this progress, the missing information suggests that either there are improper business practices involving the environment and social issues occurring, or that such practices have not been addressed as a priority in the company’s annual reporting. Energy East has been working to reduce its carbon footprint since 2000 by encouraging its consumers to take the steps towards energy efficiency. In 2007, Energy East set a number of goals to reduce consumption of various materials in different activities that help the company run such as office supplies, high-emission vehicles, transformers, and water in order to try to prove its commitment as a truly green company. A wise stance that the company has taken is to not only improve its products to be more energy efficient, but Energy East has created incentives for its customers to buy into these products. Such incentives include rebates granted for the use of their new resources and cheaper and more efficient electricity through new transformers. On the company’s side, instead of slowing down production, it has invested in modifying means of production and equipment to become a leader in this new market. A step regarding this project was taken in 2007; its companies Connecticut Natural Gas, Berkshire Gas, and Southern Connecticut Gas became involved with the Environmental Protection Agency’s Natural Gas STAR program. The purpose of this program is to work towards the reduction of methane, greenhouse gas, and natural gas emissions. Energy East has significantly reduced its carbon dioxide emissions by almost 100,000 tons since 1999. The missing information does reveal the priorities of the company. There was no discussion or action reported concerning habitat and ecosystem conservation or biodiversity. Energy East did highlight its reduction of certain energy and water resources, but it did not clearly state the quantity of energy and water consumed annually. Nor did Energy East report data on the waste that was disposed of and the amount of hazardous waste produced, disposed of, and released. Finally, regarding environmental education, Energy East did mention a commitment to such a concept, but the report did not provide specific means of achieving such a goal among its employees. The Code of Conduct provides a broad sense of what the goal and vision are in this arena. One can observe that the company places value on a safe and ethical work environment. Although the Code of Conduct refers vaguely to most issues, it fails to truly emphasize the importance of preventing discrimination against age, gender, and those with disabilities. There is also a lack of information on fairness in compensation and work hours. Finally, there was no explicit evidence of a commitment to the community. It is clear that a general respect is given to social concerns, but some important details still need to be specifically addressed. Analyzed by Veronica Heather Pugin, and posted to the web on 9/16/2008.

Company Description
Energy East has evolved into a major regional player. The utility holding company distributes electricity and natural gas in four northeastern states through subsidiaries Berkshire Gas, Central Maine Power, Connecticut Natural Gas, Maine Natural Gas, New York State Electric & Gas, Rochester Gas and Electric, and Southern Connecticut Gas. Overall, Energy East serves about 2 million electricity customers as well as 1 million natural gas customers. Other operations include power generation, energy marketing, gas transportation and processing, propane distribution, telecommunications, and energy infrastructure and management services. In 2007 Energy East agreed to be acquired by IBERDROLA for $4.5 billion. http://premium.hoovers.com/subscribe/co/factsheet.xhtml?ID=rrfktffjskkkjy

Overall Scores

The letter grades reported below are based on all reports irrespective of year of the same sector in the database and may be slightly different from the grades in the individual sector reports, which are based on scores of companies in just that report.

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