For Immediate Release
Rhea Lewis Marshall
BALTIMORE (Oct. 27, 2015) —Baltimore Gas and Electric Company (BGE) and its parent company, Exelon Corporation, have arranged credit lines totaling $123 million with 28 minority and community-owned banks located in BGE’s service area and other regions where Exelon operates. These transactions help grow local businesses, the local economy, and are critical to communities that remain challenged by current economic conditions.
Exelon’s minority and community banking program, which began in 2003, is unique in the energy industry. Administered by JP Morgan Chase since its inception, the program now has 28 participating banks across the country; more than quadruple the original number. Locally, Harbor Bank serves as the lead arranger for BGE’s credit line.
“These partnerships are part of BGE’s and Exelon’s ongoing commitment to investing in our communities and engaging diverse suppliers in major transactions,” said Calvin G. Butler Jr., chief executive officer for BGE. “There are multiple benefits to these relationships: BGE receives an additional source of credit at a competitive price, the banks are able to strengthen their relationships with us a key customer, and the local economy also receives a boost.”
“Harbor Bank is pleased to join other minority institutions to provide services to the Exelon companies as we all continue to meet the needs of our local communities,” said Carla Nealy, senior vice president and senior lending officer, Harbor Bank.
Exelon and BGE’s commitment to supplier diversity is a critical part of the company’s overall supply chain strategy. Exelon’s corporate spending with diversity-certified suppliers totaled more than $1.1 billion in 2014. BGE purchased a total of $182 million in goods and services from diversity-certified suppliers in 2014, a $31-million increase over the previous year.
As a result of this performance, the Capital Region Minority Supplier Development Council named BGE the “Corporation of the Year” in 2014. This prestigious annual award recognizes corporations with superior performance in supplier diversity corporate policy and minority business enterprise development. Later this month, the organization will also present Butler with its Chairman’s award. Butler was cited for championing BGE’s Focus 25 program, developed in 2013 to build the company’s roster of diverse business partners. Focus 25 provides select minority, women and veteran-owned companies with an in-depth overview of BGE’s business and procurement processes along with insight on how to be a successful partner. Nine Maryland companies completed Focus 25 last month, bringing the program total to 18 graduates.
For more information on BGE’s commitment to diversity and inclusion, visit bge.com.
BGE, headquartered in Baltimore, is Maryland’s largest gas and electric utility, delivering power to more than 1.2 million electric customers and more than 650,000 natural gas customers in central Maryland. The company’s approximately 3,200 employees are committed to the safe and reliable delivery of gas and electricity, as well as enhanced energy management, conservation, environmental stewardship and community assistance. BGE is a subsidiary of Exelon Corporation (NYSE: EXC), the nation’s leading competitive energy provider, with 2014 revenues of approximately $27.4 billion. Like us on Facebook and follow us on Twitter, YouTube and Flickr.