NEW YORK & REDWOOD CITY, Calif.--(BUSINESS WIRE)--Silver Spring Networks, Inc. (NYSE:SSNI) announced today that it has been selected by Con Edison and Orange & Rockland (O&R) Utilities, both regulated operating companies of Consolidated Edison, Inc. (NYSE: ED), to support its Advanced Metering Infrastructure (AMI) plan for electric and gas customers. The program is expected to connect approximately 3.9 million electric and 1.3 million gas customers through the deployment of Silver Spring’s multi-application networking, data, and control platform. This advanced technology platform is expected to increase control and convenience, improve reliability, benefit the environment, and facilitate increased customer engagement in managing energy usage. While the initial phases of the program have been approved, the full plan is awaiting additional action by the New York Public Service Commission.
“We are honored to partner with Con Edison and O&R on this groundbreaking project,” said Mike Bell, CEO and President of Silver Spring Networks. “The technology being deployed and their commitment to meeting the evolving needs of customers through the application of advanced technology builds on their nearly two centuries of innovation and customer service.”
This secure communications network will provide Con Edison and O&R with data and insights into its grid, empowering customers to better manage their energy usage, and enabling advancements in reliability and customer service. For example, Con Edison and O&R will be able to better monitor and manage distributed energy resources to significantly improve outage detection and speed up restoration time, and enable grid operation at optimum voltage levels which will reduce energy consumption and greenhouse gas emissions. The communications network will have the capability to enable distribution automation, the integration of sensing devices, and deployment of applications that will benefit customers throughout its service territory. The deployment of the AMI communications system and smart meter rollout is scheduled to begin in early 2017 and is expected to take five years, pending regulatory approval.
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About Silver Spring Networks Silver Spring Networks is a leading networking platform and solutions provider for smart energy networks. Silver Spring’s pioneering IPv6 networking platform, with over 22.9 million Silver Spring enabled devices delivered, is connecting utilities to homes and business throughout the world with the goal of achieving greater energy efficiency for the planet. Silver Spring’s innovative solutions enable utilities to gain operational efficiencies, improve grid reliability, and empower consumers to monitor and manage energy consumption. Silver Spring Networks’ customers include major utilities around the globe such as Baltimore Gas & Electric, CitiPower & Powercor, Commonwealth Edison, CPS Energy, Florida Power & Light, Jemena Electricity Networks Limited, Pacific Gas & Electric, Pepco Holdings, Progress Energy, and Singapore Power, among others. To learn more, please visit www.silverspringnet.com.
About Con Edison
Con Edison is a subsidiary of Consolidated Edison, Inc. [NYSE: ED], one of the nation’s largest investor-owned energy companies, with approximately $13 billion in annual revenues and $45 billion in assets. The utility provides electric, gas and steam service to more than three million customers in New York City and Westchester County, New York. For additional financial, operations and customer service information, visit us on the web at www.conEd.com, for energy efficiency rebates and incentives at www.coned.com/energyefficiency, and on Twitter and Facebook.
About Orange and Rockland
Orange and Rockland Utilities, Inc., a wholly owned subsidiary of Consolidated Edison, Inc., is an electric and gas utility headquartered in Pearl River, NY. O&R and its two utility subsidiaries, Rockland Electric Company and Pike County Light & Power Co., serve a population of approximately 750,000 in seven counties in New York, northern New Jersey and northeastern Pennsylvania.
Forward-Looking Statements
This press release contains forward-looking statements about Silver Spring Networks’ expectations, plans, intentions, and strategies, including, but not limited to statements regarding the scope and benefits of Silver Spring’s engagement with Con Edison and Orange & Rockland Utilities. Statements including words such as "anticipate", "believe", "estimate", "expect" or “future” and statements in the future tense are forward-looking statements. These forward-looking statements involve risks and uncertainties, as well as assumptions, which, if they do not fully materialize or prove incorrect, could cause our results to differ materially from those expressed or implied by such forward-looking statements. The risks and uncertainties include regulatory approval by the New York Public Service Commission and the successful implementation and deployment of the engagement, as well as those described in Silver Spring Networks' documents filed with or furnished to the Securities and Exchange Commission. All forward-looking statements in this press release are based on information available to Silver Spring Networks as of the date hereof. Silver Spring Networks assumes no obligation to update these forward-looking statements.
