When reading about any proposal that will benefit the city’s economy, those of us in the business community want to see the bottom line. How is it going to affect our professions, our businesses, our employees and, frankly, our own families and loved ones?
The success of any business — large or small — hinges on its ability to plan for the future. Without the ability to strategize for imminent growth or accurately predict our staffing needs, a company simply cannot meet the needs of our customers and compete effectively.
With this in mind, if you take a closer look at the Pepco multi-year rate review proposal, currently before the Public Service Commission of the District of Columbia, you will see it includes some impressive numbers, not the least of which, over the next three years it will support hundreds of full-time jobs and generate $390 million in economic activity to the District.
But these numbers only tell part of the story. My business, Standard Title Group and Standard Legal Group, a real estate services and title company and law firm, employs seven full-time employees and manages 15 contractors/vendors.
Pepco’s plan has the power to change the way all of us do business in the District of Columbia. Certainly, their plan to modernize the power grid and secure the city’s electricity supply against the effects of climate change come as great news for real estate developers, bankers, construction owners, and contracting crews.
Being aware of the areas in which Pepco plans to invest — and the projected costs of such investments — is crucial for small businesses. We should be optimistic that the plan will create 800 full-time jobs in a variety of fields and pump $390 million of economic activity into the District.
Further, the opportunities for local businesses will not be limited to partnerships with Pepco. Meeting the District’s ambitious clean-energy goals will require a citywide effort. Companies large and small will have the opportunity to assist in decades-long projects like roof top solar, green building, electrifying the public transportation system, and renovating existing buildings to reduce our carbon footprint.
What kind of companies are going to benefit from Pepco’s and the District’s long-range plans? This plan will allow for our clients, many of the city’s leading real estate developers and apartment owners, to more accurately forecast energy costs. Also, technology companies, energy solutions providers, and renewable energy developers will benefit as well; and, this is just the beginning.
Most importantly and regardless of our business, we will all benefit from an infrastructure that will be able to accommodate the growing demand for electricity, while taking advantage of all the technological advances that are out there to build greater resilience and reliability for District residents and small businesses.
Kevin D. Anderson, Esq., is president and CEO of Standard Title Group.