Yahoo Finance Delmarva Power Boosts Efforts With Diverse Suppliers, Purchasing a Record $190 Million in 2023
Company's supplier diversity efforts highlight dedication to its local and diverse communities
NORTHAMPTON, MA / ACCESSWIRE / March 25, 2024 / Delmarva Power purchased $190 million in goods and services from diversity-certified suppliers in 2023, accounting for 40 percent of the company's total purchases for the year. This expenditure, a $50 million increase from 2022, is the most spent with diverse suppliers in the company's more than 100-year history and reflects Delmarva Power's ongoing efforts to support local and diverse communities.
"Supplier diversity is just one of the ways we support our customers and local communities with more than energy," said Rodney Oddoye, senior vice president of Government, Regulatory and External Affairs at Pepco Holdings, which includes Delmarva Power. "Our continued increase in investments with these valuable partners reinforces our commitment to the local communities that we proudly serve and supports local business growth, helping our communities thrive."
In line with Delmarva Power's dedication to enhancing procurement efforts with local diversity-certified suppliers, the Empowerment Academy, formerly known as Target 25, offers prospective suppliers a chance to gain insights into Delmarva Power's procurement procedures and those of its parent company, Exelon. This initiative contributes to the growth and development of each vendor's relationship with the energy company. Since the establishment of the Empowerment Academy, Delmarva Power has graduated 10 diversity-certified suppliers and is eager to broaden this opportunity to additional local, diverse suppliers.
In 2022, Exelon, Delmarva Power's parent company, launched the Community Impact Capital Fund (CICF) in partnership with RockCreek, one of the world's largest diverse-owned global investment firms, which has invested more than $8.4 billion in diverse firms over the last two decades. The CICF, formerly known as the Racial Equity Capital Fund, expands capital access to businesses that have traditionally been challenged in accessing and securing funding so they can create more jobs, grow their companies and reinvest in their neighborhoods and communities.
Companies interested in working with Delmarva Power and other Exelon companies can register and provide pertinent information, including their diversity status, at exeloncorp.com/Suppliers.
To learn more about Delmarva Power, visit The Source, Delmarva Power's online newsroom. Find additional information by visiting delmarva.com, on Facebook at facebook.com/DelmarvaPower and on X, formerly known as Twitter, at twitter.com/DelmarvaConnect. Delmarva Power's mobile app is available at delmarva.com/MobileApp.
Delmarva Power is a unit of Exelon (Nasdaq: EXC), a Fortune 250 company and the nation's largest utility company, serving more than 10 million customers. Delmarva Power provides safe and reliable energy service to approximately 561,500 electric customers in Delaware and Maryland and approximately 140,000 natural gas customers in northern Delaware.
View additional multimedia and more ESG storytelling from Delmarva Power on 3blmedia.com.
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SOURCE: Delmarva Power
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