NEW YORK & REDWOOD CITY, Calif.--(BUSINESS WIRE)--Silver Spring Networks, Inc. (NYSE: SSNI) today welcomes the news of the New York State Public Service Commission’s (NYPSC) approval of Con Edison’s Advanced Metering Infrastructure (AMI) plan. When complete, the program will connect Con Edison electric and gas customers through the deployment of Silver Spring’s multi-application networking, data, and control platform. The rapid approval of the program demonstrates that the NYPSC recognizes the value of a proven, two-way smart grid program that will provide customers with a wide array of benefits and also support New York State’s Reforming the Energy Vision (REV) Initiative.
“We are encouraged by the timely regulatory support of Con Edison’s transformational smart grid program,” said Mike Bell, President and CEO, Silver Spring Networks. “We congratulate Con Edison and look forward to our role in helping them modernize the grid for homes and businesses across New York City and the surrounding areas. We believe that Consolidated Edison, Inc. and the NYPSC are building a framework for utilities around the world to transform energy services for consumers.”
Silver Spring’s IPv6 platform and solutions will provide Con Edison with data and insights into its grid to help empower customers make more informed choices about their energy use, drive advancements in reliability and customer service, and manage and monitor distributed energy resources. The deployment of the AMI communications system and smart meter rollout is expected to begin in early 2017 and to take five years.
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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, Consolidated 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 $46 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.
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, benefits, and timing of Silver Spring’s engagement with Con Edison. 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 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.
