Pepco Powers Efforts With Diverse Suppliers, Purchasing a Record $387 Million in Goods in 2023
Pepco’s investment in diverse suppliers promotes economic inclusivity and has a positive impact on the communities we serve
WASHINGTON, March 25, 2024 /3BL/ - Pepco purchased $387 million in goods and services from diversity-certified suppliers in 2023, accounting for 44 percent of the company’s total purchases for the year. This expenditure, a $35 million increase from 2022, is the most spent with diverse suppliers in the company’s nearly 130-year history and reflects Pepco’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. “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 Pepco’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 Pepco’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, Pepco has graduated 17 diversity-certified suppliers and is eager to broaden this opportunity to additional local, diverse suppliers.
Pepco, Exelon and the Exelon Foundation-funded Community Impact Capital Fund (CICF; formerly known as the Racial Equity Capital Fund) also invested nearly $3 million in four local businesses working in the energy, IT, workforce development and real estate fields. The fund, launched in partnership with RockCreek – one of the world's largest diverse-owned global investment firms, expands capital 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.. Learn more about the funded companies on The Source.
Companies interested in working with Pepco and other Exelon companies can register and provide pertinent information, including their diversity status, at exeloncorp.com/Suppliers.
To learn more about Pepco, visit The Source, our online newsroom. Find additional information by visiting pepco.com, on Facebook at facebook.com/PepcoConnect and on X, formerly known as Twitter, at twitter.com/PepcoConnect. Pepco's mobile app is available at pepco.com/MobileApp.
