Smaller Utilities Among Leaders in Sustainable Energy Efficiency & Demand Side Management

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EE/DSM Programs earn Utilities Recognition by Target Rock Advisors Sustainability Rankings

Target Rock Advisors, LLC today released a list of fifteen U.S. utility companies that are industry leaders in energy efficiency and demand side management (DSM).

A disproportionately large number – eleven out of the fifteen – are small and mid capitalization utilities. These include (in alphabetical order) ALLETE, Inc, Alliant Energy Corporation, Avista Corporation, IDACORP, Inc., Northeast Utilities, Northwestern Corporation, NV Energy, Inc., Pepco Holdings, Inc., UIL Holdings Corporation, UniSource Energy Corporation and Unitil Corporation.

The four large capitalization companies on the list are (in alphabetical order): Edison International, NextEra Energy, Inc., PG&E Corporation and Xcel Energy Inc.

Despite the challenges of running a small utility company profitably while also adhering to socially responsible practices, the small and medium size utilities on the Target Rock list have excelled in one of the most important dimensions of sustainable corporate behavior – energy efficiency, conservation and demand side management (collectively, “EE/DSM”). These utilities have provided consistent, exemplary results over the ten years of performance considered by Target Rock in assessing utility sustainability practices.

“One of the most immediate and effective strategies for improving a utility company’s sustainability performance, including substantial reductions in fuels use, emissions and water use, is implementing EE/DSM programs,” said Richard Rudden, chief executive of Target Rock. “EE/DSM has also been at the forefront of federal, state and local energy policy, as well as a linchpin of many corporate and governmental sustainability programs.”

“We are pleased to recognize these small utility companies for their leadership in sustainable practices, specifically EE/DSM,” said Rudden. Avista, IDACORP and Unitil were also included in the top echelons of Target Rock’s flagship TRA49 rankings, which measures overall sustainability performance.

The TRA49 rankings, released on February 14, 2012, are based on overall sustainability scores assigned by Target Rock to 49 U.S. domiciled energy utilities. These rankings form the basis for Target Rock’s family of utility stock indexes. All of the rankings and indexes, including a description of methodology, may be seen at

About Target Rock

Target Rock is dedicated to the rigorous study and implementation of sustainability policies and practices within the utility and financial industries. The Company’s mission is to provide data, information, analytical systems and deep sector-specific technical expertise that identifies areas for improved performance and helps utility companies achieve their sustainability objectives with favorable social and economic outcomes. Through its partners and associates, Target Rock has over 250 years of combined experience in sustainability and executive leadership, equities and fixed income analysis, financial management, statistics and econometrics, regulatory policy analysis and management consulting. More information on Target Rock can be found at

Richard J. Rudden, Target Rock’s chief executive, has served in analytical, consulting, management and executive positions within the utility, financial and energy industries for over 35 years. As a senior vice president for a multi-billion dollar global consulting and engineering firm, he lead the company’s energy sector management and strategy consulting practice, chaired its climate change working group, and was a member of both the Advisory Board and Sustainability Steering Committee. He has published and spoken widely and has testified before state, federal, and provincial regulatory bodies, as well as in bankruptcy and civil court proceedings, on natural gas and electric economic, financial and policy issues. Previously he was the founding CEO of R.J. Rudden Associates, Inc., a strategy and economics consulting firm, and R.J. Rudden Financial, LLC, a FINRA-licensed broker-dealer providing services to the energy industry. Rudden was previously employed in management and executive positions at Con Edison, Stone & Webster (now Shaw) and Black & Veatch. He has also served on the Boards of Directors of the North American Energy Standards Board, a non-regulated retail energy marketer and the Cornell Cooperative Extension, where he is a member of the executive committee. He has also been involved in Cornell’s Marine and related environmental programs.

Kyle P. Rudden, Target Rock co-founder and partner, has 15 years of experience in equity and fixed income analysis, with an emphasis on finance and capital markets. Most recently, he was president of R. J. Rudden Financial, LLC, a registered broker-dealer and energy industry advisory boutique. Before co-founding Rudden Financial, Kyle spent nearly a decade at J.P. Morgan Securities as vice president and head of the firm’s U.S. Energy and Utilities Equity Research team covering electric and natural gas utilities, pipelines, independent power and new energy technology. While at J.P. Morgan, he was named in both Institutional Investor and the Wall Street Journal annual lists of top analysts and participated in a number of large domestic and international equity and equity derivative underwritings, including initial public offerings, public secondary offerings and private placements. Prior to J.P. Morgan, Kyle was a fixed income analyst at Fitch Ratings, also covering the U.S. electric and natural gas utility industries.


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Milin Iyer
SunStar Strategic
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Richard Rudden
Target Rock Advisors, LLC
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