Consolidated Edison, Inc. - ED STOCK NEWS

Con Edison has received the Best Practices Award from the Smart Energy Consumer Collaborative for its innovative use of smart meters in demand response programs. The award highlights how the company's technology helps aggregators enroll residential customers to reduce energy usage during peak demand times, enhancing service reliability. With a minimum enrollment threshold of 10 watts, the program is accessible to many customers. Con Edison, a subsidiary of Consolidated Edison, Inc. (NYSE: ED), serves 3.5 million customers in New York City and Westchester County, generating approximately $12 billion in annual revenues.

CPower Energy Management has been selected by Con Edison and National Grid for their Term-Dynamic Load Management (DLM) Program in New York. This program incentivizes customers to provide load relief with significant notice, offering fixed pricing for three to five years. Established by the New York Public Service Commission in September 2020, the initiative supports New York's clean energy goals, including 1,500 MW of energy storage by 2025 and 70% electricity from renewables by 2030. CPower aims to enhance energy flexibility and reliability while fostering investment in clean energy technologies.

Consolidated Edison, Inc. (NYSE: ED) has declared a quarterly dividend of 77.5 cents per share on common stock. This dividend is payable on June 15, 2021 to shareholders of record as of May 19, 2021. With approximately $12 billion in annual revenues and $63 billion in assets, Con Edison is one of the largest investor-owned energy-delivery companies in the U.S., providing electric, gas, and steam services primarily in New York City and Westchester County, as well as engaging in renewable energy projects.

Con Edison has been recognized as a leader in the clean energy transition in a ranking by the Smart Electric Power Alliance (SEPA). The company earned a spot on SEPA's 2021 Utility Transformation Leaderboard due to its initiatives such as the electric vehicles strategy, solar panel connectivity, and smart meter implementation. Notably, Con Edison has established aggressive carbon reduction goals and has cut its own emissions by 50% since 2005. The utility plans to achieve 100% clean electricity for customers by 2040 while significantly expanding its energy efficiency programs by 2025.

Con Edison has implemented a new 1-megawatt/1 megawatt hour battery system on City Island, Bronx, to enhance energy reliability, particularly during peak usage times. This is part of their ongoing collaboration with GI Energy under a demonstration project aimed at strengthening the electrical grid. The system will reduce demand on the existing grid during hot summer days. Additionally, Con Edison plans to leverage battery technology to support the transition to clean energy, with future plans including a substantial 100-megawatt/400-megawatt hour battery project in Astoria, Queens.

Con Edison, in collaboration with Lion Electric and Posi-Plus, is set to introduce the first all-electric bucket truck for utility work in the U.S. Scheduled for delivery in early 2022, this innovative vehicle will perform tasks up to 60 feet high while traveling 130 miles on a single charge. The initiative reflects Con Edison’s commitment to fleet electrification and aims to reduce fossil fuel dependency. The truck will be quieter and will eliminate harmful emissions, aligning with the company's Clean Energy Commitment to provide 100% clean electricity by 2040.

On March 22, 2021, Con Edison announced the installation of solar panels on New York City Housing Authority (NYCHA) rooftops by twelve newly trained installers. These panels will generate approximately 1 megawatt of electricity, benefiting at least 400 low- and moderate-income customers who can save around $120 annually on their bills. The initiative aims to create green jobs and enhance access to clean energy. Con Edison is collaborating with NYCHA and partners like Solar One to promote sustainable energy solutions across the city.

Con Edison reported a 2020 net income of $1,101 million ($3.29/share), a decline from $1,343 million ($4.09/share) in 2019. Adjusted earnings were $1,399 million ($4.18/share), down from $1,438 million ($4.38/share). For Q4 2020, net income fell sharply to $43 million ($0.13/share) from $295 million ($0.89/share) in Q4 2019. The 2021 adjusted EPS guidance is set between $4.15 to $4.35, with a projected 4%-6% annual growth over the next five years. Planned capital investments total $4,018 million for 2021 and $8,114 million for 2022-2023, supported by long-term debt and equity issuance.

Con Edison customers demonstrated significant adoption of solar energy in 2020, completing 5,542 solar arrays that can produce 44.77 megawatts. Overall, more than 35,700 projects have been completed with a capacity of 322 megawatts, avoiding 300,000 tons of carbon emissions. Queens led in project completions, while Westchester had the highest production capacity. A new device, Smart ConnectDER, aims to reduce installation costs by $1,000. Con Edison is also accelerating project approval timelines, further supporting its commitment to clean energy.