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Consolidated Edison, Inc. (NYSE: ED), commonly known as Con Edison or Con Ed, is one of the largest investor-owned energy companies in the United States. With annual revenues of approximately $15 billion and assets totaling $67 billion, Con Edison provides reliable and essential energy services to over 3 million customers in New York City and Westchester County, New York. The company is a holding entity for Consolidated Edison Company of New York, Inc. (CECONY) and Orange & Rockland Utilities, Inc. (O&R).
Core Business: Con Edison operates through its subsidiaries to provide electricity, gas, and steam services. CECONY delivers electric service in New York City and Westchester County, gas service in Manhattan, the Bronx, parts of Queens, and Westchester, and steam service in Manhattan. O&R serves a 1,300-square-mile area in southeastern New York State and northern New Jersey.
Recent Achievements: In 2023, Con Edison sold its clean energy business to RWE, focusing its efforts on its core utility operations. Notable projects include the completion of the Reliable Clean City transmission line and the commencement of construction on the Brooklyn Clean Energy Hub. These initiatives are pivotal in supporting New York’s transition to cleaner energy sources.
Financial Performance: In 2023, Con Edison reported net income of $2,519 million or $7.25 per share, compared to $1,660 million or $4.68 per share in 2022. Adjusted earnings were $1,762 million or $5.07 per share in 2023, reflecting strong operational performance and strategic investments. The company forecasts its adjusted earnings per share for 2024 to be in the range of $5.20 to $5.40.
Partnerships and Projects: Con Edison has secured a three-year rate plan approved by New York's Public Service Commission, authorizing $11.8 billion in capital investments. These funds will enhance the electric grid, accommodate increased demand from electric vehicles, and improve infrastructure resilience against climate change. Con Edison’s partnership ventures through Con Edison Transmission, Inc. aim to develop electric transmission projects that focus on bringing clean, renewable electricity to New York, New England, the Mid-Atlantic, and the Midwest.
Commitment to Clean Energy: Con Edison is committed to leading the clean energy transition. The company’s strategic investments are aligned with reducing carbon emissions and improving air quality. For instance, the Reliable Clean City project facilitated the closure of inefficient fossil-fired peakers. Additionally, the Brooklyn Clean Energy Hub will act as a potential entry point for renewable wind power.
Consolidated Edison, Inc. (ED) announced a quarterly dividend of 76.5 cents per share on its common stock, payable on December 15, 2020, for stockholders recorded by November 18, 2020. Con Edison, a major investor-owned energy-delivery company, generates approximately $13 billion in annual revenues with assets totaling $59 billion. The company operates through several subsidiaries, offering electric, gas, and steam services primarily in New York.
Consolidated Edison, Inc. (NYSE: ED) is set to announce its 3rd Quarter 2020 earnings on November 5, 2020, after market closure. The company, a major player in the energy sector, generates approximately $13 billion in annual revenues and holds $59 billion in assets. Con Edison provides essential electric, gas, and steam services in New York City and surrounding areas, and engages in renewable energy projects through its subsidiaries.
Con Edison is set to install 376,000 smart natural gas detectors across New York City and Westchester County by 2025, as part of a $130 million initiative. This follows a successful pilot involving 9,000 detectors, which recorded 250 alarms since October 2018. The detectors enhance safety by alerting customers to gas leaks and notifying emergency responders. Each installation is free and takes less than an hour, without needing to turn off gas service. The devices have varying lifespans, with the latest models lasting up to 10 years.
Consolidated Edison, Inc. (NYSE:ED) has appointed Tim Cawley as president and CEO, effective January 1, 2021. Cawley, who has been with the company since 1987, will succeed John McAvoy, who is retiring after 40 years but will continue as chairman. The Board praised McAvoy's leadership during transformative times in the energy sector. Also, Matt Ketschke will become president of Consolidated Edison Company of New York at the same time. Con Edison is a major energy provider with approximately $13 billion in revenues and $59 billion in assets.
Con Edison (NYSE: ED) reported Q2 2020 net income of $190 million ($0.57 per share), a rise from $152 million ($0.46 per share) in Q2 2019. Adjusted earnings increased to $201 million ($0.60 per share) from $189 million ($0.58 per share) year-over-year. However, net income for the first half of 2020 fell to $565 million ($1.69 per share), down from $576 million ($1.77 per share) in 2019. The company reaffirmed its adjusted earnings forecast of $4.15 to $4.35 per share for 2020. Efforts to restore service following Tropical Storm Isaias are ongoing, with approximately 65% of customers restored.
Consolidated Edison, Inc. (NYSE: ED) is set to release its 2nd Quarter 2020 earnings on August 6, 2020, after market close. The company, one of the largest investor-owned energy-delivery firms in the U.S., boasts approximately $13 billion in annual revenues and total assets of $59 billion. Con Edison provides a variety of energy-related services through its multiple subsidiaries, including electric, gas, and steam services in New York City, as well as renewable energy projects and infrastructure investments.
On July 16, 2020, Consolidated Edison, Inc. (NYSE: ED) announced a quarterly dividend of 76.5 cents per share on its common stock. This dividend is payable on September 15, 2020, to stockholders of record as of August 19, 2020. Con Edison is one of the largest investor-owned energy companies in the U.S., with approximately $13 billion in annual revenues and $59 billion in assets. They provide various energy services through subsidiaries, including Con Edison Company of New York and Orange and Rockland Utilities.
Con Edison has invested $1.3 billion in electric-delivery systems to maintain reliability this summer while incorporating clean energy technologies. Due to increased demand from residents staying home during the pandemic, summer bills for NYC customers are projected to rise by 9.5%, compared to 2019. In Westchester, some customers might see a 3% decrease. The company is implementing cost deferrals and offering payment plans to assist struggling customers. Noteworthy upgrades include new cables, transformers, and battery systems to enhance reliability against peak demand.
Con Edison Chairman and CEO John McAvoy announced the company's commitment to clean energy during its virtual annual meeting, aiming to triple energy efficiency programs with a $1.5 billion investment by 2025.
The company plans to reduce reliance on natural gas and support electric vehicle adoption. McAvoy highlighted Con Edison as North America's second-largest solar producer and emphasized the workforce’s dedication amid the pandemic. The company also contributes to community relief efforts, ensuring no service interruptions for customers during economic challenges.
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