Welcome to our dedicated page for Consolidated Edison news (Ticker: ED), a resource for investors and traders seeking the latest updates and insights on Consolidated Edison stock.
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.
Con Edison (NYSE: ED) executives will participate in investor conferences in September and October 2024. The company's investor presentation will be available on their website under the 'Presentations & Webcasts' section. Con Edison, one of the largest investor-owned energy-delivery companies in the U.S., reported $15 billion in annual revenues for 2023 and $68 billion in assets as of June 30, 2024.
The company operates through several subsidiaries, including:
- Consolidated Edison Company of New York, Inc.: Provides electric, gas, and steam services in New York City and surrounding areas
- Orange and Rockland Utilities, Inc.: Serves customers in southeastern New York State and northern New Jersey
- Con Edison Transmission, Inc.: Manages electric and gas assets, focusing on developing clean energy projects in the Northeast
Con Edison (NYSE: ED) reported 2024 second quarter net income of $202 million ($0.58 per share), down from $226 million ($0.65 per share) in Q2 2023. Adjusted earnings were $203 million ($0.59 per share), compared to $210 million ($0.61 per share) in Q2 2023. For the first six months of 2024, net income was $922 million ($2.67 per share), down from $1,658 million ($4.74 per share) in H1 2023. However, adjusted earnings increased to $945 million ($2.73 per share) from $856 million ($2.45 per share) in H1 2023.
Con Edison reaffirmed its 2024 adjusted earnings per share guidance of $5.20 to $5.40. The company highlighted its reliable electric service and investments in clean energy infrastructure. CEO Tim Cawley emphasized the company's commitment to energy equity and the clean energy transition.
Consolidated Edison, Inc. (NYSE: ED) has declared a quarterly dividend of 83 cents per share on its common stock. The dividend is payable on September 16, 2024 to stockholders of record as of August 14, 2024. Con Edison is one of the largest investor-owned energy-delivery companies in the U.S., with annual revenues of approximately $15 billion and assets of $67 billion. The company provides energy-related products and services through its subsidiaries: Consolidated Edison Company of New York, Inc. (CECONY), Orange and Rockland Utilities, Inc. (O&R), and Con Edison Transmission, Inc. These subsidiaries serve various regions in New York State and northern New Jersey, offering electric, gas, and steam services.
Consolidated Edison (ED) is set to report its 2nd Quarter 2024 earnings on August 1, 2024, post-market. The company, a major investor-owned energy provider, boasts annual revenues of approximately $15 billion and assets totaling $67 billion. Con Edison operates through several subsidiaries: Consolidated Edison Company of New York, Orange and Rockland Utilities, and Con Edison Transmission. These subsidiaries serve various regions including New York City, Westchester County, southeastern New York State, and northern New Jersey, providing electric, gas, and steam services. Con Edison Transmission focuses on electric transmission projects aimed at delivering renewable energy to the Northeast.
Evergy (NASDAQ: EVRG) announced that CFO Kirk Andrews will leave the company to become CFO at Consolidated Edison (NYSE: ED). Andrews' departure is effective June 21, 2024. Geoffrey Ley, currently vice president, corporate planning, and treasurer, will serve as acting CFO while maintaining his current responsibilities. Ley joined Evergy in 2021 and has a strong background in financial leadership roles. Evergy's CEO, David Campbell, expressed confidence in Ley's capabilities. Evergy serves 1.7 million customers in Kansas and Missouri, focusing on delivering reliable, affordable, and sustainable energy.
Consolidated Edison (NYSE: ED) announced the retirement of Robert Hoglund as Chief Financial Officer, effective July 8, 2024. Hoglund will stay on as Senior Vice President for a transition period until his full retirement later in 2024. Kirkland B. Andrews will succeed Hoglund as Senior Vice President and CFO, also effective July 8, 2024. Andrews joins from Evergy (NASDAQ: EVRG) and has extensive experience in finance, including roles at NRG Energy, Deutsche Bank, and Citigroup. Con Edison credits Hoglund with contributing to strong results and a 50-year consecutive dividend increase. The company highlights its financial strength as a critical pillar for future growth, particularly in the clean energy sector.
Consolidated Edison announced that its executives will participate in various financial conferences during May and June 2024. The company, which is a major investor-owned energy-delivery firm, generates approximately $15 billion in annual revenue and holds $67 billion in assets. Con Edison operates through multiple subsidiaries: Consolidated Edison Company of New York, which provides electric, gas, and steam services; Orange and Rockland Utilities, serving southeastern New York and northern New Jersey; and Con Edison Transmission, which manages electric and gas assets and focuses on developing renewable energy projects in New York and the Northeast.
Consolidated Edison, Inc. reported a net income for common stock of $720 million in the first quarter of 2024, with adjusted earnings of $742 million. The company reaffirmed its forecast for adjusted earnings per share for 2024 to be in the range of $5.20 to $5.40.
FAQ
What is the current stock price of Consolidated Edison (ED)?
What is the market cap of Consolidated Edison (ED)?
What services does Con Edison provide?
What is Con Edison's annual revenue?
What recent projects has Con Edison completed?
How did Con Edison perform financially in 2023?
What is Con Edison's forecast for 2024?
What was the impact of Con Edison selling its clean energy business?
What regulatory support does Con Edison have?
What steps is Con Edison taking to support clean energy?
What geographical areas does Orange & Rockland Utilities, Inc. serve?
Where can I find Con Edison's latest financial reports?
