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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. (NYSE:ED) is set to release its 1st Quarter 2023 earnings on May 4, 2023, after the market closes. The company, a leading energy-delivery provider in the U.S., reported approximately $16 billion in annual revenues and $69 billion in assets as of December 31, 2022. Con Edison serves a wide array of customers through its subsidiaries, including Consolidated Edison Company of New York, Inc. and Orange and Rockland Utilities, Inc., providing utility services across New York City and parts of New Jersey. The upcoming earnings report is anticipated to provide insights into the company’s financial performance and future outlook.
Consolidated Edison, Inc. (NYSE: ED) announced a quarterly dividend of 81 cents per share, payable on June 15, 2023, to stockholders of record by May 17, 2023.
With approximately $16 billion in annual revenues and $69 billion in assets as of December 31, 2022, Con Edison is one of the country's largest investor-owned energy delivery companies.
The company, through its subsidiaries, provides electric service in New York City, natural gas service in areas including Manhattan and The Bronx, and steam service in Manhattan. Con Edison also focuses on developing clean, renewable electricity solutions in the Northeast and Midwest regions.
On March 23, 2023, Princeton Identity announced the deployment of its Iris-on-the-Move biometric identity solution by Consolidated Edison Inc (ED). This technology meets the Federal Energy Regulatory Commission's Critical Infrastructure Protection Standards, enhancing security without physical contact. The Iris-on-the-Move system integrates compact Access 200 readers with user-friendly IDS software, allowing for quick user enrollment. Facility Security Officer Scott Gross emphasized the convenience and rigorous security compliance of this touchless technology, which addresses high-security requirements in the utility sector.
On March 17, 2023, Consolidated Edison, Inc. (NYSE: ED) announced that Chairman & CEO Tim Cawley will engage with investors in Europe from March 20-24, 2023. During these meetings, the company plans to discuss its recent Q4 and FY 2022 financial results and outline its business strategy focused on a clean energy future. Con Edison is one of the largest investor-owned energy-delivery companies in the U.S., with approximately $16 billion in annual revenues and $69 billion in assets as of December 31, 2022. More information can be found in the investor presentation available on their website.
Consolidated Edison (NYSE: ED) has announced a $1 billion accelerated share repurchase agreement to buy back its common shares. The funding will come from proceeds from the sale of Con Edison Clean Energy Businesses, Inc. Con Edison will make a payment of $1 billion to dealers on March 7, 2023, receiving approximately 8.7 million shares in return. The final number of shares purchased will depend on the volume-weighted average share price during the transaction's term, minus a discount. The settlement is expected by the third quarter of 2023.
On March 1, 2023, Consolidated Edison, Inc. (NYSE:ED) announced the successful sale of its wholly-owned subsidiary, Con Edison Clean Energy Businesses, Inc., to RWE Renewables Americas, LLC. The transaction is valued at $6.8 billion. This strategic move allows Con Edison to focus on its core operations in New York while supporting the transition to clean energy through substantial investments in electrification, energy efficiency, and electric vehicle infrastructure. The company aims to secure state approval for utility-owned renewable generation projects to aid New York's clean energy objectives.
Con Edison (NYSE: ED) announced that its executives will engage with investors during three upcoming conferences. The presentation materials will be accessible online. Key attendees include Matthew Ketschke, Steven Parisi, Joseph Miller, Yukari Saegusa, Timothy P. Cawley, and Robert Hoglund, participating in events from February 27 to March 1, 2023, in New York City and Boston. Consolidated Edison is a major energy-delivery company with approximately $16 billion in annual revenues and $69 billion in assets, offering a variety of energy-related services through its subsidiaries, including electric, gas, and steam services in New York.
Consolidated Edison (NYSE: ED) reported a strong financial performance in 2022, achieving a net income of $1,660 million, or $4.68 per share, a notable increase from $1,346 million, or $3.86 per share in 2021. Adjusted earnings also rose to $1,620 million, or $4.57 per share. However, Q4 2022 showed a decline, with net income dropping to $190 million, or $0.53 per share compared to $224 million, or $0.63 per share in Q4 2021. Looking ahead, the company projects 2023 adjusted earnings per share between $4.75 and $4.95 and anticipates significant capital investments totaling $4,809 million. The planned sale of its Clean Energy Businesses is a key factor in future financial strategies.
Con Edison executives, Vicki Kuo and Lisa Primeggia, will participate in a panel on Electric Vehicles and the Grid hosted by RBC Capital Markets. The virtual event is scheduled for February 9, 2023, at 9 a.m. EST. Con Edison, a major energy provider, serves 3.5 million customers in New York City and Westchester County, generating approximately $14 billion in annual revenues. The company emphasizes its commitment to energy solutions and efficiency. Interested participants can register for the event through a provided link.
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