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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.
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.
Consolidated Edison, Inc. (NYSE: ED) is set to report its 2022 earnings on February 16, 2023, after market closure. This company, one of the largest investor-owned energy delivery firms in the U.S., boasts approximately $14 billion in annual revenues and $66 billion in assets. Through its subsidiaries, including Con Edison Company of New York, it provides a range of energy services across New York City, Westchester County, and parts of New Jersey. The press release outlines the company’s focus on transitioning to clean, renewable energy, particularly through its investment in electric transmission projects.
On January 19, 2023, Consolidated Edison, Inc. (NYSE: ED) announced a quarterly dividend of 81 cents per share, marking an annualized increase of 8 cents from the previous $3.16. This represents the 49th consecutive annual dividend increase, the longest streak among S&P 500 utilities. The dividend is payable on March 15, 2023 to shareholders of record by February 15, 2023. Con Edison aims for a dividend payout ratio of 60% to 70% of adjusted earnings, highlighting its commitment to delivering shareholder returns amid the clean energy transition.
Consolidated Edison (ED) reported net income of $613 million or $1.73 per share for Q3 2022, up from $538 million or $1.52 per share in Q3 2021. Adjusted earnings also rose to $579 million or $1.63 per share, compared to $499 million or $1.41 the previous year. Year-to-date, net income is $1,470 million, a 31% increase year-over-year. The company plans to sell its Clean Energy Businesses for $6,800 million, with intentions to repay $1,050 million of debt and potentially initiate a share repurchase program. Adjusted EPS guidance for 2022 has been slightly increased to $4.50-$4.60.
The Variety Boys & Girls Club of Queens hosted a mentoring session focused on green careers, featuring representatives from the New York Power Authority, Con Edison, and 174 Power Global. This initiative, part of an annual collaboration, aims to educate youth about electrified transportation and STEM opportunities. 174 Power Global donated $15,000 to support STEM programs. Notably, the East River Energy Storage Project, a significant 100MW initiative, will be developed by 174 Power Global. This project is expected to enhance local job opportunities in the green economy.
Consolidated Edison, Inc. (NYSE: ED) has declared a quarterly dividend of 79 cents per share on its common stock, payable on December 15, 2022, to shareholders of record by November 16, 2022.
As one of the largest investor-owned energy-delivery companies in the U.S., Con Edison boasts approximately $14 billion in annual revenues and $64 billion in assets. The company operates several subsidiaries providing a range of energy services across New York State, including regulated utilities and renewable energy projects.
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