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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 announced an upcoming Environmental, Social, and Governance presentation on October 7 from 11 a.m. to noon. CEO Timothy Cawley will lead the discussion focusing on the company's sustainable practices and initiatives aimed at a clean energy future. Con Edison, a major energy provider in the U.S. with approximately $14 billion in annual revenues and $65 billion in assets, serves customers in New York City and surrounding areas. More details, including a link to the event, will be provided prior to the presentation.
Consolidated Edison reported a strong Q2 2022, with net income for common stock rising to $255 million or $0.72 per share, up from $165 million or $0.48 per share a year earlier. Adjusted earnings also increased to $228 million or $0.64 per share compared to $182 million or $0.53 per share in Q2 2021. For the first half of 2022, net income rose to $857 million or $2.42 per share. The company reaffirmed its 2022 adjusted earnings guidance at $4.40 to $4.60 per share, excluding certain accounting impacts related to renewable energy projects.
Consolidated Edison, Inc. (NYSE: ED) has declared a quarterly dividend of 79 cents per share on its common stock, scheduled for payment on September 15, 2022. Shareholders on record as of August 17, 2022 will receive this dividend. The company, one of the largest investor-owned energy-delivery firms in the U.S., reported approximately $14 billion in annual revenues and $64 billion in assets, offering a diverse range of energy-related services through its various subsidiaries.
Consolidated Edison, Inc. (NYSE:ED) will announce its 2nd quarter 2022 earnings on August 4, 2022, post-market. The company, a major player in energy delivery, reports approximately $14 billion in annual revenues and holds $64 billion in assets. Con Edison, through its subsidiaries, offers various energy products and operates significant renewable energy projects across North America, including electric and gas services primarily in New York City and surrounding areas.
Consolidated Edison (ED) reported a strong financial performance for Q1 2022, achieving a net income of $602 million or $1.70 per share, an increase from $419 million or $1.23 per share in Q1 2021. Adjusted earnings also rose to $522 million or $1.47 per share, compared to $491 million or $1.44 per share previously. The company reaffirmed its guidance for adjusted EPS in 2022 to be between $4.40 and $4.60. Additionally, notable projects include surpassing 400 megawatts of solar capacity and ongoing investments in renewable energy initiatives.
Consolidated Edison, Inc. (NYSE: ED) has announced a quarterly dividend of 79 cents per share on its common stock. This dividend will be paid on June 15, 2022, to shareholders on record as of May 18, 2022. The company, which has approximately $14 billion in annual revenues and $63 billion in assets, operates through subsidiaries providing a variety of energy-related services in New York City and surrounding areas. It also invests in clean energy projects, focusing on renewable energy transition.
S&P Global Market Intelligence has added the NATF standard for utilities to its KY3P® solution, enhancing third-party risk management. Con Edison is the first utility to adopt this solution, utilizing the NATF "Energy Sector Supply Chain Risk Questionnaire" for supplier risk assessments. This integration streamlines due diligence and improves efficiency in risk management. The NATF tool aims to ensure regulatory compliance and drive consistency across suppliers in the energy sector. Both S&P Global and NATF officials emphasize the importance of standardized risk assessments to enhance operational cost savings.
Consolidated Edison, Inc. (NYSE:ED) is set to report its 1st Quarter 2022 earnings on May 5, 2022, after market closure. The company is a major player in the energy sector, boasting approximately $14 billion in annual revenues and $63 billion in assets. Con Edison operates through various subsidiaries, providing electric, gas, and steam services primarily in New York City and its surroundings. The company also focuses on renewable energy projects, being the second-largest owner of solar electric projects in North America.
Con Edison (ED) reported a 2021 net income of $1,346 million ($3.86/share), up from $1,101 million ($3.29/share) in 2020. Adjusted earnings rose to $1,528 million ($4.39/share) compared to $1,399 million ($4.18/share) in the prior year. The fourth quarter net income was $224 million ($0.63/share) against $43 million ($0.13/share) in Q4 2020. The company anticipates 2022 adjusted EPS between $4.40 to $4.60 and plans $4.6 billion in capital investments for the year, with an expectation of 5-7% growth in adjusted EPS over the next five years.
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