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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 (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.
Con Edison has filed a proposal with the New York State Public Service Commission to adjust electric and gas rates in 2023, seeking an additional $1.2 billion for electric and $500 million for gas. The intent is to fund investments in clean energy and enhance infrastructure resilience amid increasing severe weather. Proposed customer bill increases are 11.2% for electric and 18.2% for gas. The plan emphasizes sustainability, aiming to cut 2.4 million metric tons of CO2 over three years and enhance services for low-income customers.
Consolidated Edison (NYSE: ED) announced a quarterly dividend of 79 cents per share on January 20, 2022, marking a 6 cent annual increase from the previous $3.10 annualized dividend. This dividend will be payable on March 15, 2022, to stockholders of record as of February 16, 2022. Con Edison’s latest increase reflects 48 consecutive years of dividend growth, the longest streak among S&P 500 utilities, demonstrating its commitment to returning value to investors during the clean energy transition.
Consolidated Edison, Inc. (NYSE:ED) plans to release its 2021 earnings report on February 17, 2022, after market close. The company, a leading energy delivery provider in the U.S., boasts approximately $12 billion in annual revenues and $63 billion in assets. Con Edison operates through subsidiaries that deliver electric, gas, and steam services primarily in New York City and surrounding areas, while also investing in renewable energy projects as one of the second largest solar electric producers in North America.
Consolidated Edison, Inc. (NYSE:ED) announced the election of Tim Cawley as chairman of the board on November 18, 2021. Cawley, who became president and CEO earlier this year after John McAvoy retired, will continue the company's leadership in energy delivery. With annual revenues of approximately $12 billion and assets totaling $63 billion, Con Edison operates multiple subsidiaries, including Consolidated Edison Company of New York and Con Edison Clean Energy Businesses, focusing on sustainable energy solutions.
Consolidated Edison (ED) reported a third quarter 2021 net income of $538 million or $1.52 per share, a rise from $493 million or $1.47 per share in Q3 2020. Adjusted earnings for Q3 2021 were $499 million or $1.41 per share, slightly lower than $495 million or $1.48 per share in the previous year. For the first nine months of 2021, net income reached $1,122 million or $3.23 per share, increasing from $1,058 million or $3.17 per share in 2020. The results reflect the company's resilience amid adverse weather while managing operational costs.
Consolidated Edison, Inc. (NYSE: ED) has declared a quarterly dividend of 77.5 cents per share on its common stock, scheduled for payment on December 15, 2021. Stockholders of record as of November 17, 2021 will be eligible. Con Edison is a major energy-delivery company in the U.S., generating approximately $12 billion in annual revenues and managing $63 billion in assets. Their services include electric, gas, and steam provision in New York City and surrounding areas as well as renewable energy projects.
Consolidated Edison, Inc. (NYSE:ED) is set to announce its 3rd Quarter 2021 earnings on November 4, 2021, following the market's close. The company, a leading energy delivery entity in the U.S., boasts annual revenues of approximately $12 billion and total assets of around $63 billion. Through various subsidiaries, Con Edison provides electric, gas, and steam services primarily in New York City and surrounding areas, and operates as a major solar developer both in the U.S. and globally.
Timothy Cawley, CEO of Consolidated Edison (NYSE: ED), will engage in a one-on-one fireside chat at the Wolfe 2021 Utilities, Midstream & Clean Energy Conference on September 29 at 8:45 a.m. EDT. The event underscores the company's commitment to renewable energy, as Con Edison is one of the largest energy-delivery companies in the U.S., reporting approximately $12 billion in annual revenues. A live webcast of the discussion will be available and can also be accessed later for playback on the Con Edison Investor Relations website.
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