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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) 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.
On August 19 at 9 a.m. ET, Consolidated Edison will host an Environmental, Social, and Governance presentation, featuring senior leadership including CEO Timothy Cawley and CFO Robert Hoglund. The event includes a Q&A session and will be webcast live. Consolidated Edison, one of the largest energy companies in the U.S., generates approximately $12 billion in annual revenue and manages assets worth $63 billion. The webcast will also be accessible on the Con Edison Investor Relations website.
Consolidated Edison (ED) reported Q2 2021 net income of $165 million, or $0.48 per share, down from $190 million, or $0.57 per share in Q2 2020. Adjusted earnings were $182 million ($0.53/share) versus $201 million ($0.60/share) last year. For H1 2021, net income rose to $584 million ($1.70/share) compared to $565 million ($1.69/share) in H1 2020, while adjusted earnings were $673 million ($1.95/share), slightly up from $652 million ($1.95/share). The company reaffirmed its 2021 adjusted EPS guidance of $4.15 to $4.35.
Consolidated Edison, Inc. (NYSE: ED) announced plans to report its 2nd Quarter 2021 earnings on August 5, 2021, after market closure. With approximately $12 billion in annual revenues and $62 billion in assets, Con Edison stands as one of the largest investor-owned energy-delivery companies in the U.S. The company provides diverse energy products and services through its subsidiaries, including regulated utilities and significant renewable energy initiatives.
Consolidated Edison, Inc. (ED) announced a quarterly dividend of 77.5 cents per share on its common stock. This dividend will be payable on September 15, 2021, to shareholders on record as of August 18, 2021. Con Edison reported annual revenues of approximately $12 billion and total assets of $62 billion, highlighting its position as one of the largest investor-owned energy-delivery companies in the U.S. The company operates various regulated utilities and is significantly involved in renewable energy projects.
Con Edison is partnering with Centrica Business Solutions to develop a clean energy innovation hub in Brooklyn, featuring a 5-megawatt battery energy storage system and 18 public electric vehicle chargers. Located at 223 Nevins St, this project will be New York City's first to combine these technologies. The battery, capable of powering around 5,000 apartments for four hours, will be operational by summer 2022 and remain until at least 2035. This initiative aims to enhance energy reliability, support the shift to electric vehicles, and promote environmental sustainability.
Consolidated Edison, Inc. (NYSE: ED) is set to issue 10,100,000 common shares through an offering led by Barclays. The shares are expected to be issued on June 18, 2021, pending customary conditions. Proceeds from the sale will fund construction expenditures and general corporate purposes in its regulated utility subsidiary. This offering is part of their effective shelf registration with the SEC. Detailed information, including the prospectus, will be accessible via the SEC's website and Barclays.
Con Edison has invested $1.5 billion in enhancing its electric-delivery system in New York City and Westchester County. This initiative supports the state's transition to clean energy, including adding energy storage and promoting electric vehicles. The company has installed numerous transformers and cables in preparation for summer demand, projecting a peak electricity demand of 12,880 megawatts. While residential electricity costs may rise by 6.5% in Westchester, New York City customers could see a 4.2% decrease. Con Edison is committed to sustainability through various incentives and tech advancements.
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