Summary
Consolidated Edison, Inc. (ED) operates as a regulated utility primarily through its subsidiaries Consolidated Edison Company of New York, Inc. (CECONY) and Orange and Rockland Utilities, Inc. (O&R), providing electric, gas, and steam services to customers in New York City, Westchester County, and parts of northern New Jersey. The company also has interests in clean energy businesses and electric transmission projects. In a significant development, Con Edison has agreed to sell its Clean Energy Businesses to RWE Renewables America, LLC, a transaction expected to close in the first quarter of 2023. This strategic divestiture allows Con Edison to focus on its core regulated utility operations. The company is committed to investing in reliability, resilience, and clean energy solutions critical for its New York customers, while navigating evolving environmental regulations and clean energy mandates, including New York's Climate Leadership and Community Protection Act.
Financial Highlights
49 data points| Revenue | $15.46B |
| R&D Expenses | $27.00M |
| Operating Expenses | $13.05B |
| Operating Income | $2.62B |
| Interest Expense | $987.00M |
| Net Income | $1.66M |
| EPS (Basic) | $4.68 |
| EPS (Diluted) | $4.66 |
| Shares Outstanding (Basic) | 354.50M |
| Shares Outstanding (Diluted) | 355.80M |
Key Highlights
- 1Sale of Clean Energy Businesses: Con Edison entered into an agreement to sell its Clean Energy Businesses for $6.8 billion, expected to close in Q1 2023, to focus on its core regulated utility operations.
- 2Regulated Utility Operations: The company's primary business remains regulated electric, gas, and steam delivery through CECONY and O&R, serving millions of customers in New York and New Jersey.
- 3Capital Investments: Con Edison plans significant capital investments in its utility infrastructure, with an estimated $4.8 billion for 2023, focused on reliability, resilience, and clean energy transition.
- 4Clean Energy Goals: The company is actively aligning with New York State's Climate Leadership and Community Protection Act, investing in grid modernization and clean energy initiatives.
- 5Regulatory Environment: The company operates under extensive state utility regulation, primarily from the NYSPSC and NJBPU, which approve rates and service terms.
- 6Dividend Growth: Con Edison is committed to delivering shareholder value through continued dividend growth, supported by its earnings from regulated utility operations and contracted transmission assets.
- 7Financial Health: The company maintains a strong financial position with a common equity ratio of 50.9% for Con Edison (parent) and 46.9% for CECONY as of December 31, 2022, supported by investment-grade credit ratings.