Summary
Consolidated Edison, Inc. (Con Edison) reported its fiscal year 2023 results, highlighting stable performance from its core regulated utility businesses (CECONY and O&R) despite the sale of its Clean Energy Businesses earlier in the year. CECONY, the primary subsidiary, continued to demonstrate resilience with increased operating revenues in its electric segment, driven by rate increases, while managing higher operating and maintenance expenses. The gas segment saw a decrease in operating revenues, partly due to lower gas purchased for resale. O&R's electric and gas operations also experienced revenue shifts, with electric revenues down slightly and gas revenues seeing a decrease due to lower purchased gas costs. The company's capital investments remain focused on infrastructure upgrades and reliability, with significant expenditures planned for CECONY's electric and gas operations to support New York's clean energy goals and address reliability needs. Con Edison Transmission continues its strategic investments in electric transmission projects, contributing to the broader clean energy transition. The company maintained its financial stability and access to capital markets, with credit ratings remaining solid.
Financial Highlights
45 data points| Revenue | $14.48B |
| Operating Expenses | $12.33B |
| Operating Income | $3.20B |
| Interest Expense | $1.02B |
| Net Income | $2.52B |
| EPS (Basic) | $7.25 |
| EPS (Diluted) | $7.21 |
| Shares Outstanding (Basic) | 347.70M |
| Shares Outstanding (Diluted) | 349.30M |
Key Highlights
- 1Consolidated Edison, Inc. (Con Edison) reported its fiscal year 2023 results, with a net income for common stock of $2,519 million, a significant increase from $1,660 million in 2022, largely driven by the gain on the sale of Clean Energy Businesses.
- 2CECONY, the largest subsidiary, saw increased electric operating income, primarily due to electric base rate increases and lower operation and maintenance expenses, partially offset by higher purchased power and depreciation expenses.
- 3O&R's electric operations experienced a decrease in operating income due to lower revenues and higher operations and maintenance expenses, while gas operations saw a slight decrease in income.
- 4The company's capital investments are substantial, with CECONY's electric operations alone requiring $2,909 million in 2023, and O&R's electric and gas operations totaling $296 million, reflecting ongoing infrastructure development and modernization.
- 5Con Edison Transmission reported positive income, driven by higher investment income, particularly from its stake in the Mountain Valley Pipeline and New York Transco projects.
- 6The sale of the Clean Energy Businesses on March 1, 2023, significantly impacted the consolidated results, contributing a pre-tax gain of $865 million to Con Edison's overall financial performance for the year.
- 7The company continues to emphasize investments in clean energy and grid modernization, with significant capital expenditures allocated to address reliability needs and support New York State's climate goals, such as the Brooklyn Clean Energy Hub and the Reliable Clean City - Idlewild Project.