ED · Consolidated Edison

407 filings

ED SEC Filings

Consolidated Edison - 407 total filings

Filing record · 2016–202610-K1110-Q338-K143

Showing 1–50 of 407 filings

Consolidated Edison Quarterly Report for Q3 Ended Sep 30, 2026

Consolidated Edison, Inc. (ED) reported solid financial results for the nine months ended September 30, 2026. Total operating revenues increased to $14.078 billion, a 9% rise compared to the same period in 2025, driven primarily by electric and gas revenue growth. Net income rose to $1.998 billion, a 15.7% increase year-over-year, resulting in diluted earnings per share of $5.42, up from $4.83 in the prior year. This performance was bolstered by a significant gain on the sale of equity interest in Mountain Valley Pipeline, LLC, contributing $189 million before taxes. Operating expenses also saw an increase, largely due to higher purchased power and fuel costs. The company continues to invest heavily in utility capital expenditures, totaling $4.051 billion for the nine months ended September 30, 2026, a notable increase from the previous year, reflecting ongoing infrastructure improvements and grid modernization efforts. Despite increased operating expenses and capital investments, Con Edison maintained a strong common equity ratio of 49.5% as of September 30, 2026, indicating a robust capital structure.

Nov 5, 2026 8-K

Consolidated Edison 8-K Report, Financial Results (Nov 5, 2026)

Consolidated Edison, Inc. (Con Edison) reported its third quarter and year-to-date financial results for 2026. The company announced net income of $766 million, or $2.07 per share, for the third quarter of 2026, an increase from the $688 million, or $1.91 per share, reported in the same period of 2025. Adjusted earnings per share also saw a slight increase to $2.07 compared to $1.90 in the prior year's third quarter, after excluding certain one-time items. For the first nine months of 2026, Con Edison reported net income of $1,998 million, or $5.44 per share, up from $1,726 million, or $4.84 per share, in the first nine months of 2025. The company also reiterated its full-year 2026 adjusted earnings per share guidance, now projected to be between $6.05 and $6.15, narrowing the previous range. Key drivers for operational performance include higher electric rate base, increased income from the allowance for equity funds used during construction, and lower operation and maintenance expenses for CECONY, partially offset by the dilutive effect of common share issuances.

Nov 5, 2026 8-K

Consolidated Edison 8-K Report, Corporate Update (Sep 4, 2026)

Consolidated Edison Company of New York, Inc. (CECONY), a subsidiary of Consolidated Edison, Inc. (ED), has entered into a joint proposal with the New York State Department of Public Service (NYSDPS) and other parties regarding a new steam rate plan. This proposal covers the three-year period from November 1, 2026, to October 31, 2029, and is subject to approval by the New York State Public Service Commission (NYSPSC). The Joint Proposal outlines planned base rate increases totaling $13 million in Year 1, $42 million in Year 2, and $39 million in Year 3. While these are the base rate changes, the company expects a consistent total bill impact of 3.5% each year, amounting to approximately $26.6 million, $27.5 million, and $28.5 million, respectively, with new rates effective November 1, 2026. The plan also includes provisions for capital expenditures, amortization of regulatory assets, and the continuation of key mechanisms like weather normalization and cost recovery for purchased power and fuel. Importantly, it introduces negative revenue adjustments for performance targets related to service, reliability, and safety, with potential charges escalating from $4.3 million to $4.7 million annually.

Sep 4, 2026 8-K

Consolidated Edison 8-K Report, Financial Results (Aug 6, 2026)

Consolidated Edison reported second-quarter 2026 GAAP net income for common stock of $308 million, or $0.83 per share, up from $246 million, or $0.68 per share, in the second quarter of 2025. Adjusted EPS (non-GAAP) was $0.83 versus $0.67 a year earlier, and the increase was driven mainly by higher electric and gas rate base at CECONY and the timing of billing for rate increases. Year-to-date GAAP EPS was $3.37 and adjusted EPS was $3.00, compared with $2.93 and $2.91 in the first half of 2025. The year-to-date GAAP figure is inflated by a $189 million pre-tax gain on the sale of Con Edison's MVP equity interest, which is excluded from adjusted results. Management reaffirmed full-year 2026 adjusted EPS guidance of $6.00 to $6.20. The company stated that year-to-date results are in line with expectations. Guidance excludes the MVP gain (about $(0.37) per share after tax), MVP basis accretion, strategic-review transaction costs, and HLBV effects, which will be determined at year-end. Regulatory developments were mixed: New Jersey approved a RECO electric rate increase at a 9.60% ROE, and New York's Chapter 58 introduces affordability-focused constraints on future rate filings starting in 2027. Con Edison also raised capital through equity forward settlements, a $3.5 billion revolving credit facility, and a $1.3 billion CECONY debt issuance. For investors, the quarter shows steady regulated growth with a constructive rate framework, but the outlook depends on several items. These include the timing of the MVP sale and transaction costs, continued equity issuance (planned up to $1.1 billion in 2026), the new New York affordability regime, and a negative Moody's outlook on Con Edison and CECONY. The company also has a 4.4% dividend increase and a quarterly dividend of $0.8875 declared July 16, 2026.

Aug 6, 2026 10-Q

Consolidated Edison Quarterly Report for Q2 Ended Jun 30, 2026

Consolidated Edison's second-quarter 2026 results show a solid quarter and a strong first half, helped by a one-time gain. For the three months ended June 30, 2026, net income for common stock rose to $308 million ($0.83 per diluted share) from $246 million ($0.68) a year earlier. For the six months, net income was $1,232 million ($3.36 diluted EPS) versus $1,038 million ($2.92), with the first half including a $189 million pre-tax ($134 million after-tax, or $0.37 per share) gain on the sale of its ~6.6% stake in Mountain Valley Pipeline. Excluding that gain, underlying growth is driven mainly by higher electric and gas rate base at CECONY, though operating income growth was partly offset by higher property taxes and lower pension-related credits in other income. Balance sheet and financing activity were significant. Total assets grew to $76.5 billion, and shareholders' equity rose to $25.7 billion, aided by roughly $1.7 billion of common equity raised through public offerings and forward sales under a new $2.0 billion at-the-market program. The common equity ratio improved to 48.9% at Con Edison. Long-term debt increased to $26.8 billion after CECONY issued $1.3 billion of debentures, and commercial paper and term loan balances were paid down. Operating cash flow fell to $1,971 million from $2,816 million, mainly due to swings in payables, receivables and taxes receivable, while capital expenditures remained high at $2.5 billion for the first half. Investors should weigh continued regulatory and affordability pressures. Aged customer receivables at CECONY remain elevated at $1.385 billion over 60 days. New York enacted Chapter 58, which introduces budget-constrained rate plans and affordability-linked ROE adjustments for filings after January 1, 2027. CECONY also has a pending steam rate case seeking a $66 million increase, and a $1.0 billion income tax regulatory asset remains subject to a potential NYSPSC audit outcome. Management reports no material changes to risk factors.

Aug 6, 2026 8-K

Consolidated Edison 8-K Report, Executive Changes (Jul 2, 2026)

Consolidated Edison, Inc. (NYSE: ED) filed an 8-K on July 2, 2026 to report a board appointment rather than a financial or operational event. Under Item 5.02, Tali Farhadian Weinstein was elected to the boards of both Consolidated Edison, Inc. and Consolidated Edison Company of New York, Inc., effective July 1, 2026. She was assigned to the Safety, Environment, Operations and Sustainability Committee and the Corporate Governance and Nominating Committee, and she will receive director compensation as described in the company's 2026 proxy statement filed April 8, 2026. The filing contains no financial results, guidance, or disclosure of material operational changes, so it has limited direct impact on near-term earnings or valuation. The appointment is best viewed as a governance update. Ms. Farhadian brings legal, prosecutorial, and regulatory experience, which may be relevant to a regulated utility operating in New York under heavy public-utility oversight. Her appointment also places a new director on the committees that oversee safety, operations, and governance, areas that matter to investors in a utility with a large urban footprint. Investors should note that Ms. Farhadian is scheduled to become CEO of the Museum of Jewish Heritage in September 2026. The filing and press release present this as a non-conflicting outside role, but investors may wish to monitor her time commitments and any future disclosures about board independence or conflicts. The accompanying press release (Exhibit 99) was issued for immediate release and contains only biographical and background information.

Jul 2, 2026 8-K

Consolidated Edison 8-K Report, Corporate Update (Jun 3, 2026)

Consolidated Edison Company of New York, Inc. (CECONY), a subsidiary of Consolidated Edison Inc. (ED), has announced the issuance of a significant amount of new debt through an underwriting agreement with several major financial institutions. This offering comprises $450 million in 5.15% Debentures, Series 2026 A due 2036, and $850 million in 5.875% Debentures, Series 2026 B due 2056, totaling $1.3 billion in aggregate principal amount. The issuance was registered under a Form S-3 filing effective in August 2024, indicating the company's proactive capital raising strategy and compliance with regulatory requirements. This debt issuance is a material event for investors, providing insights into CECONY's financing needs and capital structure. The varying interest rates and maturity dates reflect the company's approach to managing its debt obligations and its outlook on prevailing interest rate environments. Investors should monitor how these new debentures impact CECONY's leverage ratios, interest expense, and overall financial flexibility, particularly in relation to its ongoing infrastructure investments and operational requirements.

Jun 3, 2026 8-K

Consolidated Edison 8-K Report, Shareholder Vote Results (May 20, 2026)

This 8-K filing reports on the outcomes of Consolidated Edison, Inc.'s (Con Edison) Annual Meeting of Stockholders held on May 18, 2026. The primary focus is on the voting results for the election of directors, the ratification of PricewaterhouseCoopers LLP as the independent auditor, and an advisory vote on executive compensation. All proposals presented to shareholders received strong support, indicating continued confidence in the company's leadership and financial oversight.

May 20, 2026 8-K

Consolidated Edison 8-K Report, Material Agreement (May 8, 2026)

Consolidated Edison, Inc. (Con Edison) has entered into an equity distribution agreement with multiple agents to establish an "at-the-market" equity distribution program. This program allows Con Edison to offer and sell up to $2 billion worth of its common shares over time. The company also has the option to enter into separate forward sale agreements with forward purchasers. These agreements involve the potential sale of borrowed shares, with proceeds potentially realized by Con Edison upon future physical settlement. This move provides Con Edison with financial flexibility to raise capital through equity issuance as needed, but investors should note that the ultimate proceeds received can depend on the settlement method chosen for the forward sale agreements.

May 8, 2026 8-K

Consolidated Edison 8-K Report, Financial Results (May 7, 2026)

Consolidated Edison reported first-quarter 2026 GAAP net income for common stock of $924 million, or $2.55 per share, up from $791 million, or $2.26 per share, in the first quarter of 2025. Adjusted earnings, which exclude the gain on the sale of its Mountain Valley Pipeline (MVP) stake and related items, were $790 million, or $2.18 per share, roughly flat in dollar terms and down $0.08 from $2.26 a year earlier. The GAAP increase came almost entirely from the one-time after-tax MVP gain of $134 million ($0.37 per share). The underlying utility business was softer: CECONY's adjusted earnings fell $0.11 per share, driven by higher operations and maintenance expense, dilution from the February 2026 equity issuance, and higher interest expense. Management reaffirmed its 2026 adjusted EPS guidance of $6.00 to $6.20. The company completed the MVP sale for $357.5 million before closing adjustments and settled a forward sale for 7 million shares (about $776 million) to fund its capital plan. It also repaid a $500 million 364-day term loan in March and entered into a new $3.5 billion revolving credit facility. The forecast is for an 8.8% five-year compound annual growth rate in the average utility rate base, supported by electrification-driven load growth and new New York rate plans approved in January 2026. Investor watch items include Moody's negative outlook on Con Edison and CECONY, the pending CECONY steam rate case (a $66 million request against NYSPSC staff testimony of $18 million), New York City reliability needs identified by NYISO, and rising aged customer receivables at CECONY ($1,352 million over 60 days at March 31, 2026, versus $1,427 million at year-end 2025). The quarter also included a $205 million reduction in the CAMT credit carryforward following IRS Notice 2026-7.

May 7, 2026 10-Q

Consolidated Edison Quarterly Report for Q1 Ended Mar 31, 2026

Consolidated Edison (ED) reported first-quarter 2026 net income of $924 million, or $2.54 per diluted share, up from $791 million, or $2.25, in the prior-year quarter. The improvement was driven largely by a one-time $189 million pre-tax gain ($134 million after tax, or $0.37 per share) from the sale of its approximately 6.6% stake in Mountain Valley Pipeline. Excluding that gain, earnings were essentially flat to modestly lower: CECONY's net income fell to $733 million from $745 million, reflecting higher operations and maintenance expense and interest costs and the dilutive effect of share issuances. Operating revenues rose 6.2% to $5.095 billion, led by steam and electric revenue growth, while operating income increased 4.6% to $1.177 billion. Balance sheet and cash flow picture is more mixed. Operating cash flow fell sharply to $174 million from $837 million, mainly because of a $350 million drop in net regulatory liability/deferred credit activity tied to higher recoverable energy costs and a $691 million increase in prepayments. Con Edison funded its capital program (utility capex of $1.17 billion) with a $776 million common equity offering settled from a forward sale, MVP sale proceeds of $358 million, and reduced short-term debt, including repayment of a $500 million term loan. Cash fell to $147 million, and notes payable declined to $869 million. Common equity ratio improved to 50.0% from 48.6%, reflecting the equity issuance. Key watch items for investors include aged customer receivables (CECONY balances over 60 days of $1.35 billion), the pending steam rate case requesting a $66 million increase effective November 2026, a $209 million-scale regulatory asset from the historical income tax normalization audit that remains unreserved, and a potential FERC-ordered PJM cost-allocation refund that is not yet estimable. The company also reports a new NYSPSC cybersecurity regulation effective June 2026 and no material changes to risk factors.

May 7, 2026 8-K

Consolidated Edison 8-K Report, Material Agreement (Mar 11, 2026)

Consolidated Edison, Inc. (Con Edison) and its subsidiaries, CECONY and O&R, have entered into a new Credit Agreement, dated March 11, 2026, with Bank of America, N.A., as Administrative Agent. This new agreement, with a total credit availability of up to $3.5 billion, replaces and terminates two prior credit facilities dated March 27, 2023, and March 24, 2025. The facility is structured as a revolving credit line, allowing for loans and letters of credit, and will be used primarily to support the companies' commercial paper programs and for general corporate purposes. The new Credit Agreement extends the maturity date to March 11, 2031, with potential for two one-year extensions. The aggregate commitment is $3.5 billion, with specific allocations for CECONY ($3.5 billion), Con Edison ($800 million, potentially up to $1 billion), and O&R ($250 million, potentially up to $300 million). The agreement also includes provisions for increasing the aggregate facility size by up to $500 million, subject to certain conditions. The terms include variable interest rates and fees tied to the companies' credit ratings. This refinancing demonstrates Con Edison's proactive approach to managing its liquidity and financing structure.

Mar 11, 2026 8-K

Consolidated Edison 8-K Report, Material Agreement (Feb 25, 2026)

Consolidated Edison, Inc. (Con Edison) announced on February 23, 2026, its entry into a forward sale agreement with JPMorgan Chase Bank, National Association, for 7,000,000 shares of its common stock. This agreement is expected to settle by December 31, 2026, with options for earlier settlement or cash/net share settlement under certain conditions. The initial forward price is set at $110.81 per share, subject to daily adjustments based on the overnight bank funding rate and potential decreases related to expected dividends. This transaction effectively allows Con Edison to secure a future sale price for a significant block of its shares. While the primary settlement method is physical issuance of shares, the company retains the flexibility for cash or net share settlement. However, investors should note that the forward purchaser has the right to accelerate settlement under various conditions, which could lead to an earlier issuance of shares and potential dilution to existing shareholders. The filing also references an underwriting agreement for the sale of these same shares.

Feb 25, 2026 10-K

Consolidated Edison Annual Report, Year Ended Dec 31, 2025

Consolidated Edison, Inc. (ED) reported a net income for common stock of $2,023 million, or $5.66 per share, in 2025, a notable increase from $1,820 million, or $5.26 per share, in 2024. This financial growth was driven by robust performance across its primary utility operations, Consolidated Edison Company of New York (CECONY) and Orange & Rockland Utilities (O&R). The company continued its significant investment in upgrading and reinforcing its energy delivery systems, with approximately $4.9 billion invested in 2025, and substantial capital expenditures planned through 2030 to support infrastructure improvements and the transition to a clean energy future. Financially, Con Edison plans to fund its extensive capital requirements through a combination of internally generated funds, long-term debt issuances, and common equity issuances. The company also announced significant rate plan approvals for CECONY covering 2026-2028, which are expected to support its capital investments and provide a fair return to investors. While facing a dynamic regulatory and economic environment, including increasing capital needs for clean energy initiatives and potential supply chain cost pressures, Con Edison remains focused on delivering safe, reliable, and increasingly sustainable energy services to its customers.

Feb 19, 2026 8-K

Consolidated Edison 8-K Report, Financial Results (Feb 19, 2026)

Consolidated Edison (ED) reported 2025 GAAP net income for common stock of $2,023 million, or $5.66 per share, up from $1,820 million ($5.26) in 2024. Adjusted (non-GAAP) EPS was $5.70, up from $5.40, at the top end of the company's guidance range. For the fourth quarter, GAAP EPS fell to $0.82 from $0.90, and adjusted EPS fell to $0.89 from $0.98, mainly due to higher operations and maintenance expense and corporate expenses at CECONY, plus Con Edison Transmission charges tied to the MVP/Honeoye review and the Honeoye impairment. Management guided 2026 adjusted EPS to $6.00–$6.20 and targets 6%–7% five-year adjusted EPS CAGR (2026–2030), using the guidance midpoint as the base. The growth case rests on an ~$38 billion capital plan for 2026–2030 (about $6.6 billion in 2026 and $6.8 billion in 2027) and an 8.6% CAGR target for average earnings base. The New York PSC approved CECONY's three-year electric and gas rate plans in January 2026 with a 9.40% ROE and 48% equity ratio. The company also declared a 4.4% dividend increase to an annualized $3.55, its 52nd consecutive annual increase. Key items for investors are the planned first-half 2026 sale of the remaining Mountain Valley Pipeline stake (about $357.5 million total consideration, with roughly 40% of its ~6.6% interest already sold in January), the strategic review of Honeoye, and a $1.1 billion 2026 common equity issuance plan. Pending items include the CECONY steam rate case (requested $66 million increase effective November 2026) and the New York City reliability need, which requires a contingency plan.

Feb 19, 2026 8-K

Consolidated Edison 8-K Report, Material Agreement (Nov 24, 2025)

Consolidated Edison Inc. (ED), through its subsidiary Consolidated Edison Company of New York, Inc. (CECONY), has entered into a $500 million 364-day senior unsecured term loan credit agreement. This new facility was fully drawn on November 24, 2025, and the proceeds were used to retire a portion of CECONY's existing unsecured term loan maturing in November 2025. This action indicates a proactive approach to managing its short-term debt obligations and refinancing maturing liabilities with a new credit line. The new credit agreement includes standard covenants, such as maintaining a consolidated debt-to-capital ratio not exceeding 0.65:1 and limitations on liens. It also outlines events of default, including failure to pay principal or interest, breach of covenants, material financial obligations exceeding $150 million, and acceleration of material debt. Investors should note that CECONY has the option to prepay these term loans prior to maturity, providing financial flexibility.

Nov 24, 2025 8-K

Consolidated Edison 8-K Report, Corporate Update (Nov 24, 2025)

Consolidated Edison, Inc. (ED) announced on November 24, 2025, that a subsidiary has entered into an agreement to sell its approximately 6.6% stake in Mountain Valley Pipeline, LLC (MVP) to an Ares Management fund for $357.5 million. This sale includes the company's interests in both the Mountain Valley Pipeline and its Mainline Expansion. The proceeds from this transaction are earmarked to help fund Con Edison's common equity needs for 2026 and will also be used for general corporate purposes. The sale is expected to close in the first half of 2026, contingent upon standard closing conditions and the potential exercise of preferential rights by MVP's founding members. This divestment represents a strategic move by Con Edison to manage its capital structure and allocate resources.

Nov 24, 2025 8-K

Consolidated Edison 8-K Report, Corporate Update (Nov 19, 2025)

Consolidated Edison, Inc. (ED), through its subsidiary Consolidated Edison Company of New York, Inc. (CECONY), announced the successful underwriting of $900 million in 5.75% Debentures, Series 2025 A, due in 2055. This debt issuance, facilitated by a syndicate of underwriters including Barclays Capital Inc., Citigroup Global Markets Inc., J.P. Morgan Securities LLC, and Wells Fargo Securities, LLC, was registered under the Securities Act of 1933. The issuance occurred on November 17, 2025, and was disclosed in an 8-K filing on November 19, 2025. This debt offering represents a significant capital raise for CECONY, likely intended to fund ongoing operations, capital expenditures, or refinance existing debt. The long-term nature of the debentures (30-year maturity) suggests a strategic approach to financing, potentially taking advantage of favorable interest rate conditions for long-dated debt. Investors in ED should note this increase in leverage, though it is typical for utility companies to maintain substantial debt levels to finance their infrastructure investments.

Nov 19, 2025 10-Q

Consolidated Edison Quarterly Report for Q3 Ended Sep 30, 2025

Consolidated Edison's third-quarter 2025 10-Q shows steady regulated-utility earnings growth, driven mainly by CECONY. Con Edison reported Q3 2025 net income for common stock of $688 million ($1.90 diluted EPS), up from $588 million ($1.69) a year earlier, and nine-month net income of $1,726 million ($4.83 diluted EPS) versus $1,510 million ($4.35). Operating revenues rose 11% for the quarter to $4,530 million, and CECONY accounted for about 93% of earnings. The primary drivers were higher electric rate base, lower commercial paper interest expense, and the favorable NYSPSC order on the customer billing system, partly offset by dilution from the equity issuance. The balance sheet strengthened materially. Shareholders' equity rose to $24,168 million from $21,962 million at year-end 2024, aided by a March 2025 common stock offering that raised about $1.3 billion, and the common equity ratio improved to 49.2% from 47.1%. Short-term borrowing fell sharply, with commercial paper dropping to $552 million from $2,170 million, and operating cash flow rose to $3,320 million from $2,304 million. Capital expenditures remain heavy at about $3.5 billion for the nine months, funded largely by utility rate recovery. The most important forward-looking item is the November 5, 2025 joint proposal for CECONY's electric and gas rate plans covering 2026 through 2028. It would provide base rate increases, a 9.40% authorized ROE, a 48% common equity ratio, and roughly $4.5 billion per year of electric capital spending, subject to NYSPSC approval. Risks flagged include aged customer receivables of $1.5 billion over 60 days, an open NYSPSC investigation into gas main weld practices with no accrual, a continuing income tax regulatory asset audit of about $1.0 billion, and asbestos and manufactured-gas-plant environmental liabilities.

Nov 6, 2025 8-K

Consolidated Edison 8-K Report, Financial Results (Nov 6, 2025)

Consolidated Edison (ED) reported third-quarter 2025 GAAP net income for common stock of $688 million, or $1.91 per share, up from $588 million, or $1.70 per share, in Q3 2024. Adjusted EPS (non-GAAP) was $1.90 versus $1.68 a year earlier. For the first nine months, GAAP EPS was $4.84 (vs. $4.37) and adjusted EPS was $4.82 (vs. $4.42). Growth was driven mainly by higher electric rate base at CECONY, lower commercial paper interest expense, and lower stock-based compensation, partly offset by dilution from common share issuance (about $0.08 per share in the quarter and $0.14 year-to-date). The company narrowed its 2025 adjusted EPS guidance to $5.60–$5.70 from $5.50–$5.70, moving it to the upper half of the original range. Management is guiding to the top of that range, with the remaining adjustments (MVP accretion, HLBV effects, Clean Energy Businesses items, and strategic-alternatives impacts for MVP and Honeoye) to be determined at year-end. The most significant development for investors is CECONY's November 5, 2025 joint proposal with New York State regulators for electric and gas rate plans covering January 2026 through December 2028. It proposes a 9.40% return on equity and a 48% equity ratio, with base rate increases of roughly $222 million in 2026 (electric and gas combined), $473 million in 2027, and $329 million in 2028 for electric, plus gas increases. The plan supports about $17 billion of investment over three years and is subject to NYSPSC approval. The company also reiterated a $72 billion capital investment plan for 2025–2034 and will update its forecast through 2030 in February 2026. Investors should note that the proposal still requires regulatory approval, and the company's earnings outlook depends on that outcome.

Nov 6, 2025 8-K

Consolidated Edison 8-K Report, Regulation FD Disclosure (Nov 5, 2025)

Consolidated Edison's utility subsidiary, CECONY, has reached a Joint Proposal with the New York State Department of Public Service and other parties for new electric and gas rate plans covering January 2026 through December 2028. The agreement is not final and remains subject to approval by the New York State Public Service Commission (NYSPSC). Under the proposal, electric base rate changes are $222 million, $473 million, and $329 million in Years 1 through 3, and gas base rate changes are $(46) million, $170 million, and $93 million. The company will implement these on a shaped basis, producing consistent total bill impacts of 2.80% per year for electric and 2.01% per year for gas. The plan includes a 9.40% authorized return on common equity, a 48% common equity ratio, and roughly $17 billion of combined electric and gas capital investment over the three years. Relative to CECONY's January 2025 filing, which requested a $1.6 billion electric increase and a $441 million gas increase, the Joint Proposal is substantially lower. It also compares favorably with staff and intervenor testimony, which proposed a 9.30% ROE. The plan includes a $75 million annual retention of transmission congestion revenues on the electric side and up to $65 million of annual non-firm gas revenue retention. Investors should note that the plan carries meaningful contingent exposure: potential negative revenue adjustments tied to service, reliability, and safety performance could reach $653 million to $745 million annually on the electric side and $133 million to $149 million on the gas side, partly offset by possible gas offsetting credit adjustments of $12 million to $14 million per year. Earnings above a 9.90% threshold are largely directed to reducing regulatory assets, which caps upside. The filing is a regulatory milestone that provides earnings visibility through 2028 and supports rate base growth, with average electric rate base rising from $32.9 billion in Year 1 to $39.2 billion in Year 3. Final outcomes depend on NYSPSC approval, which could modify terms. Con Edison has also indicated it will update its forecast through 2030 in February 2026.

Nov 5, 2025 8-K

Consolidated Edison 8-K Report, Financial Results (Aug 7, 2025)

Consolidated Edison (ED) reported second-quarter 2025 GAAP net income for common stock of $246 million, or $0.68 per share, up from $202 million, or $0.58, in the prior-year quarter. Adjusted (non-GAAP) EPS was $0.67 versus $0.59 a year earlier. For the first six months, GAAP EPS was $2.93 and adjusted EPS was $2.91, compared with $2.67 and $2.73 in 2024. The quarter's growth was driven mainly by a $0.11 benefit from the May 2024 NYSPSC order allowing CECONY to stop deferring costs of its customer billing system, plus higher electric rate base at CECONY and an electric base rate increase at O&R. These gains were partly offset by higher interest on long-term debt and the dilutive effect of share issuance. Management reaffirmed 2025 adjusted EPS guidance of $5.50 to $5.70. The forecast excludes MVP-related basis-difference accretion (about $(0.03) per share after tax), HLBV effects, and impacts from the evaluation of strategic alternatives for MVP and Honeoye Storage, which cannot be determined until year-end. The company also reaffirmed a 2025 to 2029 capital plan of roughly $38 billion and an 8.2% utility rate base growth target, financed without long-term holding company debt. The key item for investors is the pending CECONY electric and gas rate case. CECONY requested increases of $1,608 million for electric and $349 million for gas, effective January 2026, based on a 10.0% ROE and 48% equity ratio. NYSPSC staff recommended an electric increase of only $319 million and a gas decrease of $45 million, using a 9.30% ROE. The gap between the request and staff's position is the main regulatory uncertainty for future earnings.

Aug 7, 2025 10-Q

Consolidated Edison Quarterly Report for Q2 Ended Jun 30, 2025

Consolidated Edison's second-quarter 2025 10-Q shows a solid earnings quarter driven by utility rate base growth and a one-time comparison benefit. Q2 2025 net income for common stock rose to $246 million ($0.68 per diluted share) from $202 million ($0.58) a year earlier, and first-half net income reached $1,038 million ($2.92 diluted EPS) versus $922 million ($2.66). Operating revenues increased 12% for the quarter to $3,595 million, while operating income rose to $355 million from $320 million. Much of the earnings improvement at CECONY came from the absence of the May 2024 NYSPSC order that had forced a $51 million expense write-off for the customer billing system, along with higher electric rate base and rising pension-related other income. Taxes other than income taxes, which are largely property taxes, climbed sharply to $894 million in the quarter, a key cost pressure to watch. Balance-sheet and cash-flow developments are notable. Operating cash flow nearly rose by half to $2,816 million for the first six months, helped by a $144 million tax refund and a lower receivables build, though the company continues to carry elevated aged customer receivables ($1.53 billion at CECONY over 60 days). Con Edison raised equity in March 2025, issuing roughly $1.3 billion in common stock including a forward-sale settlement, which lifted shareholders' equity to $23.8 billion and the common equity ratio to 49.1% from 47.1%. Short-term debt was reduced by $950 million, and capital expenditures remain heavy at about $2.4 billion for the half-year, keeping pressure on financing needs. The pivotal near-term catalyst is CECONY's pending rate case, which requests electric and gas increases of $1,608 million and $349 million effective January 1, 2026, at a 10% return on equity; the NYSPSC staff testimony, however, supports only $319 million for electric and a $45 million gas decrease at a 9.30% ROE. The gap between the request and staff recommendation will heavily influence future earnings growth. Management also flagged risks including tariff-related cost increases, offshore wind project disruptions, an open NYSPSC audit regarding income tax regulatory assets, and an unquantified environmental and asbestos exposure, while the company stated there were no material changes to risk factors.

Aug 7, 2025 8-K

Consolidated Edison 8-K Report, Executive Changes (Aug 6, 2025)

Consolidated Edison, Inc. (NYSE: ED) filed an 8-K on August 6, 2025 to disclose a non-operational governance change: on August 5, 2025, the Boards of Directors of Con Edison and the Board of Trustees of Consolidated Edison Company of New York, Inc. (CECONY) elected Brendan Cavanagh as a director of both entities, effective October 1, 2025. He was also named to the Safety, Environment, Operations and Sustainability Committees and the Audit Committees of the Boards, effective the same date. Cavanagh will receive the director compensation described in the company's 2025 proxy statement filed April 9, 2025. Cavanagh currently serves as President and Chief Executive Officer of SBA Communications Corporation, a wireless communications infrastructure REIT, a role he has held since January 2024. Before becoming CEO, he spent 15 years as SBA's Chief Financial Officer and held other senior roles over a 27-year tenure, including Vice President and Chief Accounting Officer. He began his career in audit and assurance at Arthur Andersen and holds a bachelor's degree in accounting and an MBA. The filing and accompanying press release emphasize his broad financial expertise, which is directly relevant to the audit committee role. For investors, the appointment has no immediate financial impact and does not alter guidance, capital plans, or operations. It is most relevant as a signal of board refresh and added financial and audit oversight expertise at a regulated utility holding company whose subsidiaries include CECONY, Orange and Rockland Utilities, and Con Edison Transmission. The change takes effect in October 2025, so its governance influence will be visible only after that date.

Aug 6, 2025 8-K

Consolidated Edison 8-K Report, Shareholder Vote Results (May 21, 2025)

Consolidated Edison, Inc. (ED) filed an 8-K on May 21, 2025, detailing the results of its Annual Meeting of Stockholders. The primary focus of this filing is the outcome of shareholder votes on key corporate governance matters, including the election of directors, ratification of the independent auditor, and an advisory vote on executive compensation. The results indicate strong shareholder support for the company's board and its chosen auditors, reflecting a stable governance environment. Notably, all nominated directors were elected with significant 'for' votes, and the appointment of PricewaterhouseCoopers LLP as the independent accountant for 2025 received overwhelming ratification. The advisory vote on executive compensation also passed, though with a slightly lower approval margin compared to the other proposals. Investors can view these results as indicative of continued confidence in Con Edison's leadership and financial oversight.

May 21, 2025 10-Q

Consolidated Edison Quarterly Report for Q1 Ended Mar 31, 2025

Consolidated Edison, Inc. (Con Edison) reported first-quarter 2025 net income for common stock of $791 million, or $2.25 per diluted share, up from $720 million, or $2.08 per diluted share, in the prior-year quarter. Growth was driven mainly by CECONY, whose net income rose to $745 million from $694 million, reflecting steam and electric rate base increases and lower operations and maintenance expense, partly offset by higher stock-based compensation. Operating revenues rose 12% to $4.80 billion, though the Clean Energy Businesses sale loss of $30 million in the prior year and higher taxes other than income taxes (up $139 million, mainly property taxes) weighed on the comparison. Per-share earnings also benefited from a $22 million after-tax swing related to the Clean Energy Businesses sale adjustment. The balance sheet and cash flow picture is more mixed. Operating cash flow was $837 million, up from $573 million, but capital expenditures of $1.16 billion were largely funded by a $1.31 billion public common stock offering and $1.82 billion of net short-term debt repayment, leaving cash at $360 million versus $1.33 billion at year-end 2024. Customer accounts receivable grew to $2.75 billion, with CECONY's aged receivables over 60 days at $1.51 billion, a continuing liquidity concern management acknowledges. The common equity ratio improved to 49.1% from 47.1%, and shareholder equity rose to $23.8 billion. Regulatory and policy developments are central to the outlook. CECONY filed updated requests for electric and gas rate increases of $1.608 billion and $349 million effective January 2026, with a 10% return on equity and 48% equity ratio, and the NYSPSC decision will drive future earnings. Management also flagged risks from federal tariffs on Canadian electricity imports, April 2025 federal executive actions affecting state climate policies, and a stop-work order that suspended marine activities for the 810 MW Empire Wind 1 project. Unresolved items include the NYSPSC audit regarding income tax regulatory assets of $1.06 billion, the gas and steam weld investigation, and asbestos litigation.

May 1, 2025 8-K

Consolidated Edison 8-K Report, Financial Results (May 1, 2025)

Consolidated Edison (NYSE: ED) reported first-quarter 2025 GAAP net income for common stock of $791 million, or $2.26 per share, up from $720 million, or $2.08 per share, in the first quarter of 2024. Adjusted non-GAAP earnings were $792 million, or $2.26 per share, versus $742 million, or $2.15 per share, a year earlier. The 2025 adjustments exclude MVP basis-difference accretion and HLBV accounting effects, while the 2024 adjustments exclude Clean Energy Businesses sale effects. Growth was driven mainly by higher rate base and the steam rate plan at CECONY, plus a contribution from O&R's rate increases, partly offset by higher stock-based compensation and dilution from share issuance. Management reaffirmed 2025 adjusted EPS guidance of $5.50 to $5.70 and said the more than $1.3 billion of common equity issued in the quarter, including settlement of a December 2024 equity forward, satisfies its anticipated 2025 equity needs. The company also disclosed a 10-year capital plan of nearly $72 billion and a forecast of $38 billion in capital investments for 2025-2029, with an 8.2% utility rate base growth target. Key regulatory items include the March 2025 NYSPSC approval of O&R's electric and gas rate plans at a 9.75% ROE and 48% equity ratio, and CECONY's pending January 2026 electric and gas rate requests, updated in April 2025, which seek roughly $1.6 billion and $349 million in first-year increases at a 10% ROE. Investors should monitor the outcome of these cases, the stop-work order affecting the Empire Wind 1 project, the NYSPSC's decision on the NYC public policy transmission need, and the pending strategic alternatives review for MVP and Honeoye Storage.

May 1, 2025 8-K

Consolidated Edison 8-K Report, Material Agreement (Mar 24, 2025)

Consolidated Edison, Inc. (ED) subsidiary Consolidated Edison Company of New York, Inc. (CECONY) has entered into a new 364-Day Revolving Credit Agreement. This agreement, effective March 24, 2025, replaces a similar facility that expired on the same date. The new credit facility provides CECONY with access to up to $500 million in revolving loans, primarily intended to support its commercial paper program, with flexibility for general corporate purposes. The credit line is set to expire on March 23, 2026. This refinancing of short-term debt facilities is a routine event for utility companies seeking to ensure adequate liquidity. Investors should note that borrowings under this agreement will bear variable interest rates, influenced by CECONY's credit rating. Key covenants include maintaining a consolidated debt-to-total capital ratio not exceeding 0.65 to 1 and limiting liens on assets. While the commitments are not contingent on credit ratings or the absence of material adverse changes, they can be terminated, and outstanding debt accelerated upon a change of control or an event of default, which includes significant financial obligations or acceleration of other material debt.

Mar 24, 2025 8-K

Consolidated Edison 8-K Report, Corporate Update (Mar 6, 2025)

Consolidated Edison, Inc. (ED) announced on March 4, 2025, that it has entered into an underwriting agreement to sell 6,300,000 shares of its common stock. This offering is being conducted under an existing registration statement on Form S-3, indicating that the shares have previously been registered with the SEC. The underwriting agreement was made with Barclays Capital Inc. as the underwriter. This event represents a capital-raising activity by Con Edison. Investors should note that the sale of a significant number of shares could potentially dilute existing shareholders' ownership stakes and impact earnings per share, depending on how the proceeds are utilized. The company has also filed related exhibits, including the underwriting agreement and legal opinions, as part of this 8-K filing, providing transparency on the transaction's mechanics.

Mar 6, 2025 10-K

Consolidated Edison Annual Report, Year Ended Dec 31, 2024

Consolidated Edison, Inc. (ED) reported a decrease in net income for common stock in 2024 to $1.82 billion, or $5.26 per share, down from $2.52 billion, or $7.25 per share, in 2023. However, adjusted earnings (non-GAAP) saw an increase to $1.87 billion, or $5.40 per share, from $1.76 billion, or $5.07 per share, in 2023, indicating operational improvements or normalization of certain expenses. The company's utilities significantly invested $4.7 billion in 2024 to upgrade their energy delivery systems, with substantial capital expenditure plans continuing over the next five years, signaling a strong commitment to infrastructure modernization and reliability. Con Edison Transmission is evaluating strategic alternatives for its investments in Mountain Valley Pipeline, LLC (MVP) and Honeoye Storage Corporation (Honeoye), which could impact future strategic direction and financial reporting. The company also continues to manage its capital structure through a combination of internally generated funds and significant debt and equity issuances planned through 2029 to meet its capital requirements. Investors should note the ongoing regulatory processes, including rate plan adjustments and audits, which are critical to the company's financial performance.

Feb 20, 2025 8-K

Consolidated Edison 8-K Report, Financial Results (Feb 20, 2025)

Consolidated Edison (ED) reported 2024 GAAP net income for common stock of $1,820 million, or $5.26 per share, down from $2,519 million ($7.25) in 2023. The decline reflects the 2023 gain on the sale of its Clean Energy Businesses, which did not recur. On an adjusted (non-GAAP) basis, earnings rose to $1,868 million, or $5.40 per share, from $5.07, a 6.5% increase, driven mainly by CECONY rate plan growth (electric rate base, steam rate plan) and O&R electric rates. Fourth-quarter adjusted EPS was $0.98 versus $1.00 a year earlier, with lower Con Edison Transmission income and higher interest expense offsetting utility gains. For 2025, management guided adjusted EPS to $5.50 to $5.70, implying a 6% to 7% five-year adjusted EPS CAGR target. The company forecasts $38 billion of capital investment for 2025-2029 and an 8.2% annual rate base CAGR, and it notes that the dividend was raised to an annualized $3.40 per share. Management also highlighted a December 2024 forward sale of 7 million shares, about $677 million of expected 2025 equity proceeds, which reduces pricing risk on part of the equity need. Investors should watch several items. CECONY has filed for electric and gas rate increases of $1,612 million and $441 million effective January 2026, requesting a 10.1% ROE, and the outcome of the regulatory process is a key driver of post-2025 growth. The company is also evaluating strategic alternatives for its stakes in Mountain Valley Pipeline and Honeoye Storage, with the results of that review, which could affect 2025 earnings, not yet determinable. Aged customer receivables at CECONY also rose meaningfully to about $1.65 billion, a credit and cash-flow item to monitor.

Feb 20, 2025 8-K

Consolidated Edison 8-K Report, Material Agreement (Dec 5, 2024)

Consolidated Edison, Inc. (Con Edison) has entered into a Forward Sale Agreement with JPMorgan Chase Bank, National Association, for 7,000,000 shares of its common stock. This agreement, with an initial forward price of $96.66 per share, is expected to settle by December 31, 2025. Con Edison has the option for physical settlement, where it will issue new shares to the Forward Purchaser, potentially diluting existing shareholders' earnings per share and return on equity. The forward price is subject to daily adjustments based on the overnight bank funding rate and expected dividends. The agreement also outlines provisions for accelerated settlement at the Forward Purchaser's discretion under certain conditions, including difficulties in borrowing shares, regulatory ownership issues, significant dividend changes, or corporate events affecting Con Edison. These acceleration events could force Con Edison to physically settle the agreement irrespective of its capital needs, potentially leading to dilution. The company has also entered into an underwriting agreement with J.P. Morgan Securities LLC for the sale of these shares.

Dec 5, 2024 8-K

Consolidated Edison 8-K Report, Material Agreement (Nov 25, 2024)

Consolidated Edison Company of New York, Inc. (CECONY), a subsidiary of Con Edison, has entered into a $700 million 364-Day Senior Unsecured Delayed Draw Term Loan Credit Agreement. On November 25, 2024, CECONY immediately drew $500 million for general corporate purposes, indicating a near-term need for liquidity. The remaining $200 million is available under specific conditions until February 23, 2025, also intended for general corporate purposes. This financing provides CECONY with additional short-term funding flexibility. Investors should note that the loan is unsecured, and its terms include covenants related to debt-to-capital ratios and liens, as well as provisions for acceleration of the loan upon a change of control or default. The commitments are not tied to credit rating levels, suggesting the agreement was structured to provide immediate access to funds.

Nov 25, 2024 8-K

Consolidated Edison 8-K Report, Corporate Update (Nov 18, 2024)

Consolidated Edison, Inc. (ED), through its subsidiary Consolidated Edison Company of New York, Inc. (CECONY), has announced a significant debt issuance. On November 14, 2024, CECONY entered into an underwriting agreement to sell a total of $1.45 billion in debentures. This offering is comprised of three tranches: $350 million in Floating Rate Debentures Series 2024 C due 2027, $450 million in 5.125% Debentures Series 2024 D due 2035, and $650 million in 5.50% Debentures Series 2024 E due 2055. The issuance was registered under a Form S-3 filed previously, indicating it aligns with CECONY's established shelf registration. This debt offering represents a substantial capital raise for CECONY, likely intended to fund ongoing operations, capital expenditures, or refinance existing debt. Investors should note the staggered maturities and varying interest rate structures across the debentures. The floating rate debentures offer potential protection against rising interest rates, while the fixed-rate debentures provide predictable income streams. The scale of the issuance suggests CECONY is actively managing its balance sheet and financing needs to support its utility operations.

Nov 18, 2024 8-K

Consolidated Edison 8-K Report, Corporate Update (Nov 8, 2024)

Consolidated Edison, Inc. (ED) has filed an 8-K report detailing a joint proposal for new electric and gas rate plans for its subsidiary, Orange and Rockland Utilities, Inc. (O&R), covering the period from January 2025 through December 2027. This proposal, submitted to the New York State Department of Public Service (NYSDPS) and other parties, is pending approval by the New York State Public Service Commission (NYSPSC). The proposed rate changes indicate a shift towards increased base rates in the second and third years for both electric and gas services, following a slight decrease or minimal change in the first year. Key aspects of the proposal include mechanisms for revenue decoupling, continued recovery of energy costs, and provisions for performance-based adjustments. O&R will be subject to potential negative revenue adjustments if certain service, reliability, and safety targets are not met, while also having opportunities for positive adjustments related to energy efficiency and gas safety. The proposal also outlines various regulatory reconciliations for costs such as pension, environmental remediation, property taxes, and energy efficiency programs, aiming to align actual expenses with authorized rates.

Nov 8, 2024 8-K

Consolidated Edison 8-K Report, Financial Results (Nov 7, 2024)

Consolidated Edison reported third-quarter 2024 GAAP net income for common stock of $588 million, or $1.70 per share, up from $526 million, or $1.53 per share, in the 2023 quarter. Adjusted EPS (non-GAAP) was $1.68 versus $1.62 a year earlier, driven mainly by higher electric rate base at CECONY, partly offset by higher interest expense and stock-based compensation. For the first nine months, GAAP EPS fell to $4.37 from $6.27, but that comparison is distorted by the 2023 gain on the sale of the Clean Energy Businesses. Adjusted EPS rose to $4.42 from $4.07. Management narrowed and raised the low end of its 2024 adjusted EPS guidance to $5.30-$5.40, from $5.20-$5.40, placing it in the upper half of the original range. The company continues to target 6.4% annual rate base growth through 2028 on a $28 billion five-year capital plan, and it does not plan to issue common equity in 2024. Regulatory items to watch include the pending O&R electric and gas rate case (Rate Year 1 beginning January 2025), NYISO reliability needs and the resulting regulated backstop solution, and the New York Gas System Long Term Plan order. The quarter was a steady, largely in-line update. The main investor considerations are execution on rate case outcomes and the pace of capital deployment, along with a continued dividend increase track record (50 consecutive years, with a quarterly dividend of $0.83 declared in October 2024).

Nov 7, 2024 10-Q

Consolidated Edison Quarterly Report for Q3 Ended Sep 30, 2024

Consolidated Edison's Q3 2024 10-Q shows a quarter of steady regulated growth, with GAAP net income for common stock of $588 million ($1.69 diluted EPS) versus $526 million ($1.52) a year earlier. The increase was driven mainly by CECONY's higher electric rate base and steam rate plan, partly offset by higher interest expense and lower pension credits in other income. Year-to-date results are down sharply, with nine-month net income of $1,510 million ($4.35 diluted EPS) versus $2,185 million ($6.24) in 2023. That comparison is distorted by the prior year's roughly $866 million pre-tax gain on the March 2023 sale of the Clean Energy Businesses, so investors should look at utility earnings growth rather than the headline decline. Balance sheet and cash flow trends warrant attention. Operating cash flow rose to $2,304 million for the nine months, up from $1,181 million, but utility construction spending of $3,533 million exceeded that by a wide margin, and cash fell to $93 million at quarter-end. Long-term debt grew to $23,688 million (carrying amount), and the company issued $1,525 million of new long-term debt while using short-term commercial paper ($2,059 million outstanding). Customer accounts receivable are rising, with CECONY aged balances over 60 days at $1,654 million, which management says continues to pressure liquidity and may require more capital. Regulatory and legal items are material to the outlook. The NYSPSC denied CECONY's request to capitalize $89 million of excess billing-system costs, which led to a $51 million expense in the quarter and a $37 million after-tax earnings hit for the nine months. Regulatory assets tied to a federal income tax normalization issue total about $1,066 million at CECONY and are not earning a return, with the NYSPSC audit still open. Superfund and environmental exposure remains large, with about $1,101 million accrued and a Gowanus Canal remediation estimated at $369 million, and an asbestos-related reasonable possibility of loss above accrual is disclosed but not quantified.

Nov 7, 2024 8-K

Consolidated Edison 8-K Report, Corporate Update (Oct 25, 2024)

Consolidated Edison, Inc. (ED) and its subsidiary Consolidated Edison Company of New York, Inc. (CECONY) filed a Form 8-K dated October 25, 2024 under Item 8.01 (Other Events) to disclose the conditional optional redemption of four tax-exempt bond subseries. The bonds are the New York State Energy Research and Development Authority Facilities Revenue Bonds, Series 2010A, issued for the CECONY project. Subseries 2010A-1 through 2010A-4 have an aggregate principal amount of $224.6 million and are scheduled to be redeemed on November 25, 2024, at 100% of principal plus accrued and unpaid interest. The filing is administrative in nature and contains no new financial results, guidance, or strategic announcements. The redemption is at the issuer's option and is conditioned on the Paying Agent (The Bank of New York Mellon) receiving sufficient funds by the redemption date. If the condition is not satisfied, the notice becomes void for the affected subseries. The filing does not state the source of the funds, though a refinancing or repayment from available cash or new debt issuance would be the typical source for such a call. For investors, the event is low-materiality. It reduces CECONY's outstanding tax-exempt debt by roughly $225 million and may modestly affect the company's interest expense and capital structure, depending on how the redemption is funded and the relative cost of the bonds. The filing does not provide enough detail to quantify any earnings impact.

Oct 25, 2024 8-K

Consolidated Edison 8-K Report, Financial Results (Aug 1, 2024)

Consolidated Edison reported second-quarter 2024 GAAP net income for common stock of $202 million, or $0.58 per share, down from $226 million, or $0.65 per share, in the prior-year quarter. Adjusted (non-GAAP) EPS was $0.59 versus $0.61 a year earlier. The quarterly decline is driven mainly by a $37 million (about $0.11 per share) charge from the NYSPSC's May 2024 order denying CECONY's request to capitalize costs above the $421 million cap for its new customer billing system, partly offset by higher electric and gas rate base and a new steam rate plan. For the first half of 2024, GAAP EPS was $2.67 versus $4.74, but that comparison is distorted by the 2023 gain on the sale of the Clean Energy Businesses; adjusted EPS rose to $2.73 from $2.45. Management reaffirmed 2024 adjusted EPS guidance of $5.20 to $5.40 and the 2024 to 2028 plan, which includes $28 billion of capital investment and a targeted 6.4% annual rate base growth. Investors should note the billing-system disallowance, which CECONY has petitioned to have reconsidered, as well as pending O&R rate case decisions for January 2025 that could move rate base and earnings. The company also declared an 83-cent quarterly dividend and continues to highlight its 50 consecutive years of dividend increases. The filing is a Form 8-K furnishing the earnings press release and presentation under Item 2.02 and does not itself disclose new material transactions. Results are consistent with a regulated utility earning near its authorized returns, with growth tied to New York's electrification and clean energy transition.

Aug 1, 2024 10-Q

Consolidated Edison Quarterly Report for Q2 Ended Jun 30, 2024

Consolidated Edison's second-quarter 2024 10-Q shows a quarter of lower earnings but solid underlying utility growth. Net income for common stock fell to $202 million ($0.58 diluted EPS) from $226 million ($0.65) in Q2 2023, and year-to-date net income fell to $922 million ($2.66 diluted EPS) from $1,658 million ($4.72). The comparison is distorted by the March 2023 sale of the Clean Energy Businesses, which produced an $804 million after-tax gain in the prior-year period. Excluding that gain and related items, the story is more positive: CECONY's year-to-date net income rose to $880 million from $793 million, driven by the new steam rate plan, higher electric and gas rate base, and Con Edison Transmission's earnings from its Mountain Valley Pipeline (MVP) investment, which entered service in June 2024. The quarter was pressured by a $37 million after-tax charge at CECONY tied to a NYSPSC order denying recovery of costs above the $421 million cap for its new customer billing system, and by a $51 million expense recognized in May 2024 for those costs. Other operations and maintenance expense rose 14% in the quarter, and Taxes other than income taxes rose 9%, mainly from higher property taxes. Operating cash flow improved to $1.91 billion for the first half, up from $1.16 billion, largely due to working capital changes. Capital spending remains heavy, with utility construction expenditures of $2.40 billion in the first half, funded by $1.4 billion of CECONY debentures issued in May and a rise in commercial paper to $2.45 billion. Investors should watch several open items: the NYSPSC rehearing petition on the billing system costs, a potential write-down risk on $1.1 billion of income tax regulatory assets tied to the audit of normalization practices, aged customer receivables that are slowing cash collections, the pending O&R electric and gas rate cases effective January 2025, and the $369 million EPA-estimated remedial cost for the Gowanus Canal Superfund site, for which CECONY cannot estimate its exposure. Equity-funded share repurchases were absent in 2024 after a $1 billion repurchase in the first half of 2023.

Aug 1, 2024 8-K

Consolidated Edison 8-K Report, Executive Changes (Jun 10, 2024)

Consolidated Edison (ED) disclosed in an 8-K filed June 10, 2024 that CFO Robert Hoglund will retire from the Chief Financial Officer role on July 8, 2024, and that Kirkland B. Andrews, currently EVP and CFO of Evergy, Inc., will succeed him effective the same date. Hoglund will remain as Senior Vice President of Con Edison and its utility subsidiary CECONY until his full retirement later in 2024 to support a smooth handover. The company frames the change as part of its planned succession process rather than a response to any operational or financial problem, and the filing contains no disclosure of financial results, guidance changes, or litigation. From a compensation and governance standpoint, Andrews receives an initial base salary of $810,000, a target Executive Incentive Plan award of 80% of base salary, and a 2023 Long Term Incentive Plan target grant-date award of 210% of base salary. To offset forfeited compensation from Evergy and to induce acceptance, he also receives a one-time time-based restricted stock unit grant with a $4.5 million grant-date fair value, vesting 34%, 33% and 33% on the first three anniversaries of his start date. Andrews brings roughly 13 years of CFO experience at public utilities, including prior roles at NRG Energy, and sits on the board of RPM International. He will report to Chairman and CEO Tim Cawley. For investors, the key takeaways are continuity and experience rather than a change in strategy: the transition is pre-planned, has an overlapping period with the outgoing CFO, and is supported by a sizeable equity retention package. The press release also highlights Con Edison's recent 50th consecutive annual dividend increase and management's emphasis on financial strength as a pillar of growth tied to New York's clean energy transition. Investors will likely watch whether Andrews maintains the company's financing approach and capital plan execution after the July 2024 handover.

Jun 10, 2024 8-K

Consolidated Edison 8-K Report, Executive Changes (May 21, 2024)

Consolidated Edison, Inc. (ED) filed an 8-K dated May 21, 2024 reporting the results of its May 20, 2024 Annual Meeting of Stockholders. The filing is primarily governance-related rather than financial: stockholders re-elected all twelve Board nominees, ratified PricewaterhouseCoopers LLP as independent accountants for 2024, and approved on an advisory basis named executive officer compensation. The filing also disclosed that stockholders approved the amended and restated Stock Purchase Plan, an employee and director stock purchase program that the company is extending through May 20, 2034. The same vote results were reported for Consolidated Edison Company of New York (CECONY), whose shares are wholly owned by Con Edison and were voted to elect the same trustees. The most investor-relevant item is the Stock Purchase Plan. It authorizes up to 10 million shares of common stock, which the company estimates as up to 2.9% total potential dilution based on 345,510,031 shares outstanding as of January 31, 2024. Actual dilution will depend on participant contributions and future share prices, and the company may choose to fund purchases on the open market instead of issuing new shares, which would be non-dilutive. For context, the expiring plan issued roughly 0.2% annual dilution in 2023 and 0.3% in 2022. The plan provides an 11.11% company matching contribution, capped at $2,778 per participant annually, and purchases are made at the month-end closing price. Voting results were mixed on several items. Director vote totals were generally strong, but several directors (for example, Timothy P. Cawley and John F. Killian) received roughly 18 to 19 million or more against votes, and the auditor ratification drew about 22.3 million against votes. The advisory say-on-pay vote received about 211.9 million for and 15.5 million against, with 53.3 million broker non-votes excluded from the tally. These results indicate broad support, but the level of opposition is worth monitoring in future proxy cycles.

May 21, 2024 8-K

Consolidated Edison 8-K Report, Corporate Update (May 17, 2024)

Consolidated Edison Inc. (ED) announced on May 17, 2024, that the New York State Public Service Commission (NYPSC) denied a petition from its subsidiary, Consolidated Edison Company of New York, Inc. (CECONY), to capitalize costs exceeding a $421 million cap for its new customer billing and information system. CECONY's final costs for the project reached approximately $509 million as of March 31, 2024, which is $88 million over the approved rate plan cap. This denial will result in CECONY expensing approximately $50 million in incremental costs during the second quarter of 2024, in addition to a $38 million reserve established previously. CECONY believes these incremental costs were necessary for successful system deployment and is currently reviewing the NYPSC's order and considering potential next steps. Investors should monitor the company's response and any potential impact on future earnings.

May 17, 2024 8-K

Consolidated Edison 8-K Report, Corporate Update (May 9, 2024)

Consolidated Edison, Inc. (ED) subsidiary, Consolidated Edison Company of New York, Inc. (CECONY), has announced the successful sale of $1.4 billion in aggregate principal amount of new debt securities. This issuance includes $400 million of 5.375% Debentures maturing in 2034 and $1 billion of 5.70% Debentures maturing in 2054. The offerings were made under an underwriting agreement with a syndicate of major financial institutions and were registered under the Securities Act of 1933. This significant debt issuance likely aims to fund CECONY's ongoing capital expenditures, refinance existing debt, and maintain its robust infrastructure. Investors should note the specific coupon rates and maturity dates, which reflect current market conditions and the company's long-term financing strategy. The successful placement of this debt underscores investor confidence in CECONY's financial stability and its critical role in providing essential utility services.

May 9, 2024 10-Q

Consolidated Edison Quarterly Report for Q1 Ended Mar 31, 2024

Consolidated Edison's first quarter 2024 results were sharply lower year over year, but the decline is almost entirely explained by the prior-year gain on the March 2023 sale of the Clean Energy Businesses. Net income for common stock fell to $720 million ($2.08 per diluted share) from $1,433 million ($4.05) in Q1 2023, which included an $855 million pre-tax gain. Excluding the sale-related items, the regulated business performed well: CECONY net income rose to $694 million from $604 million, driven mainly by the new steam rate plan, higher gas and electric rate base, and a share repurchase benefit. Operating revenues were roughly flat at $4.28 billion, and CECONY's electric and steam operating income improved notably. Cash flow and liquidity merit attention. Operating cash flow improved to $573 million from $92 million, but investing outflows of $1.34 billion (mainly utility construction at $1.24 billion) and dividends of $274 million drove cash down to $169 million. Management continues to cite slower recovery of aged customer receivables, which rose to $1.36 billion at CECONY, as a drag on liquidity. Commercial paper of $2.3 billion is outstanding at a weighted average rate of 5.5 percent, reflecting higher-rate borrowing costs. Long-term debt remained stable at about $21.9 billion, and the common equity ratio improved to 49.6 percent. Looking ahead, the filing points to continued utility capital investment, pending O&R rate filings for 2025 to 2027, a clean energy transition that includes offshore wind interconnection and thermal energy network pilots, and an expected completion of the Mountain Valley Pipeline in May 2024. Investors should watch the NYSPSC's response to CECONY's customer billing system cost recovery petition ($88 million above the rate plan limit), the outcome of the income tax regulatory asset audit, and environmental and Superfund exposures that management says it cannot fully estimate.

May 2, 2024 8-K

Consolidated Edison 8-K Report, Financial Results (May 2, 2024)

Consolidated Edison (NYSE: ED) reported first-quarter 2024 GAAP net income for common stock of $720 million, or $2.08 per share, down from $1,433 million ($4.06 per share) in the prior-year quarter. The decline is driven almost entirely by the prior-year gain on the March 2023 sale of its Clean Energy Businesses. On a non-GAAP adjusted basis, which excludes the Clean Energy sale impacts, HLBV tax equity accounting, and mark-to-market effects, earnings rose to $742 million, or $2.15 per share, versus $1.83 per share in 1Q 2023, a $0.32 increase. The utilities drove the improvement: CECONY contributed $0.30 per share, largely from a new steam rate plan effective November 2023 ($0.13), higher gas and electric rate base, and an accretive share repurchase effect, while O&R added $0.02. Management reaffirmed its 2024 adjusted EPS guidance of $5.20 to $5.40. The company cited a projected 6.4% average annual rate base growth through 2028 and a transition to a pure-play regulated utility model after nearly completing non-core asset sales. Key regulatory developments include the NYSPSC's approval of the $1.2 billion Reliable Clean City Idlewild substation project in Queens, the approval of thermal energy network pilot funding, and O&R's updated electric and gas rate filings for January 2025 effective dates. The company also declared an 83-cent quarterly dividend and noted its 50th consecutive year of dividend increases. Investors should note that GAAP results remain distorted by prior-year divestiture accounting, so adjusted EPS is the better comparison for ongoing performance. Risks to monitor include the outcome of O&R's pending rate cases, the NYSPSC's response to CECONY's capitalization of customer billing system costs above the $421 million limit ($88 million excess at March 31, 2024), pending NYSPSC action on the gas long-term plan, and the company's planned financing of up to $3.25 billion in long-term debt during 2024 with no common equity issuance beyond dividend reinvestment and employee plans.

May 2, 2024 8-K

Consolidated Edison 8-K Report, Material Agreement (Mar 28, 2024)

Consolidated Edison Inc. (ED) has filed an 8-K detailing significant updates to its credit facilities. On March 25, 2024, its subsidiary CECONY entered into a new $500 million 364-day revolving credit agreement, replacing an expiring facility. This new agreement, set to terminate on March 24, 2025, will primarily support CECONY's commercial paper program and general corporate purposes, with interest rates tied to CECONY's credit rating. On March 27, 2024, the parent company, Consolidated Edison, Inc. (Con Edison), along with its subsidiaries CECONY and Orange and Rockland Utilities, Inc. (O&R), extended their existing $2.5 billion credit agreement by one year, pushing the termination date to March 27, 2029. Additionally, an amendment was made to this larger credit agreement to revise the mechanics for determining interest rates on Term SOFR Loans.

Mar 28, 2024 10-K

Consolidated Edison Annual Report, Year Ended Dec 31, 2023

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.

Feb 15, 2024 8-K

Consolidated Edison 8-K Report, Financial Results (Feb 15, 2024)

Consolidated Edison's (ED) February 15, 2024 8-K furnishes its press release and earnings presentation for fourth quarter and full-year 2023 results under Item 2.02. Reported 2023 GAAP net income for common stock was $2,519 million, or $7.25 per share, versus $1,660 million, or $4.68 per share, in 2022. Adjusted (non-GAAP) earnings were $1,762 million, or $5.07 per share, versus $4.57 in 2022. The GAAP-to-adjusted gap is driven mainly by the March 1, 2023 sale of the Clean Energy Businesses, which produced a one-time pre-tax gain of about $887 million, along with HLBV and mark-to-market adjustments. Investors should treat the adjusted figure of $5.07 as the better gauge of ongoing earnings power, since the GAAP number includes a large non-recurring gain. The company guided 2024 adjusted EPS to $5.20 to $5.40 and a 5% to 7% five-year compound annual adjusted EPS growth rate off the 2024 base. Management forecasts capital investment of $4,849 million in 2024 and $5,243 million in 2025, plus $17,960 million over 2026 through 2028, supporting a 6.4% annual rate base growth forecast through 2028. Financing plans call for up to $3,250 million of utility long-term debt in 2024, no common equity issuance in 2024 beyond employee and dividend plans, and up to about $1,300 million of common equity in 2025. The balance sheet was simplified in 2023: parent-level long-term debt was fully retired using sale proceeds, and a $1 billion share repurchase was completed. The company also highlighted a 50-year streak of dividend increases and a payout target of 55% to 65% of adjusted EPS. Key risks for investors include the pace and approval of New York Public Service Commission rate and resilience filings, the Mountain Valley Pipeline in-service timing, and the execution of large capital projects.

Feb 15, 2024 8-K

Consolidated Edison 8-K Report, Executive Changes (Feb 15, 2024)

Consolidated Edison, Inc. (ED) has announced a key executive transition effective April 1, 2024. Robert Sanchez, currently serving as President and CEO of its subsidiary Orange and Rockland Utilities, Inc. (O&R), will move to a newly created role as President, Shared Services of Consolidated Edison Company of New York, Inc. (CECONY). This move signifies a strategic focus on optimizing and integrating shared services across its major utility subsidiaries, CECONY and O&R. Investors should note that this is primarily an internal organizational change aimed at enhancing operational efficiency rather than a departure of a top executive or a significant shift in overall company strategy. The appointment of Mr. Sanchez to oversee shared services suggests an emphasis on cost management and service delivery improvements across the Consolidated Edison group. While the direct financial impact is not immediately detailed, such initiatives often aim to streamline operations and potentially reduce overhead in the long run.

Feb 15, 2024