CONSOLIDATED EDISON INC (ED)

Consolidated Edison, Inc. (Con Edison), a New York-incorporated holding company established in 1997, owns Consolidated Edison Company of New York, Inc. (CECONY), Orange and Rockland Utilities, Inc. (O&R), and Con Edison Transmission, Inc. CECONY, incorporated in 1884, provides regulated electric, gas, and steam delivery services, serving approximately 3.7 million electric customers across New York City (excluding part of Queens) and most of Westchester County, and about 1.1 million gas customers in Manhattan, the Bronx, parts of Queens, and Westchester County; it also operates the largest steam distribution system in the U.S., delivering roughly 16,975 MMlb of steam annually to about 1,490 customers in Manhattan. O&R, together with its subsidiary Rockland Electric Company (RECO), provides regulated electric service to approximately 0.3 million customers and gas service to over 0.1 million customers across southeastern New York and northern New Jersey. Con Edison Transmission develops and invests in electric transmission projects and holds interests in electric and gas assets through joint ventures.

Con Edison's strategy centers on dividend growth supported by earnings from regulated utility operations and transmission investments, with an emphasis on reliable, resilient, and clean energy delivery. The Utilities operate under rate plans approved by state regulators—the New York State Public Service Commission (NYSPSC) for CECONY and O&R, and the New Jersey Board of Public Utilities (NJBPU) for RECO—which set allowed returns on equity and rate base recovery mechanisms; the companies are also subject to FERC regulation for transmission rates and wholesale electricity/gas sales, and their transmission facilities are integrated into the New York Independent System Operator (NYISO) system. Following 1990s electric industry restructuring, the Utilities divested most generating assets (retaining only steam-related generation) and now offer customers retail choice for electricity and gas suppliers, with in 2025 approximately 56% of CECONY's delivered electricity and 39% of O&R's coming from third-party suppliers.

CECONY maintains extensive distribution and transmission infrastructure, including 63 area distribution substations, over 138,000 miles of combined overhead and underground distribution lines, and 1,260 miles of transmission circuits, alongside Manhattan-based generating facilities with combined nameplate capacity of about 726-780 MW tied to its steam operations. The company faces emerging electric reliability needs in New York City driven by rising peak demand, generator retirements, and delays in planned transmission and generation projects, prompting regulatory directives for contingency planning through 2036. Additional regulatory considerations include cybersecurity oversight by NYSPSC, NJBPU, and federal agencies, liability limitations under tariff provisions for service interruptions, and growing integration of distributed energy resources such as solar, battery storage, and fuel cells across both utilities' service territories, reflecting broader clean energy transition trends under New York's Climate Leadership and Community Protection Act.