CONSOLIDATED EDISON INC (ED)

Consolidated Edison, Inc. (Con Edison) is a holding company, incorporated in New York State in 1997, that owns all of the common stock of Consolidated Edison Company of New York, Inc. (CECONY), Orange and Rockland Utilities, Inc. (O&R) and Con Edison Transmission, Inc. Its principal business is the regulated delivery of electricity, gas and steam in New York and New Jersey. It seeks to provide shareholder value through continued dividend growth, supported by earnings growth in its regulated utilities and electric transmission projects.

CECONY, incorporated in 1884, operates regulated electric, gas and steam delivery businesses. It owns 63 area distribution substations, 38,219 miles of overhead and 100,371 miles of underground distribution lines, and 1,260 miles of transmission circuits. It also owns Manhattan plants that mainly produce steam and co-produce electricity, with about 726 MW of electric nameplate capacity. O&R, together with its subsidiary Rockland Electric Company (RECO), operates regulated electric and gas delivery businesses. Con Edison Transmission, through its subsidiaries, develops and invests in electric transmission projects and owns electric and gas assets through joint ventures. Distributed generation, including solar, battery storage and fuel cells, is connected to the utilities' systems, totaling 1,227 MW at CECONY and 400 MW at O&R.

CECONY provides electric service to about 3.7 million customers in New York City (except part of Queens) and most of Westchester County, a 660 square mile area with more than nine million people. It delivers gas to about 1.1 million customers in Manhattan, the Bronx, parts of Queens and most of Westchester. It also runs the largest steam distribution system in the United States, delivering about 16,975 MMlb a year to about 1,490 customers in parts of Manhattan. O&R serves about 0.3 million electric customers in southeastern New York and northern New Jersey, across a 1,300 square mile area, and over 0.1 million gas customers in southeastern New York. Customers can buy electricity or gas from other suppliers. In 2025, 56 percent of CECONY's electricity and 33 percent of its gas deliveries were purchased from other suppliers, as were 39 percent of O&R's electricity and 20 percent of its gas. CECONY also delivers electricity to state and municipal customers of the New York Power Authority. CECONY's 2025 electric deliveries in its franchise area were 53,798 million kWh, producing $11,670 million of electric revenue.

The utilities are regulated by the New York State Public Service Commission, which sets service terms and rates through multi-year rate plans, and RECO by the New Jersey Board of Public Utilities. The Federal Energy Regulatory Commission regulates transmission rates and the transmission projects of Con Edison Transmission. The New York Independent System Operator controls most of the state's transmission facilities and administers its wholesale electricity markets. CECONY's revenue decoupling mechanism largely insulates its electric delivery revenues from changes in volumes, and it recovers electricity costs without margin. Other New York providers include National Grid, Avangrid, National Fuel Gas, CH Energy Group, the New York Power Authority and the Long Island Power Authority. The utilities consider it unlikely that another company would be authorized to serve their territories. They face competition from distributed generation and from alternatives such as electricity, oil and propane for gas and steam customers. Tariffs on imports have raised material costs and could disrupt supply chains.