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• Electricity Distribution: Delivering electricity to residential, commercial, and industrial customers across its service territories.
• Natural Gas Distribution: Supplying natural gas for heating and other uses to homes and businesses.
• Steam Distribution: Providing steam for heating, cooling, and hot water to buildings, predominantly in Manhattan.
• Renewable Energy Generation: Developing, owning, and operating utility-scale solar and wind power generation facilities.
• Energy Transmission Investment: Investing in and developing electric transmission infrastructure projects to enhance grid reliability and resilience.

Consolidated Edison (symbol: ED)

Consolidated Edison, Inc. (ED) is a public utility holding company that provides electric, gas, and steam service primarily in New York City and Westchester County through its subsidiaries, notably Consolidated Edison Company of New York, Inc. The company sells its services primarily to individuals and businesses within its service territory, rather than to a few major corporate customers.

Based on its business model as a utility serving a broad customer base, Consolidated Edison serves the following primary categories of customers:

• Residential Customers: This category includes individual households and apartment buildings that utilize electricity, natural gas, and/or steam for personal use, such as lighting, heating, cooling, and appliances.
• Commercial Customers: This extensive category comprises various businesses and institutions, including office buildings, retail stores, restaurants, hotels, hospitals, universities, and other non-industrial enterprises that use electricity, gas, and/or steam for their operations.
• Industrial Customers: This category includes manufacturing plants, industrial facilities, and other large-scale operations that consume significant amounts of electricity, natural gas, and/or steam for their industrial processes.

• The Williams Companies, Inc. (WMB)
• Kinder Morgan, Inc. (KMI)
• TC Energy Corporation (TRP)
• Dominion Energy, Inc. (D)

Timothy P. Cawley, Chairman, President, and Chief Executive Officer

Timothy P. Cawley joined Con Edison in 1987 and has held numerous leadership roles within the company. Prior to his current position, he served as President and Chief Executive Officer of Orange and Rockland Utilities, Inc., a subsidiary of Con Edison Inc. He also held roles such as Senior Vice President of Central Operations for Con Edison and President of Consolidated Edison Company of New York. Mr. Cawley earned an M.B.A. from New York University and a bachelor's degree in electrical engineering from Union College.

Kirkland B. Andrews, Senior Vice President and Chief Financial Officer

Kirkland B. Andrews assumed the role of Senior Vice President and Chief Financial Officer on July 8, 2024, succeeding Robert Hoglund. He previously served as executive vice president and chief financial officer of Evergy, Inc., a regulated utility holding company. Before Evergy, Mr. Andrews was executive vice president and chief financial officer of NRG Energy, Inc., and also served as a director and executive vice president and CFO for NRG Yield, a publicly-traded subsidiary of NRG. His career also includes 15 years in investment banking, where he was a managing director and co-head of investment banking for the Power & Utilities—Americas group at Deutsche Bank Securities and held positions at Citigroup Global Markets Inc. He holds a bachelor's degree in philosophy from Wake Forest University and an MBA from the Darden School of Business at the University of Virginia.

Deneen L. Donnley, Senior Vice President and General Counsel

Deneen L. Donnley serves as Senior Vice President and General Counsel for Consolidated Edison, Inc.

Joseph Miller, Vice President and Controller

Joseph Miller holds the position of Vice President and Controller at Consolidated Edison, Inc.

Yukari Saegusa, Vice President, Treasurer and Investor Relations

Yukari Saegusa is the Vice President, Treasurer and Investor Relations for Consolidated Edison, Inc.

The public utility company Consolidated Edison (ED) faces several key risks, primarily stemming from its highly regulated operating environment and the ongoing energy transition.

1. Regulatory and Compliance Risks: Consolidated Edison's profitability and operational framework are heavily dependent on state-regulated rate plans and regulatory approvals. The company faces significant risks from potential adverse regulatory changes, the failure to secure necessary approvals for rate increases, and new compliance burdens, which can lead to substantial penalties. Recent regulatory pushback in New York, including the rejection of a significant rate hike request and the capping of allowed returns on equity, highlight these challenges. This reflects a broader political shift prioritizing ratepayer protection over utility returns, directly impacting Con Edison's ability to recover costs for planned infrastructure investments.
2. Challenges of the Evolving Energy Landscape and Clean Energy Transition: Con Edison operates in a rapidly transforming energy environment, driven by the increasing integration of distributed energy resources and ambitious clean energy mandates, such as New York State’s Climate Leadership and Community Protection Act. This necessitates substantial investments in new infrastructure to support a cleaner energy grid and adapt to changing demand patterns, while simultaneously impacting traditional gas and steam services. This transition involves considerable capital expenditure and execution risks as the company navigates complex technological shifts and regulatory requirements to meet aggressive carbon-reduction targets.
3. Supply Chain Disruptions and Inflation: Consolidated Edison has experienced negative impacts from global and U.S. supply chain disruptions, resulting in increased prices and longer lead times for essential materials and equipment. These disruptions contribute to higher operations and maintenance costs, affecting the company's financial performance.

• Proliferation of Distributed Energy Resources (DERs): The increasing adoption of rooftop solar, community solar projects, battery storage systems, and localized microgrids allows customers to generate and store their own electricity. As these technologies become more cost-effective and prevalent, they reduce customer reliance on grid-supplied electricity from Consolidated Edison, threatening its traditional volumetric sales model and potentially leading to revenue erosion and the stranding of conventional generation or transmission assets. New York State has aggressive clean energy targets, actively promoting DER deployment.
• Transformative Regulatory Environment: Regulatory initiatives, such as New York's "Reforming the Energy Vision" (REV), are fundamentally reshaping the utility business model. These changes push utilities like Consolidated Edison away from being solely power sellers and infrastructure providers to becoming "Distribution System Platform Providers." This new role requires significant investment in grid modernization to integrate and manage diverse distributed resources, adopt new performance-based rate structures, and potentially shift revenue streams from volumetric sales to service-based or platform-based fees. While ED is actively participating, this transformation presents a substantial challenge to its long-standing economic framework and operational practices.

Consolidated Edison (ED) operates primarily in the regulated utility sector, providing electricity, natural gas, and steam services within specific regions of New York. The addressable markets for its main products and services are as follows:

• Electricity Distribution and Transmission: The addressable market for Consolidated Edison's electricity distribution and transmission services in New York City and Westchester County is approximately $10.19 billion annually. This is based on New York State's total retail electricity sales of 139,421,936 MWh in 2023 and Con Edison serving nearly 40% of the state's electric demand, with an average retail price of 18.28 cents per kWh in 2023.

• Natural Gas Distribution: The addressable market for Consolidated Edison's natural gas distribution services in New York City and Westchester County is estimated at approximately $10.62 billion annually. This estimation is derived from New York State's total natural gas sales of 1,319 billion cubic feet in 2021, assuming Con Edison's service territory accounts for approximately 40% of the state's sales volume, and using an average price of $1.869 per therm in the New York-Newark-Jersey City area in December 2024.

• Steam Distribution: The addressable market for Consolidated Edison's steam distribution services in Manhattan is approximately $675 million annually. Con Edison's system annually distributes roughly 27 billion pounds of steam to over 1,600 customers in Manhattan. Pricing for steam ranges from $11.35 per megapound in the summer to $35.013 during peak season.

• Clean Energy Businesses: null

1. Rate Base Growth and Infrastructure Investments: Consolidated Edison plans substantial capital investments to maintain and enhance its energy infrastructure. The company has identified approximately $38 billion in capital investments from 2025-2029, with a projected 8.2% annual utility rate base growth target over the same period. These investments are crucial for ensuring safety, reliability, and meeting growing energy demand across its service territories. For example, the company plans to complete 14 new substations by 2030 to support reliable energy services amid growing demand.
2. Approved and Proposed Rate Increases: As a regulated utility, Consolidated Edison's revenue is significantly influenced by approved rate plans. Orange and Rockland Utilities, Inc. (an ED subsidiary) has already secured approval for new electric and gas rate plans covering 2025-2027, which include planned increases in electric and gas base rates. Additionally, Consolidated Edison Company of New York, Inc. filed for new electric and gas rates in January 2025, proposing significant increases for electric and gas base rates effective January 1, 2026, and over the subsequent two years. These rate adjustments are designed to recover costs and provide a return on the company's extensive infrastructure investments.
3. Clean Energy Transition and Electrification Initiatives: Consolidated Edison is strategically aligning its investments with New York State's ambitious clean energy goals, including achieving 100% zero-emission electricity by 2040. The company is investing in projects that promote building and transportation electrification. This shift is expected to increase demand for electricity as customers transition away from fossil fuels for heating and transportation, thereby expanding the company's electric asset base and driving future revenue growth.
4. Meeting Growing Energy Demand and Grid Modernization: Beyond the clean energy transition, the fundamental need to meet ongoing customer demand for electricity and improve grid resilience against extreme weather events also drives revenue. Con Edison's strategic investment plans emphasize delivering reliable and resilient energy for the future, which includes modernizing the grid. This continuous demand, coupled with necessary grid upgrades, underpins a stable and growing revenue stream for the company.

Share Repurchases

• Consolidated Edison announced a $1 billion accelerated share repurchase program in March 2023.
• This repurchase was funded using a portion of the proceeds from the sale of Con Edison Clean Energy Businesses.
• The final settlement of the $1 billion repurchase was expected no later than the third quarter of 2023.

Share Issuance

• In December 2020, Con Edison agreed to issue 7.2 million common shares through a public offering to repay a portion of its term loan.
• The company plans to issue up to $1,350 million of common equity in 2025, including the physical settlement of an estimated $677 million from a December 2024 equity forward transaction.
• Con Edison also projects issuing approximately $1,850 million in common equity in 2026 and up to $4,300 million in aggregate during 2027 through 2029.

Capital Expenditures

• Consolidated Edison is preparing for $38 billion in capital investments through 2029, with a focus on decarbonization and grid infrastructure.
• The company expects to make capital investments of $5,122 million in 2025 and $8,067 million in 2026.
• A proposed plan includes over $21 billion in infrastructure investments from 2026-2028 to maintain and upgrade infrastructure in New York City and Westchester County, serve load growth from electrification, and ensure compliance with New York State's Climate Leadership and Community Protection Act.