Here are a few brief analogies for Consolidated Edison (ED):

• It's like the AT&T or Verizon of electricity and natural gas for New York City.
• It's like your local water company, but they deliver electricity, natural gas, and steam.

• Electric Delivery: Provides regulated electric services to residential, commercial, industrial, and government customers.
• Gas Delivery: Supplies regulated natural gas services to residential, commercial, and industrial customers.
• Steam Delivery: Delivers regulated steam services to customers in parts of Manhattan.
• Renewable & Energy Infrastructure: Owns, operates, and develops renewable energy and other energy infrastructure projects.

Consolidated Edison (ED) primarily serves a wide range of customers, including individuals and various businesses. Based on the provided description, the company sells electricity, gas, and steam to millions of customers. Its major customer categories are:

• Residential customers
• Commercial customers
• Industrial customers

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

Timothy P. Cawley has served as Chairman of the Board (since January 1, 2022) and President & CEO of Consolidated Edison, Inc. since December 29, 2020. He joined Con Edison in 1987 and has held various leadership positions, including previously serving as president and CEO of Orange and Rockland Utilities, Inc., a regulated subsidiary of Con Edison. 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 is the Senior Vice President and Chief Financial Officer of Consolidated Edison, Inc., a role he assumed effective July 8, 2024. Prior to joining Con Edison, Mr. Andrews was the Executive Vice President and Chief Financial Officer of Evergy, Inc., another regulated utility holding company. He also previously held the position of Executive Vice President and Chief Financial Officer at NRG Energy, Inc., and its publicly-traded subsidiary, NRG Yield. Before his executive roles, Mr. Andrews had a 15-year career in investment banking, including serving as a managing director and co-head of investment banking for the Power & Utilities—Americas group at Deutsche Bank Securities, and with Citigroup Global Markets Inc.

Deneen L. Donnley, Senior Vice President and General Counsel

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

Matthew Ketschke, President, Con Edison of New York

Matthew Ketschke is the President of Consolidated Edison Company of New York, Inc. He joined Con Edison in November 2017 and has also served as Senior Vice President.

Robert Sanchez, President, Shared Services

Robert Sanchez holds the title of President, Shared Services, for Consolidated Edison Company of New York, Inc.

The key risks to Consolidated Edison's business are primarily centered around its highly regulated nature, the increasing impact of climate change on its infrastructure, and the challenges associated with massive capital investments for system reliability and modernization.

1. Regulatory Risks: Consolidated Edison's financial performance and ability to recover costs are heavily dependent on regulatory approvals, particularly for utility rates and proposed capital investments. Changes in energy policies, environmental regulations, or less favorable outcomes in rate case negotiations by the New York State Public Service Commission (NYPSC) or other regulatory bodies could significantly impact the company's profitability and growth prospects. Political risks in New York, including shifts in energy policy, could introduce additional regulatory hurdles. The company's earnings are reliant on state-regulated rate plans, which may not always guarantee a reasonable return on equity, and a failure to secure necessary approvals can affect profitability.
2. Climate Change and Extreme Weather Events: Consolidated Edison's energy delivery systems are highly vulnerable to the escalating impacts of climate change, including extreme heat, coastal storm surge, inland flooding from intense rainfall, and hurricane-strength winds. These events can lead to infrastructure damage, operational disruptions, and prolonged customer outages. The company has undertaken extensive studies and developed resilience plans to mitigate these risks, requiring significant ongoing investment to harden its infrastructure against severe weather.
3. Infrastructure Reliability and Capital Investment: Consolidated Edison plans substantial capital investments—totaling approximately $72 billion over the next decade, with $37.7 billion committed through 2030—to maintain system reliability, manage growth from electrification, and fortify the grid against extreme weather events. A key risk is the potential for project cost overruns, as well as the challenge of securing regulatory approvals for these extensive capital outlays, which are crucial for cost recovery. Concerns over electricity affordability have led to pushback from customers and elected officials regarding proposed rate increases, creating a delicate balance between necessary investments and managing consumer costs. There are also warnings of potential blackouts in New York City as early as summer 2026 if reliability concerns are not adequately addressed.

• Increased adoption of decentralized electricity generation (e.g., rooftop solar) by customers, which reduces the demand for electricity delivered via the utility's grid and impacts associated revenues.
• Advancements and decreasing costs of energy storage technologies (e.g., home and grid-scale batteries), allowing customers to store self-generated power or optimize grid consumption, thereby further reducing reliance on traditional utility services and potentially affecting grid management and peak demand revenues.
• Policy-driven and technological shifts towards electrification and decarbonization, particularly away from natural gas use in buildings, posing a long-term threat to Con Edison's substantial natural gas delivery business volumes and potentially leading to underutilized or stranded gas infrastructure assets.

Consolidated Edison (ED) operates in regulated electric, gas, and steam delivery businesses within specific regions of the United States. The addressable markets for its main products and services can be estimated by the total population and households within its defined service territories.

Electric Services Market (U.S.)

The addressable market for Consolidated Edison's electric services primarily includes New York City and Westchester County.

• New York City: Approximately 8.48 million people residing in about 3.38 million households.
• Westchester County: Approximately 1.03 million people residing in about 371,000 households.
• Total Addressable Market (Electric, excluding less defined areas): Roughly 9.51 million people residing in approximately 3.75 million households.

Gas Services Market (U.S.)

The addressable market for Consolidated Edison's gas services covers Manhattan, The Bronx, parts of Queens, and Westchester County.

• Manhattan: Approximately 1.72 million people residing in about 761,000 households.
• The Bronx: Approximately 1.40 million people residing in about 532,000 households.
• Queens: Approximately 2.32 million people residing in about 816,000 households.
• Westchester County: Approximately 1.03 million people residing in about 371,000 households.
• Total Addressable Market (Gas, excluding less defined areas): Roughly 6.47 million people residing in approximately 2.48 million households.

Steam Services Market (U.S.)

The addressable market for Consolidated Edison's steam services is concentrated in parts of Manhattan.

• Manhattan: Approximately 1.72 million people residing in about 761,000 households.

Consolidated Edison (NYSE: ED) is expected to drive future revenue growth over the next 2-3 years through several key initiatives, primarily stemming from its role as a regulated utility committed to modernizing its infrastructure and supporting the clean energy transition in its service territories.

Here are 3-5 expected drivers of future revenue growth:

1. Substantial Capital Investments and Rate Base Growth: Consolidated Edison plans significant capital investments, projecting approximately $38 billion between 2025 and 2029, with a further commitment of $37.7 billion through 2030. These investments are directed towards grid modernization, enhancing reliability, and facilitating the transition to a cleaner energy future. This substantial outlay is expected to result in an 8.2% annual utility rate base growth target over the 2025-2029 period. As a regulated utility, growth in the rate base directly contributes to increased revenue streams.
2. Approved Rate Adjustments: As a regulated entity, Con Edison's revenue is largely determined by rates approved by regulatory bodies. The company has outlined proposed average electric bill increases of 11.4% and gas bill increases of 13.3% beginning in January 2026. These adjustments are designed to support ongoing capital investments and cover the costs of service. A recently approved three-year rate case is also cited as a factor supporting earnings stability through 2028.
3. Increased Demand from Electrification and Clean Energy Transition: New York State's ambitious clean energy goals, aiming for 70% renewable electricity by 2030 and 100% carbon-free power by 2040, are significant drivers of increased electricity demand. Con Edison anticipates robust growth in demand from the adoption of electric vehicles (EVs) and the electrification of buildings. Between May 2024 and April 2025, an estimated 44% of new business load requests were for EV charging or electric heating, and new buildings connecting to Con Edison's distribution grid required 20% to 25% more power. As customers transition away from fossil fuels, their increased reliance on the electric grid is expected to boost electricity sales.

Share Repurchases

• Consolidated Edison announced a $1 billion Accelerated Share Repurchase (ASR) program in March 2023, which was completed by the third quarter of 2023.
• This share repurchase program was primarily funded from a portion of the proceeds from the sale of Con Edison Clean Energy Businesses, Inc.
• Reported share repurchases were $0 in 2025 and 2026 (as of March 10, 2026).

Share Issuance

• Consolidated Edison issued common stock amounting to approximately $1,372 million in fiscal year 2025, $60 million in 2024, and $56 million in 2023.
• In February 2026, the company raised $775.7 million through an equity offering to fund capital investments.
• The company plans to issue up to $1,100 million of common equity in 2026, approximately $1,200 million in 2027, and up to $3,300 million in aggregate during 2028 through 2030.

Outbound Investments

• In 2023, Consolidated Edison completed the sale of its Con Edison Clean Energy Businesses, Inc., which generated approximately $3,927 million in proceeds from business divestments.

Capital Expenditures

• Consolidated Edison projects total capital investments of $38 billion through 2030, with a focus on grid modernization, reliability, and supporting demand growth from electric vehicles and building electrification.
• Actual capital expenditures were $4,764 million in fiscal year 2025, $4,771 million in 2024, and $4,494 million in 2023.
• Expected capital expenditures are $6,595 million for 2026 and $6,759 million for 2027, with an additional $24,339 million in aggregate projected for 2028 through 2030.