Consolidated Edison (ED) came out with quarterly earnings of $1 per share, beating the Zacks Consensus Estimate of $0.98 per share. This compares to earnings of $0.81 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 2.04%. A quarter ago, it was expected that this utility would post earnings of $1.58 per share when it actually produced earnings of $1.62, delivering a surprise of 2.53%.Over the last four quarters, the company has ...

NEW YORK, Feb. 15, 2024 /PRNewswire/ -- Consolidated Edison, Inc. (Con Edison) (NYSE: ED) today reported 2023 net income for common stock of $2,519 million or $7.25 a share compared with $1,660 million or $4.68 a share in 2022. Adjusted earnings (non-GAAP) were $1,762 million or $5.07 a share in the 2023 period compared with $1,620 million or $4.57 a share in 2022. Adjusted earnings and adjusted earnings per share in the 2023 and 2022 periods exclude the effects of hypothetical liquidation at book value (HL ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ___________________________________________________ FORM 10-K ___________________________________________________ ☒ Annual Report Pursuant To Section 13 or 15(d) of the Securities Exchange Act of 1934 FOR THE FISCAL YEAR ENDED DECEMBER 31, 2023 OR ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 New York 13-3965100 State of Incorporation I.R.S. Employer For the transition period from to ________ ...

Consolidated Edison Inc. (ED) is scheduled to release fourth-quarter and full-year 2023 earnings on Feb 15, after market close.The company delivered an earnings surprise of 2.53% in the last reported quarter. It boasts a four-quarter average earnings surprise of 6.13%.Factors to NoteDuring most of the fourth quarter, ED’s service territories experienced a warmer-than-normal weather pattern, while snow accumulations were observed for a few days. This might have negatively impacted electricity demand from the ...

The market expects Consolidated Edison (ED) to deliver a year-over-year increase in earnings on lower revenues when it reports results for the quarter ended December 2023. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates.The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be r ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ Quarterly Report Pursuant To Section 13 or 15(d) of the Securities Exchange Act of 1934 FOR THE QUARTERLY PERIOD ENDED September 30, 2023 OR ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from to | Commission File Number | Exact name of registrant as specified in its charter and principal executive office address and telephone number | State of Incorporati ...

[PART I—Financial Information](index=7&type=section&id=PART%20I%E2%80%94Financial%20Information) This section presents the unaudited financial statements, management's analysis, market risk disclosures, and internal controls [Financial Statements (Unaudited)](index=7&type=section&id=ITEM%201%20Financial%20Statements%20(Unaudited)) This section presents the unaudited consolidated financial statements for Con Edison and CECONY, highlighting the impact of the Clean Energy Businesses sale and new rate plans [Con Edison Financial Statements](index=7&type=section&id=Con%20Edison%20Financial%20Statements) Con Edison's net income significantly increased due to the Clean Energy Businesses sale, impacting cash flows and reducing total assets | Indicator | For the Six Months Ended June 30, 2023 (Millions of $) | For the Six Months Ended June 30, 2022 (Millions of $) | Change | | :--- | :--- | :--- | :--- | | **Total Operating Revenues** | 7,347 | 7,475 | (1.7%) | | **Gain on sale of the Clean Energy Businesses** | 867 | — | N/A | | **Operating Income** | 2,022 | 1,185 | +70.6% | | **Net Income for Common Stock** | 1,658 | 857 | +93.5% | | **Net Income per common share—diluted** | $4.72 | $2.41 | +95.9% | | Cash Flow Activity | For the Six Months Ended June 30, 2023 (Millions of $) | For the Six Months Ended June 30, 2022 (Millions of $) | | :--- | :--- | :--- | | **Net Cash from Operating Activities** | 1,164 | 1,957 | | **Net Cash from (used in) Investing Activities** | 1,452 | (2,118) | | **Net Cash from (used in) Financing Activities** | (2,190) | 255 | - Investing activities were primarily driven by **$3,927 million** in proceeds from the sale of the Clean Energy Businesses, net of cash sold Financing activities included a **$1,000 million** repurchase of common shares[20](index=20&type=chunk) - Total assets decreased to **$63.8 billion** as of June 30, 2023, from **$69.1 billion** at year-end 2022, mainly due to the sale of the Clean Energy Businesses, which reduced 'Assets held for sale' from **$7.2 billion** to **$161 million**[23](index=23&type=chunk)[25](index=25&type=chunk) [CECONY Financial Statements](index=14&type=section&id=CECONY%20Financial%20Statements) CECONY's net income increased due to higher revenues, while operating cash flow decreased, supported by a significant capital contribution from its parent | Indicator | For the Six Months Ended June 30, 2023 (Millions of $) | For the Six Months Ended June 30, 2022 (Millions of $) | Change | | :--- | :--- | :--- | :--- | | **Total Operating Revenues** | 6,697 | 6,423 | +4.3% | | **Operating Income** | 1,071 | 991 | +8.1% | | **Net Income** | 793 | 645 | +23.0% | | Cash Flow Activity | For the Six Months Ended June 30, 2023 (Millions of $) | For the Six Months Ended June 30, 2022 (Millions of $) | | :--- | :--- | :--- | | **Net Cash from Operating Activities** | 1,140 | 1,727 | | **Net Cash used in Investing Activities** | (2,162) | (1,883) | | **Net Cash from Financing Activities** | 1,314 | 308 | - Financing activities were significantly impacted by a **$1,701 million** capital contribution from the parent company, Con Edison, during the first six months of 2023[33](index=33&type=chunk) [Notes to the Financial Statements (Unaudited)](index=20&type=section&id=Notes%20to%20the%20Financial%20Statements%20(Unaudited)) These notes detail accounting policies, regulatory updates including new rate plans, the Clean Energy Businesses sale, capitalization changes, and COVID-19 related customer arrears - On March 1, 2023, Con Edison completed the sale of substantially all assets of the Clean Energy Businesses This transaction is a key event impacting the financial statements[41](index=41&type=chunk)[61](index=61&type=chunk) - In July 2023, the NYSPSC approved a joint proposal for CECONY's electric and gas rate plans for the three-year period from January 2023 through December 2025, reflecting a **9.25%** return on common equity[67](index=67&type=chunk) - CECONY issued **$500 million** of **5.20%** debentures due 2033 in February 2023 Con Edison initiated a **$1 billion** accelerated share repurchase program in March 2023, which was completed in the second quarter[102](index=102&type=chunk)[103](index=103&type=chunk)[104](index=104&type=chunk) - The company details various COVID-19 arrears assistance programs, including the issuance of **$343.2 million** in net credits by CECONY and **$2.6 million** by O&R in the first six months of 2023 to reduce customer accounts receivable balances[85](index=85&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=57&type=section&id=ITEM%202%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q2 and H1 2023 financial results, highlighting Con Edison's gain from asset sale, CECONY's rate-driven growth, and challenges like customer arrears | Period | Con Edison Net Income for Common Stock (Millions $) | Con Edison EPS | CECONY Net Income for Common Stock (Millions $) | | :--- | :--- | :--- | :--- | | **Q2 2023** | 226 | $0.65 | 189 | | **Q2 2022** | 255 | $0.72 | 170 | | **H1 2023** | 1,658 | $4.74 | 793 | | **H1 2022** | 857 | $2.42 | 645 | - The significant increase in Con Edison's H1 2023 earnings was primarily driven by the gain on the sale of the Clean Energy Businesses, which contributed **$804 million** after-tax, or **$2.30** per share[263](index=263&type=chunk)[269](index=269&type=chunk) - CECONY's earnings growth in H1 2023 was mainly due to electric and gas base rate increases, contributing **$0.20** and **$0.17** per share, respectively[269](index=269&type=chunk) - A key operational challenge is the high level of aged customer accounts receivable, which stood at **$1,031 million** for CECONY as of June 30, 2023, compared to **$408 million** pre-pandemic Regulatory mechanisms are in place to manage the recovery of these balances[247](index=247&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=91&type=section&id=ITEM%203%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company details its primary market risks, including interest rate, commodity price, and investment risks, and outlines mitigation strategies - The company's primary market risks are identified as interest rate risk, commodity price risk, and investment risk[424](index=424&type=chunk) - A **10%** increase in interest rates on variable-rate debt would increase annual interest expense by an estimated **$12 million**[425](index=425&type=chunk) - A **10%** decline in market prices would decrease the fair value of commodity derivative instruments by **$172 million**, but this is expected to be largely offset by lower physical energy costs[428](index=428&type=chunk) [Controls and Procedures](index=91&type=section&id=ITEM%204%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and procedures are effective, with no material changes to internal control over financial reporting - Management concluded that the company's disclosure controls and procedures were effective as of the end of the quarterly period[435](index=435&type=chunk) - There were no changes in internal control over financial reporting during the quarter that materially affected, or are reasonably likely to materially affect, these controls[436](index=436&type=chunk) [PART II—Other Information](index=92&type=section&id=PART%20II%E2%80%94Other%20Information) This section covers legal proceedings, risk factors, equity security sales, and a list of exhibits [Legal Proceedings](index=92&type=section&id=ITEM%201%20Legal%20Proceedings) Information on legal proceedings is incorporated by reference from various notes to the financial statements and the MD&A section - Information regarding legal proceedings is incorporated by reference from other sections of the report, including Notes B, G, and H of the financial statements and the MD&A[437](index=437&type=chunk) [Risk Factors](index=92&type=section&id=ITEM%201A%20Risk%20Factors) There were no material changes to the company's risk factors compared to those disclosed in its Annual Report on Form 10-K for the year ended December 31, 2022 - There were no material changes in the company's risk factors from those disclosed in the most recent Form 10-K[438](index=438&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=92&type=section&id=ITEM%202%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) This section details Con Edison's completed **$1 billion** accelerated share repurchase program initiated in March 2023 - In March 2023, Con Edison initiated a **$1 billion** accelerated share repurchase (ASR) program[439](index=439&type=chunk) - The final settlement of the ASR contracts occurred in Q2 2023, with dealers delivering an additional **1,812,497** shares to Con Edison The entire **$1 billion** repurchase authorization was completed by June 30, 2023[440](index=440&type=chunk)[441](index=441&type=chunk)[443](index=443&type=chunk) [Exhibits](index=93&type=section&id=ITEM%206%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including CEO/CFO certifications and Con Edison's 2023 Long Term Incentive Plan - The report includes standard exhibits such as CEO and CFO certifications under Rule 13a-14(a) and Section 1350 for both Con Edison and CECONY[445](index=445&type=chunk)[446](index=446&type=chunk) - Con Edison filed its 2023 Long Term Incentive Plan as Exhibit 10.1[445](index=445&type=chunk)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ Quarterly Report Pursuant To Section 13 or 15(d) of the Securities Exchange Act of 1934 FOR THE QUARTERLY PERIOD ENDED March 31, 2023 | Con Edison | Yes ☒ | No ☐ | | --- | --- | --- | | CECONY | Yes ☒ | No ☐ | OR ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from to | Commission File Number | Exact name of registrant as specified in its charter and princi ...

Financial Performance - Con Edison reported a net income of $1,660 million or $4.68 per share in 2022, compared to $1,346 million or $3.86 per share in 2021, reflecting a 23.3% increase in net income [26]. - Adjusted earnings for 2022 were $1,620 million or $4.57 per share, up from $1,528 million or $4.39 per share in 2021, indicating a growth of 6.0% [26]. - The company reported a significant impairment loss related to investments in various projects, impacting adjusted earnings [36]. - Adjusted earnings for 2022 exclude the tax impact on the parent company of HLBV accounting, resulting in a reduction of $(4) million or $(0.02) per share [39]. - The combined federal and state income tax rate for 2022 was 31%, with adjusted earnings reflecting this rate [39]. - Losses recognized due to partial impairments of investments in Stagecoach Gas Services LLC and Mountain Valley Pipeline, LLC were noted, impacting overall financial performance [39]. - The company reported a goodwill impairment related to its investment in Honeoye Storage Corporation, impacting financial results [39]. - The adjusted earnings per share for 2021 also excluded the tax impact of $(9) million or $(0.02) related to HLBV accounting [39]. Capital Investments and Financial Strategy - The Utilities invested $4,001 million in 2022 to upgrade energy delivery systems, with planned investments of $4,675 million, $4,840 million, and $4,957 million for 2023, 2024, and 2025 respectively [26]. - The company plans to meet its capital requirements for 2023 through internally-generated funds and proceeds from the sale of Clean Energy Businesses, aiming to repay $1,250 million of parent company debt in 2023 [27]. - Con Edison plans to issue up to $1,400 million of long-term debt at the Utilities in 2023 and approximately $2,600 million in aggregate during 2024 and 2025 [27]. - The overall financial strategy includes a focus on divesting non-core assets to enhance operational efficiency and profitability [39]. - The total capital requirements for Con Edison are estimated to be $5,484 million in 2023, compared to $4,905 million in 2022, indicating a 11.8% increase [136]. Clean Energy Initiatives - Con Edison emphasizes a commitment to a clean energy future and operational excellence as part of its mission [22]. - Con Edison Clean Energy Businesses invested $399 million in renewable electric projects in 2022, with a sale agreement to RWE Renewables America expected to close by the end of Q1 2023 [26]. - The anticipated sale of Clean Energy Businesses was classified as held for sale as of December 31, 2022, impacting the financial outlook [26]. - The anticipated sale of the Clean Energy Businesses will incur transaction costs of $0.14 per share, totaling $48 million before tax [39]. - The Clean Energy Businesses have approximately 3,300 megawatts (AC) of renewable energy projects in the U.S. [54]. - Total renewable electric volumes produced increased from 3,754 million kWh in 2018 to 8,206 million kWh in 2022, reflecting a growth of 118.8% [125]. - Solar energy production rose from 2,680 million kWh in 2018 to 6,926 million kWh in 2022, an increase of 158.5% [125]. - CECONY has a goal to deploy 3,000 MW of energy storage by 2030, with an interim target of 1,500 MW by 2025, and has contracted for 100 MW of energy storage services [166]. Customer Service and Operations - Con Edison provides electric service to approximately 3.6 million customers in New York City and most of Westchester County, covering an area of about 660 square miles with a population exceeding 9 million [49]. - CECONY delivers gas to approximately 1.1 million customers in Manhattan, the Bronx, parts of Queens, and most of Westchester County [50]. - CECONY operates the largest steam distribution system in the U.S., producing and delivering approximately 17,427 million pounds of steam annually to around 1,530 customers in parts of Manhattan [51]. - CECONY's total deliveries in its franchise area amounted to $9,751 million in 2022, compared to $7,971 million in 2018, indicating a growth of about 22.3% [84]. - The company expects to meet its electricity supply obligations through a combination of purchased electricity and generation from its facilities, with a focus on reducing cost volatility for customers [87]. Regulatory and Compliance - The NYSPSC regulates the Utilities, setting terms of service and rates, with the authority to impose penalties for violations of state utility laws [58]. - The NYSPSC authorized CECONY to issue up to $4,025 million in debt securities through 2025, with $1,450 million issued as of December 31, 2022 [148]. - The NYSPSC approved $2,000 million for statewide electric and gas energy efficiency programs from 2020 to 2025, with specific budgets for CECONY and O&R [162]. - The NYSPSC has authorized CECONY to recover costs related to climate change adaptation through a climate resiliency cost recovery surcharge [174]. Environmental and Sustainability Efforts - CECONY's direct GHG emissions have decreased by over 50% from a 2005 baseline of 6.0 million metric tons, reflecting emission reductions from various projects [176]. - CECONY is required to conduct a climate change vulnerability study by September 2023 and develop a resiliency plan by November 2023 [174]. - The estimated potential liability for the completion of site investigation and cleanup of known contamination on manufactured gas sites ranges from $710 million to $2,500 million [187]. - CECONY has initiated remedial investigations at 51 manufactured gas sites, with 15 sites receiving No Further Action letters from the NYSDEC [186]. Workforce and Employee Engagement - Con Edison had a total of 14,319 employees as of December 31, 2022, with 12,717 at CECONY and 1,131 at O&R [212]. - The company's voluntary attrition rate in 2022 was approximately 8.2%, with 35% of turnover attributed to retirements [213]. - Women represented 22.6% of the total workforce, while people of color accounted for 51.7% [214]. - Employees spent over 600,000 hours in instructor-led, leadership, and skill-based training during 2022 [215]. - Con Edison emphasizes a strong safety culture, with a dedicated Learning Center for employee training [215].

Consolidated Edison, Inc. (NYSE:ED) ESG Presentation Summary Company Overview - Consolidated Edison, Inc. is one of the largest investor-owned utilities in the U.S., providing electric, gas, and steam services to approximately 10 million people in New York City and surrounding areas [5][6] - The company delivers 44% of New York State's electricity and has a strong reliability record, with outage rates significantly lower than national averages [6][7] Key Points on Environmental, Social, and Governance (ESG) Initiatives Environmental Commitment - Con Edison is committed to leading the clean energy transition, with a focus on five main pillars: building a future grid, empowering customers, reimagining the gas system, reducing carbon footprint, and partnering with stakeholders [8][9][10] - The company plans to invest over $300 million in EV charging infrastructure and more than $1.5 billion in energy efficiency programs over the next two years [16] - By 2030, Con Edison aims to deliver 1,000 megawatts of battery storage and electrify 150,000 buildings, with a goal of being net zero by 2040 [16][17] Regulatory and Legislative Landscape - New York State's Climate Leadership and Community Protection Act (CLCPA) sets aggressive targets for a zero-emissions electricity sector by 2040 and economy-wide carbon neutrality by 2050 [13] - Local Law 97 mandates significant emissions reductions from large buildings, requiring compliance by 2024 and 2030 [14] Infrastructure and Investment - Con Edison is focusing on enhancing its electric grid to support renewable energy and electrification, with expected demand growth of 42% to 85% by 2050 [19] - The company is also investing in battery storage and transmission projects to facilitate the integration of renewable resources [25][27] Social Responsibility and Community Engagement - Con Edison has launched diversity, equity, and inclusion initiatives to attract and retain talent, with 52% of employees being people of color and 22% women [44] - The company is committed to equitable energy outcomes and has formed an environmental justice working group to ensure community engagement [42][43] Financial Outlook - An estimated $72 billion is required for clean energy transition investments in Con Edison’s service territory over the next decade, with $15.7 billion expected to be deployed by 2024 [47] - The sale of the CEBs for $6.8 billion will allow Con Edison to focus on its clean energy transition while continuing to serve its regulated utility customers [48] Risks and Challenges - Con Edison faces various risks, including regulatory changes, environmental impacts, and the need for significant capital investments to meet clean energy goals [3] - The company anticipates economic pressures on its gas delivery system as demand decreases, necessitating a strategic approach to maintain safety and reliability [56][57] Conclusion - Con Edison is positioned to play a critical role in New York's clean energy future, with a strong commitment to environmental sustainability, community engagement, and operational excellence [52][74]