Con Edison(US:ED)2026-02-19 22:24Financial Performance - Con Edison reported 2025 net income for common stock of $2,023 million or $5.66 a share, an increase from $1,820 million or $5.26 a share in 2024[24] - Adjusted earnings for 2025 were $2,038 million or $5.70 a share, compared to $1,868 million or $5.40 a share in 2024[24] - Reported net income for common stock on a GAAP basis for 2025 was $2,023 million, an increase from $1,820 million in 2024 but a decrease from $2,519 million in 2023[33] - Adjusted earnings (Non-GAAP) for 2025 reached $2,038 million, up from $1,868 million in 2024 and $1,762 million in 2023[33] - Reported earnings per share on a GAAP basis for 2025 was $5.66, compared to $5.26 in 2024 and $7.25 in 2023[33] - Adjusted earnings per share (Non-GAAP) for 2025 was $5.70, an increase from $5.40 in 2024 and $5.07 in 2023[33] - CECONY's electric delivery revenues for full-service customers amounted to $7,908 million in 2025, an increase from $7,178 million in 2024, representing a growth of 10.2%[80] - The total gas sales revenue for CECONY in 2025 was $3,278 million, up from $2,834 million in 2024, representing a growth of 15.7%[92] - The total steam sales revenue for CECONY in 2025 was $703 million, up from $578 million in 2024, marking a growth of 21.6%[100] - O&R's total electric sales revenue in 2025 was $934 million, compared to $852 million in 2024, reflecting a growth of 9.6%[108] Capital Investments and Debt - The Utilities invested $4,946 million in 2025 to upgrade energy delivery systems, with planned investments of $6,533 million in 2026 and $8,571 million in 2030[24] - Con Edison plans to issue up to $3,200 million of long-term debt in 2026 and $3,000 million in 2027, with a total of approximately $9,900 million in long-term debt from 2028 to 2030[24] - The company anticipates issuing up to $1,100 million of common equity in 2026 and approximately $3,300 million from 2028 to 2030[24] - CECONY's capitalized costs for utility plant for distribution facilities were $25,214 million in 2025, up from $23,770 million in 2024, reflecting a year-over-year increase of approximately 6.1%[75] - Total capital expenditures for Con Edison in 2025 were $4,996 million, an increase from $4,728 million in 2024[127] - Total capital requirements for Con Edison are projected to be $9,223 million in 2030, reflecting a significant increase from $6,845 million in 2026[131] - CECONY projects $72 billion in capital expenditures needed between 2025 and 2034 to support its decarbonization strategy[149] Operational Performance - The company reported a significant increase in electric sales and deliveries, with a peak demand of 22 million units in the last quarter[36] - Gas sales and deliveries also saw a rise, achieving a peak demand of 27 million units, indicating strong market performance[36] - The company is focusing on expanding its electric and gas facilities to enhance operational capacity and reliability[36] - CECONY delivered a total of 53,798 million kWh of electricity in 2025, representing an increase from 52,427 million kWh in 2024, which is a growth of 2.6%[80] - CECONY's electric peak demand reached 12,530 MW in 2025, with a forecasted increase to 12,690 MW in 2026, indicating an annual growth rate of approximately 1.3%[81] - CECONY's total gas delivered to customers in 2025 was 172,977 MDt, an increase of 16.5% from 148,983 MDt in 2024[92] - O&R's total electric energy delivered to full-service customers in 2025 was 3,541 million kWh, an increase from 3,212 million kWh in 2024[108] - Total gas delivered to O&R customers in 2025 was 25,488 MDt, a 22.5% increase from 20,851 MDt in 2024[113] Sustainability and Environmental Initiatives - The company is focused on a clean energy future, aligning its investments and strategies with sustainability goals[20] - CECONY's sustainability strategy aims to reduce direct and indirect greenhouse gas emissions and enhance water use efficiency[186] - CECONY's direct GHG emissions for 2025 are estimated at 2.7 million metric tons, reflecting a more than 55% decrease from the 2005 baseline[178][180] - CECONY and O&R are required to purchase offshore wind renewable energy credits as part of New York's Clean Energy Goals[150] - CECONY's electric energy efficiency programs budget for 2020-2025 is $688 million, with a target to reduce electric use by 3% annually[153] - For 2026-2030, CECONY's energy efficiency and building electrification programs have an aggregate budget of $2,138 million, averaging $300 million annually for electric energy efficiency[154] Regulatory and Compliance - The NYSPSC regulates the Utilities, setting the terms of service and rates charged for providing service in New York[51] - Regulatory compliance remains a priority, with ongoing adjustments to meet federal and state energy regulations[36] - The NYISO requires that entities supplying electricity in New York State maintain generating capacity equal to peak demand plus applicable reserve margins[70] - CECONY is required to comply with the EPA's Transport Rule, which mandates further reductions in air emissions and requires the purchase of emissions allowances[219] - The revised Transport Rule has reduced the number of allowances allocated to CECONY, necessitating additional purchases to offset the decreased allocation[219] Customer Engagement and Experience - Con Edison emphasizes a commitment to safety, operational excellence, and enhancing customer experience as part of its mission[20] - A new strategy for customer engagement is being implemented to enhance user experience and satisfaction[36] - The Utilities' rate plans are designed to cover the cost of service, ensuring a stable revenue stream for the company[21] Risk Management - Forward-looking statements indicate that actual results may differ materially due to various factors, highlighting the importance of risk management[31]