Consolidated Edison Inc (NYSE: ED)

Consolidated Edison, Inc. (Con Edison) is a holding company that owns all of the outstanding common stock of Consolidated Edison Company of New York, Inc. (CECONY), Orange and Rockland Utilities, Inc. (O&R) and Con Edison Transmission, Inc. Con Edison’s principal business operations are those of the Utilities and Con Edison Transmission. The Utilities refer to CECONY and O&R. Con Edison Transmission, a regulated company primarily under the oversight of the Federal Energy Regulatory Commission (FERC), develops and invests in electric transmission projects and owns interests in both electric and gas assets. The company provides electric, gas and steam delivery services to customers in New York and New Jersey.

Con Edison generates revenue primarily through the delivery of electricity, gas and steam to its full-service customers. CECONY provides electric service to approximately 3.7 million customers in New York City and most of Westchester County, gas service to approximately 1.1 million customers in Manhattan, the Bronx, parts of Queens and most of Westchester County, and steam service to approximately 1,485 customers in parts of Manhattan. O&R provides electric service to approximately 0.3 million customers in southeastern New York and northern New Jersey and gas service to over 0.1 million customers in southeastern New York. Con Edison Transmission develops and invests in electric transmission projects and holds interests in gas storage facilities, contributing to revenue through project development and asset ownership.

The company operates through the following segments: CECONY, O&R and Con Edison Transmission.

• CECONY: This segment provides regulated electric, gas and steam delivery services in New York State. It delivers electricity to approximately 3.7 million customers across New York City and Westchester County. It supplies gas to approximately 1.1 million customers in Manhattan, the Bronx, parts of Queens and Westchester County, and operates the largest steam distribution system in the United States, delivering approximately 16,975 MMlb of steam annually to approximately 1,485 customers in parts of Manhattan.

• O&R: This segment provides regulated electric and gas delivery services in southeastern New York and northern New Jersey. It serves approximately 0.3 million electric customers across a 1,300 square mile service area. It delivers gas to over 0.1 million customers in southeastern New York. O&R and its utility subsidiary, Rockland Electric Company (RECO), together provide electric service in the region.

• Con Edison Transmission: This segment develops and invests in electric transmission projects under FERC oversight. It participates in the New York Transco partnership with the New York Power Authority (NYPA) to develop the Propel NY Energy transmission project, a 90-mile electric transmission project expected to increase high voltage transmission connections between Long Island and the rest of New York State. It also holds ownership interests in the Transmission Solutions (TOTS) and New York Energy Solution (NYES) projects, which aim to relieve transmission congestion between upstate and downstate New York.

Con Edison operates within the regulated utility industry in the northeastern United States, competing with other investor-owned utilities such as National Grid, Eversource Energy and PSEG for service territory and regulatory approvals. Its competitive advantages stem from its regulated rate structures, which provide predictable returns on infrastructure investments, and its focus on grid resilience, clean energy integration and long-term transmission development through Con Edison Transmission. The company benefits from a strong credit profile and a history of consistent dividend growth supported by stable earnings from its utility operations.

Con Edison serves approximately 3.7 million electric customers, 1.1 million gas customers and 1,485 steam customers through CECONY in New York City and Westchester County. Through O&R, it serves approximately 0.3 million electric customers and over 0.1 million gas customers in southeastern New York and northern New Jersey. The company’s customer base includes residential, religious, commercial, industrial and municipal customers across its service territories.