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Consolidated Edison, Inc. reports developments for a regulated energy holding company whose subsidiaries provide electric, gas and steam service in New York City, Westchester County, southeastern New York and northern New Jersey. Its operating companies include Consolidated Edison Company of New York, Orange and Rockland Utilities and Con Edison Transmission, which develops and invests in electric transmission projects and joint-venture energy assets.
Company news commonly covers quarterly and annual earnings, common stock dividends, investor presentations, equity offerings, credit and financing activity, and capital funding for utility subsidiaries. Updates also address regulated utility operations and transmission investment under state and federal oversight.
Consolidated Edison, Inc. (NYSE: ED) reported a first-quarter net income of $419 million or $1.23 per share for 2021, compared to $375 million or $1.13 per share in 2020. Adjusted earnings rose to $491 million or $1.44 per share, up from $451 million or $1.35 per share in the previous year. The company reaffirmed its 2021 adjusted earnings per share forecast of $4.15 to $4.35, excluding certain impairments and accounting effects. CEO Timothy P. Cawley emphasized Con Edison's commitment to clean energy investments and reliable service.
On May 3, 2021, a Midtown Manhattan apartment building became the first in the region to install electric vehicle chargers through Con Edison's PowerReady incentive program. The program offers incentives for installing EV chargers to offset upfront costs, with a commitment to provide around 19,000 charging plugs in NYC and Westchester County by the end of 2025. The building's garage features 10 level 2 charging plugs capable of powering vehicles in about six hours. This initiative supports New York's clean energy goals and aims to reduce emissions from transportation for a sustainable future.
Consolidated Edison, Inc. (NYSE: ED) plans to announce its 1st Quarter 2021 earnings on May 6, 2021, after market close. The firm reports annual revenues of approximately $12 billion and manages assets worth $63 billion. Con Edison operates through multiple subsidiaries, providing electric, gas, and steam services in New York City and surrounding areas. Additionally, it is a significant player in the solar energy sector, being the second-largest solar developer in the U.S. with a focus on renewable energy projects.
Con Edison has received the Best Practices Award from the Smart Energy Consumer Collaborative for its innovative use of smart meters in demand response programs. The award highlights how the company's technology helps aggregators enroll residential customers to reduce energy usage during peak demand times, enhancing service reliability. With a minimum enrollment threshold of 10 watts, the program is accessible to many customers. Con Edison, a subsidiary of Consolidated Edison, Inc. (NYSE: ED), serves 3.5 million customers in New York City and Westchester County, generating approximately $12 billion in annual revenues.
CPower Energy Management has been selected by Con Edison and National Grid for their Term-Dynamic Load Management (DLM) Program in New York. This program incentivizes customers to provide load relief with significant notice, offering fixed pricing for three to five years. Established by the New York Public Service Commission in September 2020, the initiative supports New York's clean energy goals, including 1,500 MW of energy storage by 2025 and 70% electricity from renewables by 2030. CPower aims to enhance energy flexibility and reliability while fostering investment in clean energy technologies.
Consolidated Edison, Inc. (NYSE: ED) has declared a quarterly dividend of 77.5 cents per share on common stock. This dividend is payable on June 15, 2021 to shareholders of record as of May 19, 2021. With approximately $12 billion in annual revenues and $63 billion in assets, Con Edison is one of the largest investor-owned energy-delivery companies in the U.S., providing electric, gas, and steam services primarily in New York City and Westchester County, as well as engaging in renewable energy projects.
Con Edison has been recognized as a leader in the clean energy transition in a ranking by the Smart Electric Power Alliance (SEPA). The company earned a spot on SEPA's 2021 Utility Transformation Leaderboard due to its initiatives such as the electric vehicles strategy, solar panel connectivity, and smart meter implementation. Notably, Con Edison has established aggressive carbon reduction goals and has cut its own emissions by 50% since 2005. The utility plans to achieve 100% clean electricity for customers by 2040 while significantly expanding its energy efficiency programs by 2025.
Con Edison has implemented a new 1-megawatt/1 megawatt hour battery system on City Island, Bronx, to enhance energy reliability, particularly during peak usage times. This is part of their ongoing collaboration with GI Energy under a demonstration project aimed at strengthening the electrical grid. The system will reduce demand on the existing grid during hot summer days. Additionally, Con Edison plans to leverage battery technology to support the transition to clean energy, with future plans including a substantial 100-megawatt/400-megawatt hour battery project in Astoria, Queens.
Con Edison, in collaboration with Lion Electric and Posi-Plus, is set to introduce the first all-electric bucket truck for utility work in the U.S. Scheduled for delivery in early 2022, this innovative vehicle will perform tasks up to 60 feet high while traveling 130 miles on a single charge. The initiative reflects Con Edison’s commitment to fleet electrification and aims to reduce fossil fuel dependency. The truck will be quieter and will eliminate harmful emissions, aligning with the company's Clean Energy Commitment to provide 100% clean electricity by 2040.
On March 22, 2021, Con Edison announced the installation of solar panels on New York City Housing Authority (NYCHA) rooftops by twelve newly trained installers. These panels will generate approximately 1 megawatt of electricity, benefiting at least 400 low- and moderate-income customers who can save around $120 annually on their bills. The initiative aims to create green jobs and enhance access to clean energy. Con Edison is collaborating with NYCHA and partners like Solar One to promote sustainable energy solutions across the city.