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.
Con Edison has launched a comprehensive Climate Change Implementation Plan aimed at enhancing the resilience of its energy delivery systems in New York City and Westchester County. The initiative reflects the recognition of climate vulnerabilities and incorporates climate change projections into operational planning. The company aims to fortify infrastructure against extreme weather, with updates including new flood-design standards and a commitment to provide customers with 100% clean electricity by 2040. Regular assessments and stakeholder feedback will guide ongoing adaptation efforts.
Consolidated Edison, Inc. (NYSE:ED) will report its 2020 earnings on February 18, 2021, after market close. As a major energy-delivery company, Con Edison boasts approximately $13 billion in annual revenues and $60 billion in assets. The company operates through various subsidiaries, including a regulated utility serving New York City and Westchester County, as well as firms specializing in renewable energy and transmission projects.
Consolidated Edison (NYSE: ED) declared a quarterly dividend of 77.5 cents per share, marking a 4 cent annual increase over last year’s $3.06. This dividend is payable on March 15, 2021, to stockholders of record as of February 17, 2021, representing the 47th consecutive annual increase. The company expects 2020 adjusted earnings at the low end of $4.15 to $4.30 per share due to pandemic impacts, with a target dividend payout ratio of 60%-70% of adjusted earnings, potentially exceeding this range in 2021.
Con Edison has expressed strong approval of a recent federal court ruling that reinstates stringent greenhouse gas emission regulations. The utility was involved in the litigation process, emphasizing its commitment to address climate change. Con Edison, a subsidiary of Consolidated Edison, Inc. (NYSE: ED), serves approximately 3.5 million customers across New York City and Westchester County, with annual revenues nearing $13 billion. The company looks forward to collaborating with Congress and the new administration to enact decisive climate actions.
Con Edison is providing a free device, the Smart ConnectDER, to residential customers that can save up to $1,000 when installing solar arrays. This adapter allows customers to avoid costly circuit breaker panel upgrades and simplifies the solar connection process. It is applicable for solar arrays up to 15 kilowatts and reduces installation time by several hours. The initiative, supported by NYSERDA, aims to enhance the adoption of clean energy in New York, with 2,400 devices funded and provided for the program, promoting Con Edison’s vision of 100% clean electricity by 2040.
Con Edison has initiated a project utilizing five electric school buses to supply power to its grid, marking a first in New York State. These e-buses, operated by Lion Electric, can discharge 50 kilowatts collectively, contributing to cleaner air by replacing diesel buses. The project aims to evaluate the potential of e-buses for enhancing air quality and grid reliability. With approximately 1,000 school buses in Westchester and 8,000 in NYC potentially converting to electric, this initiative could significantly impact energy management during peak demand periods while exploring battery longevity effects.
On December 1, 2020, Consolidated Edison (NYSE: ED) announced a public offering of 7,200,000 common shares through BofA Securities. The shares are expected to be issued on December 4, 2020, subject to closing conditions. The net proceeds will be utilized to repay a portion of existing term loans. This offering is made under an effective shelf registration statement filed with the SEC, with details available on the SEC's website.
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Con Edison reported a net income of $493 million or $1.47 per share for Q3 2020, up from $473 million or $1.42 per share a year earlier. Adjusted earnings were $495 million or $1.48 per share, down from $513 million or $1.54 in Q3 2019. For the first nine months, net income totaled $1,058 million or $3.17 per share, slightly up from $1,048 million or $3.20 in 2019. The adjusted EPS forecast for 2020 is $4.15 to $4.30, revised due to COVID-19 impacts.
Consolidated Edison, Inc. (ED) announced a quarterly dividend of 76.5 cents per share on its common stock, payable on December 15, 2020, for stockholders recorded by November 18, 2020. Con Edison, a major investor-owned energy-delivery company, generates approximately $13 billion in annual revenues with assets totaling $59 billion. The company operates through several subsidiaries, offering electric, gas, and steam services primarily in New York.