Consolidated Edison Stock Price, News & Analysis

Consolidated Edison, Inc. (NYSE: ED), commonly known as Con Edison, is a holding company in the utilities sector focused on energy delivery and related services. According to company disclosures, it is one of the nation's largest investor-owned energy-delivery companies, with substantial revenues and assets derived from regulated utility operations and energy infrastructure investments. The company’s core activities are conducted through its principal subsidiaries: Consolidated Edison Company of New York, Inc. (CECONY), Orange and Rockland Utilities, Inc. (O&R), and Con Edison Transmission, Inc.

Business structure and core operations

CECONY is a regulated utility that provides multiple energy services in and around New York City. It supplies electric service in New York City and New York’s Westchester County, gas service in Manhattan, the Bronx, parts of Queens and parts of Westchester, and steam service in Manhattan. These services are provided under rate plans overseen by the New York State Public Service Commission (NYSPSC) and are subject to mechanisms such as revenue decoupling and various regulatory reconciliations, as described in the company’s SEC filings.

Orange and Rockland Utilities, Inc. (O&R) is a regulated utility serving customers in a roughly 1,300‑square‑mile area in southeastern New York State and northern New Jersey. O&R’s operations include electric and gas distribution under state regulatory oversight, with base rate changes and capital investment plans reflected in regulatory proceedings referenced in Con Edison’s reports.

Con Edison Transmission, Inc. is described by the company as a regulated entity primarily under the oversight of the Federal Energy Regulatory Commission. Through its subsidiaries and joint ventures, it develops and invests in electric transmission projects and owns or manages, via joint ventures, both electric and gas assets. This transmission-focused business complements the distribution utilities by supporting regional energy infrastructure.

Regulated utility model and rate frameworks

Con Edison’s utility subsidiaries operate under detailed rate plans that govern how they recover costs and earn returns on their investments. Company filings describe mechanisms such as:

• Revenue decoupling mechanisms for electric and gas service, which reconcile actual delivery revenues to authorized levels.
• Recoverable energy costs that allow current recovery of purchased power, fuel and gas costs incurred to serve full‑service customers.
• Regulatory reconciliations for items such as property taxes, pension and other postretirement benefits, variable‑rate debt, major storms, municipal infrastructure support costs, and environmental site investigation and remediation.
• Negative revenue adjustments and performance‑based elements tied to service, reliability, safety and other metrics, as outlined in the Joint Proposal for CECONY’s electric and gas rate plans for the period January 2026 through December 2028.

These frameworks, as summarized in Con Edison’s Form 8‑K filings, are designed to align cost recovery, capital investment and service performance with regulatory objectives. They also define authorized returns on common equity and capital structures for the regulated utilities.

Geographic footprint and services

According to repeated company descriptions in press releases and SEC filings, Con Edison’s service footprint is concentrated in the New York metropolitan area and parts of New Jersey:

• Electric distribution in New York City and Westchester County through CECONY.
• Gas distribution in Manhattan, the Bronx, parts of Queens and parts of Westchester through CECONY.
• Steam service in Manhattan through CECONY.
• Electric and gas service in a 1,300‑square‑mile area in southeastern New York State and northern New Jersey through O&R.
• Electric transmission and joint‑venture electric and gas infrastructure assets through Con Edison Transmission, primarily under federal regulation.

This concentration in a dense urban and suburban region shapes the company’s focus on grid reliability, system resilience and capital‑intensive infrastructure projects, as reflected in management commentary in earnings releases.

Strategic focus and capital investment

Management commentary in recent earnings press releases emphasizes investments in infrastructure to maintain reliability, strengthen grid resilience against extreme weather and support electrification in buildings and transportation. The company highlights projects such as new substations, transmission lines and storm resiliency measures, and references a Joint Settlement Agreement on a multi‑year investment plan for CECONY’s electric and gas operations, subject to NYSPSC approval.

Con Edison’s filings also describe significant planned capital expenditures for CECONY’s electric and gas businesses over the 2026–2028 rate period, with specified average rate base levels and weighted average costs of capital. Earnings sharing mechanisms apply when returns exceed defined thresholds, with a portion of earnings above those levels applied to reduce regulatory assets for environmental remediation and other costs.

Financial profile and earnings reporting

Con Edison regularly reports its financial results through quarterly earnings releases and related Form 10‑Q and Form 8‑K filings. The company presents both GAAP results and non‑GAAP measures such as adjusted earnings and adjusted earnings per share. According to the earnings releases, adjusted metrics exclude items that management does not consider indicative of ongoing performance, including:

• Adjustments related to the sale of all of the stock of its former subsidiary, the Clean Energy Businesses, completed in 2023.
• Effects of hypothetical liquidation at book value (HLBV) accounting for tax equity investments.
• Accretion of the basis difference of Con Edison’s equity investment in Mountain Valley Pipeline, LLC (MVP).
• Impacts from the evaluation of strategic alternatives with respect to MVP and Honeoye Storage Corporation, where applicable.

Management states that these non‑GAAP measures are used internally to analyze performance versus budgets and prior periods and to communicate expectations regarding future earnings and dividends. The company notes that these measures should not be considered alternatives to GAAP net income or earnings per share.

Transmission and pipeline interests

In addition to its regulated utility operations, Con Edison has held an equity interest in Mountain Valley Pipeline, LLC. An 8‑K filing dated November 24, 2025, describes a purchase and sale agreement under which a Con Edison subsidiary agreed to sell its approximately 6.6 percent interest in MVP, including the Mountain Valley Pipeline and the Mountain Valley Pipeline Mainline Expansion, to an Ares Management fund, subject to customary closing conditions and potential preferential rights of MVP’s founding members. The company indicates that the proceeds are anticipated to be used to partially offset common equity needs for 2026 and for other general corporate purposes.

Con Edison Transmission’s activities, as described in multiple press releases, include investing in electric transmission projects and managing, through joint ventures, both electric and gas assets while seeking to develop additional electric transmission projects. These activities are primarily regulated at the federal level.

Financing and capital markets activity

Con Edison and CECONY access capital markets and bank financing to support their capital programs and refinancing needs. For example, an 8‑K filing dated November 17, 2025, describes CECONY’s issuance of long‑term debentures under an underwriting agreement, while a separate 8‑K dated November 24, 2025, details a 364‑day senior unsecured term loan credit agreement for CECONY, used to repay a portion of an existing unsecured term loan facility. These filings outline key covenants, including limits on consolidated debt to consolidated total capital and restrictions on liens exceeding a percentage of consolidated net tangible assets.

The company’s common shares, with a stated par value, are listed on the New York Stock Exchange under the trading symbol ED, as noted in its SEC filings. Con Edison’s board also declares quarterly dividends on the common stock, with recent press releases announcing dividend amounts and payment dates.

Regulatory environment and oversight

Con Edison’s operations are extensively regulated. CECONY and O&R are subject to state utility commissions, including the NYSPSC, which approves rate plans, capital programs and performance mechanisms. Con Edison Transmission and certain related activities fall primarily under the oversight of the Federal Energy Regulatory Commission. Company filings reference ongoing regulatory audits, such as a focused operations audit of CECONY’s income tax accounting, and describe how any ordered adjustments are expected to be refunded to or collected from customers, as determined by regulators.

The company’s risk disclosures in earnings releases highlight potential impacts from regulatory decisions, environmental requirements, cyber security, supply chain disruptions, health epidemics, changes in tax laws, access to capital markets and other factors that could affect results or development of its business.

Dividends and investor communications

Con Edison issues regular press releases announcing dividends on its common stock and schedules for quarterly earnings reports. It also hosts investor presentations and webcasts where senior leadership discusses strategy, capital plans, regulatory developments and the role of its utilities in supporting New York State’s clean energy goals while maintaining a safe, reliable grid. These events are referenced in company news and associated Form 8‑K filings.

FAQs about Consolidated Edison, Inc. (ED)

• What does Consolidated Edison, Inc. do?
  Consolidated Edison, Inc. is a holding company whose primary businesses are regulated utilities and energy infrastructure investments. Through its subsidiaries CECONY, O&R and Con Edison Transmission, it provides electric, gas and steam service in parts of New York and New Jersey and invests in electric and gas transmission assets.
• Where does Con Edison provide electric service?
  According to company disclosures, CECONY provides electric service in New York City and New York’s Westchester County, while O&R serves customers in a 1,300‑square‑mile area in southeastern New York State and northern New Jersey.
• What gas and steam services does Con Edison offer?
  CECONY provides gas service in Manhattan, the Bronx, parts of Queens and parts of Westchester, and steam service in Manhattan. These services operate under rate plans approved by state regulators.
• What is Con Edison Transmission’s role?
  Con Edison Transmission, Inc. is described as a regulated company primarily under Federal Energy Regulatory Commission oversight. It develops and invests in electric transmission projects and, through joint ventures, owns or manages both electric and gas assets.
• On which exchange is ED stock listed?
  Con Edison’s common shares are registered under Section 12(b) of the Securities Exchange Act and trade on the New York Stock Exchange under the symbol ED, as stated in the company’s SEC filings.
• How does Con Edison describe its size and scale?
  In recent press releases, the company describes itself as one of the nation’s largest investor‑owned energy‑delivery companies, citing significant annual revenues and asset levels associated with its regulated utilities and transmission investments.
• How does Con Edison present adjusted earnings?
  Con Edison reports non‑GAAP measures such as adjusted earnings and adjusted earnings per share, which exclude items like impacts from the sale of its former Clean Energy Businesses, HLBV accounting for tax equity investments and accretion related to its equity interest in Mountain Valley Pipeline, LLC. Management states these measures are used to analyze ongoing financial performance.
• What is the Mountain Valley Pipeline interest mentioned in filings?
  The company has held an approximately 6.6 percent interest in Mountain Valley Pipeline, LLC. An 8‑K dated November 24, 2025, describes an agreement by a Con Edison subsidiary to sell this interest, including the mainline expansion, to an Ares Management fund, subject to customary conditions and certain preferential rights.
• How is Con Edison regulated?
  CECONY and O&R are regulated by state commissions such as the NYSPSC, which approve rate plans, capital programs and performance mechanisms. Con Edison Transmission’s activities are primarily overseen by the Federal Energy Regulatory Commission. Company filings detail rate mechanisms, reconciliations and authorized returns.
• Does Con Edison pay dividends on its common stock?
  Yes. Press releases dated in 2025 show that Con Edison’s board declares quarterly dividends on its common stock, specifying per‑share amounts, record dates and payment dates.