Company Reports

The New York Public Service Commission on Sept. 17 approved the 90-mile, $3.3 billion Propel New York electric transmission project that Con Ed will help develop.

Con Ed reported it reached a settlement in its 2026-29 steam customer rate case that will result in a cumulative $94 million increase in revenue over the next three years.

Consolidated Edison's core rate-regulated electric and natural gas distribution utilities in New York and New Jersey have produced stable earnings and dividend growth despite a service territory with operating and regulatory challenges.

Con Ed reported earning $0.83 per share on an adjusted basis during the second quarter, up from $0.67 during the same year-ago quarter on a comparable basis. Earnings are on track to meet our and management's full-year outlook.

Con Ed reported earning $2.18 per share on an adjusted basis during the first quarter, down from $2.26 during the same year-ago quarter on a comparable basis. Earnings are on track to meet our and management's full-year outlook.

Consolidated Edison's core rate-regulated electric and natural gas distribution utilities in New York and New Jersey have produced stable earnings and dividend growth despite a service territory with operating and regulatory challenges.

Con Ed reported earning $5.70 per share on an adjusted basis for the full-year 2025, up from $5.40 on a comparable basis in 2024. Earnings were slightly above our estimate and at the high end of management's guidance range.

Con Ed reported earning $1.90 per share on an adjusted basis during the third quarter, up from $1.68 on a comparable basis in the third quarter of 2024. Earnings are on track to meet our full-year estimate and management's earnings guidance range.

Consolidated Edison management presented a strategic outlook that includes plans to help New York meet the state's 70% renewable energy target by 2030 and net-zero emissions target by 2040.

Consolidated Edison's core rate-regulated electric and natural gas distribution utilities in New York and New Jersey have produced stable earnings and dividend growth despite a service territory with operating and regulatory challenges.

Con Ed reported earning $0.67 per share on an adjusted basis during the second quarter, up from $0.59 on a comparable basis in the second quarter of 2024. Earnings are on track to meet our full-year estimate and management's earnings guidance range.

Con Ed reported earning $2.26 per share on an adjusted basis during the first quarter, up from $2.15 on a comparable basis in the first quarter of 2024. Earnings are on track to meet our full-year estimate and management's earnings guidance range.

Utilities have limited direct exposure to tariffs announced by the Donald Trump administration, but falling energy demand or regulatory pushback to utilities' investment plans could slow earnings growth if economic conditions deteriorate.

Battery electric vehicle sales stalled in the US and Europe in 2024 after a postpandemic rise. With sales growing in China and globally, many companies throughout the EV supply chain stand to benefit from the transition to EVs.

Con Ed reported earning $5.40 per share on an adjusted basis in 2024, up 6.5% year over year primarily due to higher electric customer rates. This is in line with our expectations and management's most recent $5.30-$5.40 EPS guidance range.

Consolidated Edison's core rate-regulated electric and natural gas distribution utilities in New York and New Jersey have produced stable earnings and dividend growth despite regulatory challenges historically.

Con Ed is on track to top our full-year 2024 earnings forecast after reporting $1.68 per share of adjusted earnings in the third quarter, up from $1.62 during the same period in 2023. Year-to-date adjusted earnings per share is up 9%, slightly higher than our expectations.

Consolidated Edison's core rate-regulated electric and natural gas distribution utilities in New York and New Jersey have produced stable earnings and dividend growth despite regulatory challenges historically.

We are reaffirming our $91 per share fair value estimate for Consolidated Edison after the company reported earning $0.70 per share in the second quarter, excluding a one-time $0.11 regulatory charge and other nonoperating adjustments. We are reaffirming our no-moat rating.

Consolidated Edison's core rate-regulated electric and natural gas distribution utilities in New York and New Jersey have produced stable earnings and dividend growth despite regulatory challenges historically. Now we think regulation is becoming more constructive as all stakeholders in the region pursue aggressive clean energy goals.