Consolidated Edison

Consolidated Edison
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Name	Consolidated Edison
Founded	0 1823
Founder	New York State Legislature
Location	New York City, New York, U.S.
Key people	Timothy P. Cawley (Chairman, President & CEO)
Industry	Utilities
Products	Electricity generation, Natural gas, Steam
Revenue	▲ US$15.67 billion (2023)
Assets	US$66.323 billion (2023)
Num employees	13,983 (2023)
Website	coned.com

Consolidated Edison, often stylized as Con Edison, is one of the largest investor-owned energy companies in the United States, providing essential utility services to millions of customers. Its primary service territory encompasses New York City and most of Westchester County, delivering electricity, natural gas, and steam through a vast and complex infrastructure. The company is a publicly traded entity listed on the New York Stock Exchange under the ticker symbol ED and is a component of the Dow Jones Utility Average. Its operations are critical to the economy of the Northeastern United States and are regulated by the New York State Public Service Commission.

History

The company's origins trace back to 1823 with the founding of the New York Gas Light Company, which illuminated streets in Manhattan with gas lighting. A period of significant consolidation in the late 19th and early 20th centuries merged numerous smaller gas and electric companies, including those founded by innovators like Thomas Edison and George Westinghouse. The modern entity was effectively formed in 1936 with the merger of the Consolidated Gas Company and the New York Edison Company, creating a unified utility giant. Key historical events include managing power for monumental projects like the 1939 New York World's Fair and navigating major outages such as the Northeast blackout of 1965 and the New York City blackout of 1977. Its corporate evolution reflects the broader history of electrification and urbanization in the United States.

Operations and services

Con Edison operates as a regulated utility, providing three primary services: electricity, natural gas, and steam. Its electric division serves approximately 3.6 million customers across New York City and Westchester County, drawing power from a diverse mix that includes natural gas-fired power plants, nuclear power from the Nine Mile Point Nuclear Generating Station, and an increasing portfolio of renewable sources. The gas division delivers natural gas to over 1.1 million customers, maintaining thousands of miles of pipeline. A unique feature is its steam business, the largest commercial steam system in the world, which serves heating and cooling needs for iconic buildings like the Empire State Building and the Metropolitan Museum of Art. The company also actively promotes energy efficiency programs and supports the integration of distributed generation resources like solar power.

Infrastructure and assets

The company's physical infrastructure is among the most extensive and complex of any utility. Its electrical grid includes over 130,000 miles of underground and overhead cables, hundreds of substations, and a sophisticated SCADA system for grid management. Major facilities include the Ravenswood Generating Station in Queens and the Indian Point Energy Center, which ceased operations in 2021. The natural gas system comprises more than 4,300 miles of mains and services, with significant storage and distribution hubs. The steam system, a legacy of the Industrial Revolution, runs beneath the streets of Manhattan, powered by several steam generating plants. Con Edison also maintains critical interconnections with neighboring systems like PJM Interconnection and the New York Independent System Operator.

Environmental record and initiatives

Con Edison has faced scrutiny over its environmental impact, particularly related to its historical reliance on fossil fuels and incidents such as the 2014 East Harlem gas explosion. In response to state mandates like the New York State Climate Leadership and Community Protection Act, the company has launched significant initiatives to reduce greenhouse gas emissions and promote clean energy. Major projects include supporting offshore wind development in the Atlantic Ocean, expanding electric vehicle charging infrastructure, and implementing large-scale battery storage systems. The company has set goals to achieve a net-zero emissions grid by 2040 and is actively working to replace natural gas infrastructure with renewable alternatives, partnering with organizations like the New York State Energy Research and Development Authority.

Corporate governance and financial performance

The company is governed by a board of directors chaired by President and CEO Timothy P. Cawley, with oversight from regulators including the New York State Public Service Commission and the Federal Energy Regulatory Commission. As a publicly traded S&P 500 company, its financial performance is closely watched, with revenue primarily derived from regulated utility rates. It has a long history of paying dividends to shareholders, making it a notable stock for income-focused investors. Major capital investments are directed toward grid modernization, storm hardening in the face of events like Hurricane Sandy, and the clean energy transition. Its financial stability and strategic investments are critical to maintaining reliability in one of the world's most demanding energy markets.

Category:Energy companies of the United States Category:Companies based in New York City Category:Electric power companies of New York (state)