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Con Ed's East River Generating Station in Manhattan, New York City

Key Information

Consolidated Edison, Inc., commonly known as Con Edison (stylized as conEdison) or ConEd, is an energy company based in New York City. It is one of the largest investor-owned energy companies in the United States, with approximately $12 billion in annual revenues as of 2017, and over $62 billion in assets.[3] The company provides a wide range of energy-related products and services to its customers through its subsidiaries:

In 2015, electric revenues accounted for 70.35% of consolidated sales (70.55% in 2014); gas revenues 13.61% (14.96% in 2014); steam revenues 5.01% (4.86% in 2014); and non-utility revenues of 11.02% (9.63% in 2014).[4]

History

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A sketch of the Pearl Street Station, an early power plant on Pearl Street
Con Ed supplies steam to New York City as well as gas and electricity

On March 23, 1823, "The New-York Gas light Company" was incorporated by the 46th New York State Legislature, creating the earliest corporate predecessor of Consolidated Edison.[5] Founding directors included Samuel Leggett and Henry Eckford, respectively, a noted banker and large real estate holder.[5][6] On May 12, 1823, the New York Gas Light Company received the exclusive privilege to lay gas pipes in the streets of New York City south of Grand Street.[7] A year later, it was listed on the New York Stock Exchange (NYSE). It holds the record as the longest listed stock on the NYSE.[8] Due to the Board of Aldermen's authority to grant franchises in the City of New York in the early to mid-19th century, interaction with Tammany Hall was required to expand the business. By William M. Tweed's reign in the late 1860s as the boss of Tammany Hall, the power to authorize franchises lay with the County Board of Supervisors, of which Tweed had been a member. By 1871, Tweed was a member of the board of the Harlem Gas Light Company, a precursor to the Consolidated Edison Company.[9] On November 10, 1884, New York Gas Light merged with the Manhattan Gas Light Company (inc. 1830), Metropolitan Gas Light Company (inc. 1848), Municipal Gas Light Company (inc. 1874), Knickerbocker Gas Light Company (inc. 1876), and Harlem Gas Light Company (inc. 1855) to form the Consolidated Gas Company of New York.[10][11]

In 1901, the Consolidated Gas Company bought Edison Illuminating Company, which had been founded by Thomas Edison in 1880, first supplying electricity to 59 customers in a 1-square-mile (2.6 km2) area in lower Manhattan. After the "war of currents", more than 30 companies were generating and distributing electricity in New York City and Westchester County. But by 1920 there were far fewer, and Consolidated Gas's electricity arm, then called the New York Edison Company, was the leader. On February 18, 1936, an annual report issued by Consolidated Gas Company of New York, Inc. revealed that roughly 75% of their gross operating revenue came from electricity, leading to discussion by the company's officers about changing the company's name to better reflect its nature.[12] On March 16, 1936, stockholders of the Consolidated Gas Company of New York, Inc. voted to change the company's name to Consolidated Edison Company of New York, Inc.[13]

The New York Steam Company began providing service in Lower Manhattan in 1882. Con Edison bought it in 1954, and now operates the largest commercial steam system in the world, providing steam service to nearly 1,600 commercial and residential establishments in Manhattan from Battery Park to 96th Street.[14]

Consolidated Edison acquired or merged with more than a dozen companies between 1936 and 1960. Con Edison today is the result of acquisitions, dissolutions, and mergers of more than 170 individual electric, gas, and steam companies.

Consolidated Edison acquired land on the Hudson River in Buchanan, New York, in 1954 for the Indian Point nuclear power plant. The first reactor (Indian Point 1) began generating power on September 16, 1962. The reactor was shut down on October 31, 1974, because the emergency core cooling system did not meet regulatory requirements. The company built two more reactors at Indian Point during the 1970s: Indian Point 2 and 3. Indian Point 3 was sold to the New York Power Authority in 1975.[15] Entergy acquired Indian Point 2 in November 2000,[16] nine months after a steam generator leak.[17] With the sale of Indian Point 2, the last power plant it owned, Consolidated Edison, Inc. became primarily an energy distributor.[16]

On January 1, 1998, following the deregulation of the utility industry in New York State, a holding company, Consolidated Edison, Inc., was formed. It is one of the nation's largest investor-owned energy companies, with approximately $13 billion in annual revenues and $47 billion in assets. The company provides a wide range of energy-related products and services to its customers through two regulated utility subsidiaries and three competitive energy businesses. Under several corporate names, the company has been traded on the NYSE without interruption since 1824—longer than any other NYSE stock. Its largest subsidiary, Consolidated Edison Company of New York, Inc., provides electric, gas, and steam service to more than 3 million customers in New York City and Westchester County, New York, an area of 660 square miles (1,700 km2) with a population of nearly 9 million. Also in 1998, Consolidated Edison, Inc. acquired Orange & Rockland Utilities, which is operated separately.[18]

Con Edison had invested $3 billion in solar and wind projects. In September 2017 it was announced that the company would invest $1.25 billion in "renewable energy production facilities over the next three years."[19]

The company's "renewable portfolio" contained more than 1.5 gigawatts of operating capacity. Seventy-five percent of that capacity came from solar energy. Clean energy accounted for around eight percent of the company's earnings, as of fall 2017.[19] Con Edison sold its clean energy business to RWE in 2023.[20]

Systems

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Clean energy

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To support electric vehicles, Con Edison partnered with the company FleetCarma to provide $500 in rewards to owners of electric vehicles in New York City and Westchester County, New York. Through this program, Con Edison pays customers to charge their vehicles when energy demand is low.[21]

Electrical

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The Con Edison electrical transmission system utilizes voltages of 138 kilovolts (kV), 345 kV, and 500 kV. The company has two 345 kV interconnections with upstate New York that enable it to import power from Hydro-Québec in Canada and one 345 kV interconnection each with Public Service Electric and Gas (PSE&G) in New Jersey and Long Island. Con Edison's connection with Hydro-Québec is via a series of transmission lines owned by the New York Power Authority and neighboring utilities; a more direct connection via the Champlain Hudson Power Express HVDC line is expected to come online in 2025.[22]

Con Edison is also interconnected with PSE&G via the Branchburg-Ramapo 500 kV line. Con Ed's distribution voltages are 33 kV, 27 kV, 13 kV, and 4 kV.

The 93,000 miles (150,000 km) of underground cable in the Con Edison system could wrap around the Earth 3.6 times. Nearly 36,000 miles (58,000 km) of overhead electric wires complement the underground system—enough cable to stretch between New York and Los Angeles 13 times.[23]

Gas

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The Con Edison gas system has nearly 7,200 miles (11,600 km) of pipes—if laid end to end, long enough to reach Paris and back to New York City, and serves Westchester County, the Bronx, Manhattan, and parts of Queens. Gas service in Brooklyn, Staten Island, and the rest of Queens is provided by National Grid USA's New York City operations, except the Rockaway peninsula, which is serviced by National Grid's Long Island operations. The average volume of gas that travels through Con Edison's gas system annually could fill the Empire State Building nearly 6,100 times.[24]

Steam

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Main article: New York City steam system

Con Edison produces 30 billion pounds of steam each year through its seven power plants which boil water to 1,000 °F (538 °C) before distributing it to hundreds of buildings in the New York City steam system, which is the biggest district steam system in the world.[25] Steam traveling through the system is used to heat and cool some of New York's most famous addresses, including the United Nations complex, the Empire State Building, and the Metropolitan Museum of Art.[26]

Metering

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The Smart Meter Project was awarded to Aclara Smart Grid Solutions (electric) and the majority of the rollout was completed in 2022 with several thousand meters still needing to be changed in 2023 due to customer access issues. ConEd utilized Aclara's metering products for field installation. Over five million electric and gas meters were replaced in this project. Lime green-colored seals were used on electric meters to indicate that the meter was changed by a contractor.

Programs and resources

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ConEd offers a variety of programs and resources for its customers and stakeholders, organized in such categories as, "For Renters", "For Residential Owners", "For Small & Medium Businesses", "For Commercial & Industrial", "Business Partners", "Investors", "Community Affairs", and "Municipalities".[27] Examples of such resources include:

  • CONCERN Program, which offers eligible customers a specially trained representative and advice about government aid programs, safety tips, and ways to save money on one's energy bill[28]
  • Quarterly Billing Plan, which allows senior citizens, whose Con Edison bills are less than $420 a year, to receive bills once every three months (in March, June, September, and December), rather than once a month[28]
  • SPOTLIGHT, Con Edison's newsletter[28][29]

Community partnerships

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Con Edison contributes substantial funding and volunteer hours to many non-profit organizations and learning centers including New York Botanical Garden, Hudson Valley Groundworks Science Barge, Teatown Reservation, Jay Heritage Center, and the Intrepid Sea, Air & Space Museum.

Leadership and associations

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  • Timothy P. Cawley, Chairman, president and Chief Executive Officer, Consolidated Edison, Inc.
  • Matt Ketschke, president, Con Edison of New York
  • Michele O'Connell, president and CEO, Orange and Rockland Utilities, Inc.
  • Stuart Nachmias, president and CEO, Con Edison Transmission
  • Robert Sanchez, president, Shared Services
  • Kirkland Andrews, senior vice president and chief financial officer
  • Mary E. Kelly, senior vice president and chief information officer
  • Jennifer Hensley, senior vice president, Corporate Affairs
  • Yukari Saegusa, vice president, Treasury and Investor Relations
  • Edlyn Misquita, vice president and general auditor
  • Sylvia Dooley, vice president and corporate secretary
  • Joseph Miller, vice president, controller and chief accounting officer
  • Deneen L. Donnley, senior vice president and general counsel
  • Scott Sanders, vice president, Business Finance
  • Edward L. Conway, ombudsman

ConEd Solutions is a member of Real Estate Board of New York.[30]

Major accidents and incidents

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  • 1977: All of New York City, with the exception of the Rockaways - which get their power from the Long Island Lighting Company (LILCo) - was blacked out overnight on July 13 and 14, due to lightning strikes on a number of sub-stations and the resulting failures of interconnects in the power grid.
  • 1989: A steam pipe explosion in Gramercy Park killed three, injured 24, and required the evacuation of a damaged apartment building due to high levels of asbestos in the air. Workers had failed to drain water from the pipe before turning the steam on. The utility also eventually pleaded guilty to lying about the absence of asbestos contamination, and paid a $2 million fine.[31]
  • 2001: The Con Edison electricity substation at 7 World Trade Center was destroyed on September 11th as a result of the collapse of Numbers 1 and 2 World Trade Center following a terrorist attack by Al-Qaeda against the United States.
  • 2004: In Manhattan, stray voltage killed East Village resident Jodie Lane and her dog when she stepped on a service box that wasn't properly insulated.[32] The corner of East 11th Street and 1st Avenue, where the incident occurred, was given the alternate name of Jodie Lane Place in 2005.[33]
  • 2006: After the blackout in Queens, the company was criticized by public officials for a poor record in the restoration of service to its customers.[34]
  • 2007: On July 18, an explosion occurred in midtown Manhattan near Grand Central Terminal when an 83-year-old Con Edison steam pipe failed, resulting in one death, over 40 injuries, as well as subway and surface disruptions.[35]
  • 2007: The day before Thanksgiving, an explosion critically burned Queens resident Kunta Oza when an 80-year-old cast iron gas main ruptured. Oza died on Thanksgiving Day, and her family later settled with Con Edison for $3.75 million.[36]
  • 2009: Another gas explosion claimed a life in Queens while Con Edison personnel were on the scene. There was a leak in a manhole and a fault in an electrical feeder at the same time. The fault in the feeder caused the explosion due to the sparks being generated. When the mechanic opened the manhole more oxygen entered and the explosion took place.[citation needed] Due to that event, Con Edison has changed its procedure on outside gas leak calls.[37]
  • 2012:
    • On October 29, flooding from Hurricane Sandy caused a transformer explosion at a Con-Ed plant on New York City's East Side.[38][39]
    • During the storm, Con Edison used social media to get outage and restoration information out to customers. The company's Twitter account gained an extra 16,000 followers during the storm.[40][41]
    • Con Edison's subsidiary, Orange & Rockland Utilities, was criticized for its response to Hurricane Sandy. Some customers experienced a loss of electrical power for 11 days.[42]
  • 2014: On March 12, two apartment buildings exploded in East Harlem after a reported Con Edison gas leak. Eight people were killed in the massive explosion that reduced the conjoining buildings to rubble.[43][44]
  • 2018: After 9 p.m. on December 27, a transformer short-circuit[45] at a ConEd power plant in Astoria, Queens shut down La Guardia Airport for several hours - until it switched to back-up generators - caused extensive delays on the #7 subway line, and an outage on Rikers Island, until it, too, reverted to back-up equipment.[46] The incident caused a large portion of the sky in the surrounding area to be lit up by blue light[47] that was caused by arc flashes, in which light-emitting atoms of excited gas, called plasma, are projected into the air. The arc flashes probably lasted only a few minutes, but because of meteorological conditions which caused them to be refracted, they were seen across a large portion of the New York City metropolitan area.[45][46] There was no explosion or fire connected to the electrical surge,[45] and no reported injuries.[48] The New York Police Department reported that 911 calls increased from 500 in the half-hour before the event to over 3,200 in the 30 minutes afterwards. ConEd is investigating the cause of the surge in equipment that was intended to monitor voltage in the electrical sub-station, but suspects that the problem was a malfunctioning of its relay system.[46] The lights were nicknamed the "Astoria Borealis" on Twitter.[49]
  • 2019: On the night of July 13 a significant portion of Manhattan saw a blackout due to a Consolidated Edison cable that burnt out in a transformer on West End Avenue.[50][51] The blackout, which lasted for about three hours, shut down a number of subway stations, much of the West Side from the 40s to 72nd Street, parts of Times Square and Rockefeller Center, and other areas, resulting in an estimated 73,000 customers losing power.[52] The outage fell on the anniversary of the 1977 blackout, where most of the city lost power.
  • 2020: During the COVID-19 pandemic in the United States, 170 Con Edison employees tested positive for COVID-19 and three died.[53][54] Consolidated Edison said they would not shut off service due to non-payment related to the health crisis and would waive any new late-payment charges for customers.[55]

Bribery prosecution

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On January 14, 2009, eleven Con Edison supervisors were arrested for demanding more than $1 million in kickbacks related to work done by a construction company that was repairing the Midtown steam pipe eruption of 2007. According to federal prosecutors, the employees had approved payment for work that was unnecessary or not performed and promised faster payment for some work performed by the construction company in exchange for the bribes. The FBI had two retired Con Edison employees and the president of the construction company wear recording devices that recorded the suspects demanding bribes of between $1000 and $5000.[56] Later that year Con Edison sued Brendan Maher, one of the construction supervisors who was arrested and later admitted to taking bribes that the utility company claimed amounted to $10,000.[57]

In April 2016, Con Edison agreed to pay over $171 million, about 1.5% of its annual revenue, back to its customers in compensation for harm resulting from the bribery. The Public Service Commission had found that Con Edison failed to supervise the employees. Con Edison admitted no wrongdoing.[58]

Honors and criticism

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  • In March 2002, Fortune magazine named the company as one of "America's Most Admired Companies" in the publication's newest corporate ranking survey. In 2003, Con Edison ranked second on the top ten list for electric and gas utilities.[59]
  • In December 2011, the non-partisan organization Public Campaign released a report criticizing ConEd for spending $1.8 million on lobbying and not paying any taxes during 2008–2010, instead getting $127 million in tax rebates, despite making a profit of $4.2 billion, and increasing executive pay by 82% to $17.4 million in 2010 for its top five executives.[60]
  • In 2014, Con Edison was named the #1 utility and #16 overall among corporations, in Newsweek's Green Rankings, and one of the 50 best companies for Latinas by Latina Style Magazine.[61] In its "Best of the Best" issue in 2015, Hispanic Network Magazine named the company a top employer among energy, gas, and oil companies.[62] Con Edison was also selected as one of the top regional utilities by DiversityInc magazine in 2014.[63] In 2016, the company was listed among America's best large employers by Forbes.[citation needed]
  • In February 2021, The Energy and Policy Institute criticized Con Edison for touting clean energy while investing in Gas Infrastructure.[64] This is unclean fracked gas. (Fracked gas is methane gas produced by hydraulic fracturing.) The article explained, "A recent analysis of utility executive compensation by the Energy and Policy Institute found that Con Edison’s executive compensation policies include renewable energy growth as components of broader goals, but do not reward executives for reducing greenhouse gas emissions.

Stop tags

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When a New York City contractor is unable to repair a reported nonfunctioning or malfunctioning street light, traffic light or pedestrian Walk/Don't Walk light because of a failure in the power to the affected unit,[65]: p. 92  a stop tag is assigned by Con Ed.[66] When a caller to NYC's 311 asks for followup information about a reported outage, they're told the stop tag number, and told to call Con Ed at 800-752-6633 (800-75-CON-ED).[67]

The New York Times wrote that it can take over two years for some repairs.[66] Sometimes an entire fixture must be removed, repaired, then returned. Other times the streets must be torn up to replace underground wiring. Temporary fixes, using what was described as "nothing more than overhead extension cords" (called "Shunts") at times are left in place for an extended period.[66] In 2017 Con Ed committed to repair "at least 90% ... within 90 days."[65]: p. 92 

Adaptive re-use of former Con Ed buildings

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A former Con Edison building on West 53rd Street in Manhattan was converted first into the studio for the television game show Let's Make a Deal, and later into a recording studio called "Power Station" because of its Edison history. In 1996, the studio was renamed Avatar Studios and then in 2017 back to "Power Station".

In 1978, Con Edison sold the Excelsior Power Company Building, a former substation on Gold Street in Manhattan's Financial District. It was renovated into an apartment building,[68] and became a New York City designated landmark in 2016.[69]

See also

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References

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[edit]
Revisions and contributorsEdit on WikipediaRead on Wikipedia

Consolidated Edison

View on Grokipedia
from Grokipedia

Consolidated Edison, Inc. (Con Edison) [NYSE: ED] is an investor-owned energy holding company headquartered in that, through its primary regulated subsidiary Consolidated Edison Company of New York, Inc., provides , , and distribution services to 3.6 million electric customers, 1.1 million gas customers, and approximately 1,800 steam customers, serving a population of 10 million in and Westchester County. With 2024 revenues of $15.26 billion, it ranks among the largest utilities in the United States, operating one of the world's most dense and complex urban energy delivery systems. The company's origins trace to March 26, 1823, when the chartered the New York Gas Light Company to supply gas for street lighting in , marking the beginning of organized public gas service in the United States. In 1882, it launched the first commercial electric power grid via Thomas Edison's , establishing the foundational model for modern electric utilities, and consolidated into its current form as Consolidated Edison Company of New York in 1936 through mergers of predecessor gas and electric firms. Con Edison maintains , including the globe's largest steam distribution system spanning over 100 miles of mains, and has achieved milestones such as 45 consecutive years of increases and a commitment to sourcing 100% clean energy by 2040 amid transitioning to renewables and programs that assisted over 338,000 customers in . However, its operations have encountered significant challenges, including a contribution to the 1977 New York City blackout via a substation failure triggered by , gas explosions in 2014, and a 2024 cybersecurity breach exposing , highlighting vulnerabilities in aging under high urban demand.

History

Founding and Early Development (1823–1900)

The New York Gas Light Company, the earliest predecessor of Consolidated Edison, was chartered by the on March 26, 1823, to supply gas for street lighting in . On May 12, 1823, the company entered an agreement with to provide gas of quality matching London's public lamps, enabling the illumination of streets and early residential use. The granted exclusive rights to serve south of an east-west line approximating 14th Street, focusing initially on coal-derived gas piped through iron lines for lamps and homes, as gas illumination had recently supplanted oil in urban settings. By the 1880s, competitive pressures among gas providers prompted consolidation; on November 11, 1884, the New York Gas Light Company merged with five rivals—Manhattan Gas Light, Harlem Gas Light, Metropolitan Gas Light, Municipal Gas, and Knickerbocker Gas Light—to form the Consolidated Gas Company of New York, headquartered at 4 Irving Place. This entity controlled most of the city's gas distribution, reducing redundant infrastructure and stabilizing supply amid growing demand from industrialization and , which reached over 1.5 million in by 1890. Parallel to gas advancements, electric utilities emerged as precursors; the Edison Electric Illuminating Company of New York was organized on December 17, 1880, to build generating stations, culminating in the Pearl Street Station's activation on September 4, 1882—the world's first commercial central power plant, distributing to 59 customers across a quarter-square-mile in using engines and dynamos. This innovation, powered by coal-fired boilers, marked the shift toward centralized electricity, though initial adoption was limited by high costs and infrastructure needs; by the 1890s, systems influenced by and began competing, expanding service territory. In 1899, Consolidated Gas acquired the New York Gas & Electric Light, Heat & Power Company, integrating early electric operations and foreshadowing broader unification.

Consolidation and Expansion (1901–1940s)

In 1901, the Consolidated Gas Company of New York merged its controlled electric utilities, including the Edison Electric Illuminating Company and the New York Gas and Electric Light, Heat and Power Company, to form the New York Edison Company as a subsidiary focused on unified electricity generation and distribution. This consolidation integrated direct current systems with emerging alternating current technologies, enabling more efficient service across Manhattan. Concurrently, New York Edison constructed the Waterside Generating Station along the East River, operational from that year, which pioneered combined electricity and steam production using coal-fired turbines and marked an early step in scaling capacity to meet urban demand. By 1910, New York Edison had consolidated control over the majority of Manhattan's electricity distribution, serving expanding commercial and residential loads amid rapid and the rise of electric elevators and lighting in . Through the 1910s and 1920s, the company expanded infrastructure, including the completion of the in 1905 for subway electrification and the East River Generating Station in 1926, boosting generating capacity to support interborough transit and industrial growth. These developments coincided with New York Edison's parent, Consolidated Gas, becoming the largest gas in the United States by 1932, supplying approximately 25% of national manufactured gas while electric revenues surged from motor and traction loads. In 1936, amid regulatory scrutiny and economic pressures from the , Consolidated Gas merged with New York Edison and acquired the New York Steam Company to form the Consolidated Edison Company of New York, Inc., streamlining operations across gas, electric, and district steam systems under unified management. This restructuring eliminated duplicative infrastructure and positioned the company to serve over 2 million electric customers by the early 1940s, with expansions continuing into wartime production demands, including enhanced grid reliability for defense industries. Through the decade, Con Edison invested in transmission upgrades and peaking plants to handle load growth, maintaining service continuity despite coal shortages and blackouts risks during .

Post-War Modernization and Challenges (1950s–1990s)

Following World War II, Consolidated Edison experienced rapid growth in electricity demand driven by economic expansion, suburban development, and increased use of household appliances and air conditioning, with annual demand rising at approximately 7-8% through the 1950s and 1960s. To address this, the company initiated a post-war capital expenditure program exceeding $250 million by 1947, focusing on new generating capacity and transmission upgrades, including a planned $280 million outlay for plant expansions in the late 1940s and early 1950s. In 1955, Con Edison applied for permission to construct the Indian Point nuclear power plant, marking its entry into atomic generation; the facility began operations in 1962 but incurred costs per kilowatt 2.5 times higher than conventional plants, straining early financial returns. The Northeast blackout of November 9, 1965, disrupted power across eight states and , leaving New York City dark for up to 13 hours and exposing interconnections in Con Edison's grid to cascading failures from a single relay malfunction in . This event, affecting 25 million people including Con Edison's 6 million customers, prompted regulatory scrutiny and investments in reliability, such as improved transmission coordination and reserve margins, though the company's reputation for service inefficiencies persisted amid slow earnings growth of 4% annually versus industry averages. Under new chairman Charles F. Luce from 1967, Con Edison reorganized into six operating divisions and pursued management overhauls to enhance efficiency. The 1970s brought severe challenges from the 1973 OPEC oil embargo, which doubled fuel costs as Con Edison relied on oil for 85% of its generating capacity, exacerbating financial distress and leading to a dividend suspension in 1974—the first in its history—and the sale of two plants to New York State for $612 million to alleviate cash shortages. The July 1977 blackout, triggered by lightning strikes and a sequence of system faults on Con Edison's network, caused 25 hours of outages for 9 million customers, widespread looting, and over 1,000 fires, further eroding public trust and resulting in federal investigations into grid vulnerabilities. Indian Point nuclear units faced ongoing issues, including a 1977 transformer explosion contributing to local disruptions and persistent high operational costs. By the 1980s, Con Edison achieved some recovery, attaining among the lowest customer interruption rates in the industry through targeted infrastructure hardening and fuel diversification toward and nuclear, though nuclear reliability remained problematic with incidents like unreported leaks at Indian Point. Into the , the company launched a $4.2 billion conservation initiative aimed at reducing by 15% over nearly two decades, reflecting a shift toward amid regulatory pressures and anticipation of , while maintaining investments in urban grid resilience despite legacy challenges from dense infrastructure.

Deregulation Era and Recent Transformations (2000s–Present)

Following New York State's electric initiated in 1996, Consolidated Edison divested its non-nuclear generation assets to comply with requirements separating generation from regulated transmission and distribution functions. By 1999, the company had sold virtually all its gas-fired electric generating facilities. This process culminated in the mid-2000s with auctions and sales of major in-city fossil-fueled plants, including the 1,090-megawatt Astoria Generating Station, transforming Con Edison into a primarily wires-and-pipes focused on delivery services. introduced wholesale market volatility, with prices spiking in 2000 and causing average residential customer bills to rise 43 percent in June compared to the previous year, as Con Edison purchased about half its energy supply from external sources. The September 11, 2001, attacks damaged two Con Edison substations near the World Trade Center, disrupting service in and prompting rapid infrastructure repairs amid ongoing adjustments. Workforce reductions continued into the 2000s, with approximately 3,000 employees cut between 1990 and 1993, followed by another 3,000 by 2000, as the company streamlined operations post-divestiture. Superstorm Sandy in October 2012 exposed vulnerabilities in coastal infrastructure, flooding substations and leading to proactive shutdowns in flood-prone areas like ; Con Edison's after-action reviews resulted in a Post-Sandy Enhancement Plan, with over $1 billion invested in storm-hardening measures such as elevated equipment and flood barriers by 2016, avoiding nearly 1.2 million customer interruptions in subsequent events. In the , Con Edison briefly expanded into competitive clean energy by acquiring Energy's U.S. solar and storage assets for $1.54 billion in December 2018, but divested its renewables businesses to in March 2023 for an undisclosed amount following regulatory approvals, refocusing on core regulated operations. Recent transformations emphasize grid resiliency and modernization amid increasing storm frequency and demands; since Sandy, investments have targeted advanced metering , IoT for operations, and protective measures against sea-level rise, with projections of $1.8 billion to $5.2 billion needed by 2050 for climate-related hardening. In January 2025, Con Edison proposed rate increases supporting $1.6 billion in additional electric investments for reliability upgrades, part of a broader $37 billion plan through 2029 to integrate renewables, enhance substation protections, and maintain service continuity. These efforts align with New York Commission mandates, yielding high reliability metrics, such as reduced outage durations through customer participation in efficiency programs.

Corporate Structure and Operations

Service Territory and Customer Base

Consolidated Edison Company of New York, the principal operating subsidiary of Consolidated Edison, Inc., delivers electric, , and utility services across a densely populated territory spanning all five —, , , , and —and Westchester County to the north, encompassing approximately 604 square miles. This area includes over 750,000 buildings and 3 million housing units in , supporting a mix of high-density urban environments and suburban communities in Westchester, where 925,000 residents occupy 350,000 housing units and 30,000 businesses. Electric service extends throughout the entire territory, while gas service is provided in , the Bronx, northern Queens, and Westchester County, excluding and . distribution is confined to a portion of , serving large commercial and institutional users via an underground network. The customer base totals approximately 3.6 million for electricity, comprising residential, commercial, and limited industrial accounts; for instance, alone accounts for over 884,000 electric customers, over 737,000, and over 713,000. Natural gas serves about 1.1 million customers, with notable concentrations such as 362,000 in , 303,000 in , and 232,000 in Westchester County. Steam customers number around 1,555, primarily high-volume users like hospitals, hotels, and office buildings in . These figures reflect a customer profile dominated by urban residential and commercial demand, with electric service forming the largest segment due to its universal coverage. Consolidated Edison, Inc. also owns Orange and Rockland Utilities, Inc., which extends the company's reach to over 300,000 electric customers and 130,000 gas customers in parts of southeastern New York and northern , though this subsidiary operates independently from the core and Westchester systems. Overall, the customer base underscores the company's role in powering one of the world's most concentrated economic hubs, with electric loads driven by 's 5 billion square feet of floor space.

Electric Systems

Consolidated Edison Company of New York, Inc. (CECONY), the principal subsidiary of Consolidated Edison, Inc., provides electric service to approximately 3.7 million customers across a 660-square-mile territory encompassing (all five boroughs except a portion of ) and most of Westchester County. The system supports a peak demand of about 12,540 megawatts under design conditions, with delivery volumes reaching 52,427 million kilowatt-hours in 2024. Predominantly underground in dense urban areas, the minimizes outage risks from and vehicular damage while accommodating high load densities. The transmission network interconnects with the New York Independent System Operator and delivers bulk power via 69 kV, 138 kV, and 345 kV circuits, comprising 490 miles of overhead lines and 760 miles of underground cables that feed 40 transmission substations. These facilities step down voltage for distribution, with area substations (63 total) further reducing it to primary feeder levels of 4 kV, 13 kV, 27 kV, or 33 kV. Distribution infrastructure includes 98,898 miles of underground cables and 37,935 miles of overhead lines, supported by transformer capacity of 32,496 megavolt-amperes. CECONY employs a mix of radial feeders and low-voltage secondary networks in high-density Manhattan and commercial districts for redundancy, reducing outage durations. In 2024, the system recorded no negative revenue adjustments under its regulatory plan for failing reliability, safety, or service targets, reflecting sustained investments exceeding $3 billion annually in upgrades like resilient cabling and substation reinforcements. Performance metrics surpassed both New York State and national benchmarks, earning CECONY the 2024 ReliabilityOne Award for the most reliable electric service among large investor-owned utilities.

Gas Systems

Con Edison's natural gas distribution system serves approximately 1.1 million customers in , , , and parts of Westchester County, spanning a 604-square-mile territory and ranking among the largest such systems in the . The system primarily delivers for residential heating, commercial use, and limited industrial applications, with annual throughput reflecting seasonal demand peaks driven by winter heating needs. For the 2023-2024 winter period, throughput reached 189,529 million dekatherms, underscoring the system's role in meeting firm customer loads amid variable weather and supply constraints. The infrastructure comprises over 4,300 miles of underground gas mains, including high-pressure transmission mains that transport gas from entry points to distribution networks, and approximately 377,000 service lines extending to end-users. These mains operate at pressures ranging from low (under 60 psi for local distribution) to high (up to several hundred psi for transmission), with gas flowing from multiple interstate pipeline interconnections at citygate stations rather than local storage facilities. Supply sources include pipelines from regions across the United States, such as the Marcellus Shale and Gulf Coast, ensuring diversified procurement but exposing the system to upstream capacity limits and contractual firm delivery obligations that cover only a portion of peak-day demands without additional infrastructure. Operations emphasize pipeline integrity and reliability, with Con Edison performing continuous monitoring, inspections, and maintenance on its mains to mitigate risks from aging , including cast-iron in older urban areas. The company invests in upgrades, such as replacing high-risk segments and enhancing leak detection, in compliance with federal regulations. Recent initiatives include limited interconnections for from facilities, though traditional fossil-derived constitutes the vast majority of deliveries, supporting baseload heating where electric alternatives face capacity constraints. Long-term planning anticipates potential declines in volumes due to policies and efficiency gains, projecting up to 44% reduction in delivered gas by 2043 under hybrid scenarios combining conservation and alternative supplies.

Steam Systems

Consolidated Edison operates the largest district steam system in the United States, distributing high-pressure steam primarily through Manhattan for space heating, domestic hot water, and industrial processes. The system originated in 1882 as one of the first urban district heating networks and was acquired by Con Edison in 1936, expanding to serve approximately 1,550 customers across commercial, institutional, and residential buildings. These customers occupy roughly 500 million square feet of real estate, benefiting nearly three million people who live, work, or visit the area. The infrastructure includes 105 miles of underground steam mains connecting six generating stations, where steam is produced mainly from . Two of these stations employ , simultaneously generating electricity and steam, accounting for about 60% of total steam production and enhancing overall efficiency by reducing the need for separate on-site boilers in buildings. The system's total steam generation capacity reaches 11.4 million pounds per hour, delivered at pressures up to 175 psi and temperatures of 450 to 475 degrees . Operations emphasize reliability and environmental benefits, as centralized generation minimizes individual emissions compared to dispersed boilers, though the aging pipes occasionally lead to maintenance challenges and leaks visible as street vapors. Con Edison invests in upgrades, including pipe replacements and digital monitoring, to sustain service while planning transitions to lower-carbon fuels like blending to align with decarbonization goals. The system supports critical facilities such as hospitals and , underscoring its role in urban infrastructure resilience.

Metering and Technology Integration

Consolidated Edison has deployed advanced metering infrastructure (AMI) as a core component of its grid modernization strategy, replacing traditional electromechanical meters with digital smart meters capable of two-way communication. By April 2021, the company had installed approximately 4 million smart meters for electricity and gas across its service territory in and Westchester County, enabling automated meter reading, real-time usage data, and remote service management. This deployment, initiated in the mid-2010s with a planned of $1.5 billion, supports enhanced grid reliability by detecting outages faster and facilitating programs. Smart meters integrate with Con Edison's broader technology ecosystem through secure wireless networks, utilizing radiofrequency signals similar to cellular technology for data transmission to utility operations centers. This infrastructure allows for hourly or near-real-time tracking, which customers access via the company's My Account online portal, promoting informed usage decisions and potential energy savings. Integration with analytics platforms, such as C3 AI, enables , in meter performance, and real-time monitoring of deployment status, reducing operational costs and improving response times to service issues. The AMI system contributes to smart grid functionalities by supporting two-way power flows, integration of distributed energy resources like solar panels, and advanced demand management tools. Con Edison reports semi-annual metrics to the New York State Department of Public Service, tracking deployment progress, conservation impacts, and system performance, with ongoing expansions aimed at full coverage for its 3.5 million electric and 1.1 million gas customers. Technologies like these underpin broader grid upgrades, including sensors and , to enhance resiliency against and rising demands.

Infrastructure and Investments

Capital Expenditure Overview

Consolidated Edison, Inc. (Con Edison) allocates the majority of its capital expenditures to infrastructure upgrades across its electric, gas, and steam systems, with electric investments comprising the largest share to support reliability, load growth, and regulatory mandates under New York's Climate Leadership and Community Protection Act (CLCPA). In 2024, total capital expenditures reached $4,728 million, including $4,374 million for Consolidated Edison Company of New York (CECONY), its primary regulated utility serving and Westchester County. Electric expenditures dominated at $3,088 million for CECONY, followed by gas at $1,154 million and steam at $132 million, reflecting priorities in transmission and distribution enhancements amid rising demand from and data centers.
YearTotal CapEx ($ millions)CECONY Electric ($ millions)CECONY Gas ($ millions)CECONY Steam ($ millions)
20224,4652,5221,128108
20234,5092,9091,046128
20244,7283,0881,154132
2025 (planned)5,1223,3801,113108
Future plans project escalating investments, with $5,122 million in 2025 rising to $8,067 million in 2026, and $22,796 million cumulatively from 2027 to 2029, driven by $72 billion over the subsequent decade for CLCPA compliance, including grid hardening and renewable integration. CECONY anticipates $25 billion over 2024-2028, averaging $5 billion annually, with electric upgrades such as the $1,200 million Idlewild substation project in to address capacity constraints by 2028. Gas investments emphasize replacements and safety, totaling over $1 billion annually, while focuses on efficiency and carbon reduction in aging infrastructure. These expenditures are financed through internal cash flows, long-term (up to $1,750 million in 2025), and equity issuances, with regulatory approval via New York Public Service Commission rate cases ensuring recovery of costs plus authorized returns. Investments prioritize resiliency against , as evidenced by $645 million allocated to CECONY projects from 2025-2029, including flood barriers and underground cabling post-Hurricane Sandy. Despite clean energy rhetoric, a significant portion sustains fuel-dependent systems, with gas comprising 20-25% of annual CapEx amid ongoing reliance for peaking and steam generation.

Reliability and Resiliency Upgrades

Following Superstorm Sandy in October 2012, which caused widespread outages affecting over 1 million Con Edison customers, the company developed a Post-Sandy Enhancement Plan approved by the New York Commission in June 2013. This initiative focused on hardening infrastructure against flooding and high winds, including the installation of submersible electrical equipment in substations, redesign of underground networks to prevent water ingress, and deployment of flood barriers and pumps at key facilities. By 2023, these efforts had prevented nearly 1.2 million customer interruptions through measures such as elevating critical components and reinforcing 103 miles of overhead wires and 36 miles of underground cables to reduce tree and debris contact. Con Edison's Fortifying the Future storm hardening program, launched post-Sandy with nearly $1 billion in investments, further enhanced resiliency by completing protections for all coastal substations and implementing network relief projects to improve underground distribution reliability. A notable example is the Energy Resilience through Storm Hardening project, initiated in 2013 and finalized in 2019 after six years, which upgraded gear and network redesigns to mitigate risks in densely populated areas. These upgrades have demonstrably reduced outage durations, with the company reporting avoidance of 250,000 outages by mid-2020s through targeted interventions like stronger barriers and elevated relay houses. In response to intensifying climate risks, Con Edison's Resilience Plan outlines continued investments exceeding $5.6 billion over 20 years for grid hardening, including substation protections against sea-level rise and . The emphasizes causal factors like more frequent storms and heatwaves, prioritizing submersible upgrades and smart sensors for rapid fault isolation. Complementing this, a proposed $21 billion multi-year plan filed in early 2025 targets resiliency enhancements, such as advanced monitoring to handle hotter temperatures and severe events, amid regulatory scrutiny from the state commission. These efforts align with empirical data from past events, where pre-Sandy vulnerabilities led to prolonged blackouts, driving verifiable improvements in system uptime.

Grid Modernization Efforts

Con Edison has pursued grid modernization through the deployment of technologies, including advanced metering infrastructure (AMI), digital sensors, and automated controls to improve real-time monitoring, outage detection, and integration of distributed energy resources. These efforts aim to enhance operational efficiency and support New York State's clean energy goals by enabling better management of variable renewable inputs and . A key component is the AMI program, which involves installing smart electric and gas meters across Con Edison's service territory. The rollout, initiated in early 2017 and planned through 2021 with extensions, targets approximately 3.9 million meters using a network provided by Silver Spring Networks (now part of ). By April 2024, deployment progress was tracked via metrics reports submitted to the New York Public Service Commission (PSC), incorporating supporting technologies like data analytics platforms from C3 AI to operationalize AMI data for and customer insights. This infrastructure facilitates two-way communication, remote meter reading, and voltage optimization, reducing manual interventions and enabling faster fault isolation. In 2009, Con Edison received $136 million in federal Smart Grid Investment Grant funding from the U.S. Department of Energy to demonstrate integrated applications, including distribution automation and demand-side management pilots. Building on this, the company has integrated AMI with broader distributed system implementation plans (DSIP), filed periodically with the PSC, to accommodate rooftop solar, energy storage, and electric vehicle charging while maintaining grid stability. Recent capital plans underscore ongoing modernization, with a February 2025 proposal for $21 billion in investments targeting grid upgrades for renewable integration, IT enhancements, and reliability amid rising demands. Complementing this, a longer-term $72 billion upgrade outline from 2025 aligns with state mandates for clean energy transitions, emphasizing digital overlays on physical assets to handle increased load and variability. These initiatives, approved in part through PSC rate cases, have incorporated analytics-driven tools to optimize asset health and reduce outage durations, as evidenced by post-deployment performance in AMI-enabled zones.

Financial Performance

Consolidated Edison, Inc. (Con Edison) generates the bulk of its revenues through its regulated utility subsidiaries, particularly Consolidated Edison Company of New York (CECONY), which operates electric, gas, and steam distribution systems in and surrounding areas. The electric segment, involving transmission and distribution services to approximately 3.6 million customers, constitutes the largest portion, historically accounting for around 70% of total operating revenues, derived mainly from delivery charges rather than power generation, as Con Edison purchases wholesale and passes through costs to customers under regulatory oversight. Gas revenues, from serving over 1.1 million customers, contribute about 14%, primarily through distribution fees for supply managed via storage and pipeline networks. Steam operations, unique to Manhattan's system serving commercial and institutional users, add roughly 5%, with revenues from heating and cooling services. Remaining revenues stem from clean energy businesses, including renewable projects and energy efficiency programs, and Con Edison Transmission, which develops interstate electric lines, though these segments are smaller and subject to market and regulatory variability. Total operating revenues reached $15.256 billion in 2024, up 4.0% from $14.663 billion in 2023, driven by rate adjustments and higher delivery volumes amid urban demand growth, offset partially by milder weather reducing gas usage. Profitability, measured by net income attributable to , has shown volatility tied to capital investments, regulatory rate approvals, operational costs, and one-time items like asset sales. From 2020 to 2023, rose steadily, reflecting infrastructure spending recovery post-pandemic and favorable rate cases by the New York Public Service Commission, peaking at $2.519 billion in 2023. However, 2024 saw a decline to $1.820 billion, attributed to higher from ongoing grid upgrades, increased expenses, and the absence of prior-year gains from clean divestitures, despite adjusted growth to $1.868 billion excluding non-recurring items. Operating income fell to $2.67 billion in 2024 from higher levels, pressured by elevated operation and maintenance costs amid issues and labor agreements, though revenue gains provided partial mitigation.
YearNet Income ($ billions)Change from Prior Year (%)
20201.144-
20211.193+4.3
20221.600+34.1
20232.519+57.4
20241.820-27.8
These trends underscore Con Edison's capital-intensive model, where profitability hinges on recovering investments through authorized returns on equity (typically 9-10% in rate cases) amid rising expenditures for and resiliency, outpacing revenue growth in recent years and compressing margins.

Rate Structures, Customer Bills, and Cost Drivers

Consolidated Edison's electric rates consist of supply and delivery components, with supply charges reflecting costs that may obtain from Con Edison or third-party service companies (ESCOs), while delivery covers transmission, distribution, and operations. Residential electric service under rate schedule SC-1 includes a basic service charge plus volumetric rates per (kWh), with options for time-of-use (TOU) pricing featuring peak, off-peak, and super-peak periods to encourage load shifting; the TOU monthly charge is $33.00 as of recent tariffs. Commercial and industrial rates vary by , voltage, and usage patterns, detailed in PSC No. 10 tariffs filed with the New York Public Service Commission (NYPSC). Gas rates similarly separate supply (based on natural gas commodity prices) from delivery, with residential rates under schedule G-1 incorporating a customer charge and therm-based volumetric fees adjusted periodically via the Gas Cost Adjustment mechanism. Steam service, provided to approximately 1,700 large customers including buildings and hospitals via PSC No. 4 tariffs, features demand and consumption charges measured in pounds of steam, with rates reflecting production costs primarily from natural gas-fired cogeneration (98% of fuel as of 2024). All tariffs are subject to NYPSC approval and include surcharges for system benefits, deferred costs, and riders for specific programs like energy efficiency. Customer bills aggregate these components plus taxes, which comprise about 25% of delivery charges due to local and gross receipts taxes; for a typical residential electric using 223 kWh monthly, supply and delivery form , with Con Edison earning no profit on supply. Average NYC residential electric bills were approximately $104 monthly in 2023, rising with usage—e.g., to around $215 statewide at 0.23/kWh—but proposed 2025-2026 adjustments could increase typical bills by $26.60 monthly for 600 kWh usage under pending delivery hikes. Gas bills averaged $208 monthly in 2023, influenced by winter demand, while summer electric bills rose 2.7% in 2025 relative to 2024 due to seasonal adjustments. bills, geared toward high-volume users, vary with production and inputs but lack public residential averages given the service's commercial focus.
Bill ComponentDescriptionApproximate Share/Example Impact
SupplyCommodity cost (/gas/), market-drivenVaries; no ConEd profit; / sensitive
Delivery maintenance, operationsBulk of regulated ; ~75% pre-tax
Taxes/state/federal levies~25% of delivery; $3.2B projected local taxes in 2026
Key cost drivers for rate increases include local property taxes, accounting for 3.1% of recent bill impacts, followed by capital investments in (2.6%) for reliability upgrades like feeder replacements and resiliency measures against storms and warming trends. Operating expenses, including demand growth from and clean initiatives, contribute another 2.6%, as outlined in Con Edison's 2025 rate case (25-E-0072) requesting $1.612 billion in electric delivery growth, pending NYPSC review. Gas and steam drivers mirror these, with added fuel volatility for supply and system-specific maintenance, though property taxes remain the dominant amid . Rate cases ensure recovery of verified costs, prioritizing investments over profit margins capped by .

Economic Impacts on Stakeholders

Consolidated Edison's operations impose significant costs on customers through rate structures that fund infrastructure investments and regulatory mandates, leading to bill increases that have drawn criticism for straining household budgets. For instance, average monthly residential electric bills in rose from approximately $205 in 2022 to over $250 by 2025, reflecting cumulative delivery rate hikes approved by the New York Commission. In early 2025, ConEd proposed an 11.4% electricity rate increase and 13.3% gas rate increase effective 2026, potentially adding $154 to average monthly bills, though final approvals remain pending. These escalations, driven by capital expenditures on grid resiliency and clean energy transitions, have prompted legislative scrutiny, with stakeholders arguing that customers subsidize the utility's profitability amid high reliability standards. Shareholders benefit from stable returns, supported by ConEd's regulated monopoly status and consistent payouts. In 2023, the company distributed $3.24 per share in , yielding approximately 3.4% based on prevailing prices, with a payout of 61.71% indicating . Total shareholder return reached 4.7% in 2024, comprising 1.5% price appreciation and 3.2% from , though this lagged some peers due to rate case uncertainties. The company's 50-year streak of increases underscores its appeal to income-focused , financed partly by revenues. Employees and contractors experience varied economic effects, with ConEd directly employing around 14,000 workers in high-stability roles, while its supports an additional 24,600 jobs through a multiplier effect of 1.7 indirect positions per direct employee. Compensation disparities exist, as executive pay reached nearly $15 million for the CEO in 2024, contrasted by subcontractor wages as low as $16 per hour for facility cleaners, highlighting tensions in labor cost pass-throughs to ratepayers. Broader stakeholder impacts include substantial contributions to New York State's economy, with ConEd's 2024 activities generating $23 billion in output—equivalent to 1% of state GDP—and $4.7 billion in taxes and fees, including $3.3 billion to , primarily via property taxes remitted through customer bills. These payments position ConEd as the city's largest taxpayer, funding public services like fire and police departments, though critics contend that ratepayer burdens indirectly finance this fiscal role without proportional service quality gains. Local suppliers received $2 billion in contracts in 2024, bolstering small businesses but tying economic vitality to utility spending levels.

Regulatory Environment

State Public Service Commission Oversight

The New York State Public Service Commission (NYPSC) exercises comprehensive regulatory authority over Consolidated Edison Company of New York, Inc. (Con Edison), governing its electric, , and utility services across New York City and Westchester County. This oversight encompasses approval of rates, service terms, infrastructure investments, and operational standards to ensure reliable service while balancing utility recovery of costs against customer affordability. The NYPSC conducts formal rate case proceedings where Con Edison must justify proposed revenue requirements through evidentiary hearings, cost-of-service analyses, and public input, often resulting in negotiated settlements or partial approvals. For instance, in electric rate case 22-E-0064, initiated in 2022, the commission reviewed Con Edison's proposed adjustments to rates, charges, rules, and regulations for electric service, incorporating scrutiny of capital expenditures and operational efficiencies. Rate approvals frequently involve multi-year plans with phased increases tied to specific investments in grid reliability and clean energy transitions. In early 2025, Con Edison filed for an 11.4% increase in electric delivery rates and 13.3% in gas delivery rates, projected to raise average residential bills by comparable amounts starting in 2026, to fund $21 billion in infrastructure over several years; this drew criticism for seeking a 10% return on equity amid recent hikes (9% electric in 2023, 4% in 2024, and 1.4% in January 2025), prompting Governor Hochul to direct the NYPSC to reject the proposal and audit utility spending. The commission has approved prior investments, such as $1.5 billion in clean energy projects in 2023 aligned with New York's Climate Leadership and Community Protection Act, and resiliency plans in December 2024 to mitigate climate risks like flooding and extreme weather. Beyond rates, NYPSC oversight includes monitoring service reliability, initiating investigations into operational issues, and enforcing compliance with environmental and safety mandates. Annual reliability reports highlight Con Edison's performance, which from 2019 to 2023 was nearly seven times superior to other New York utilities in outage frequency and duration metrics, attributed to sustained capital investments under regulatory mandates. The commission has directed actions on natural gas system planning, requiring pilot programs for emissions reductions and non-pipeline alternatives as part of broader decarbonization efforts, while approving steam system settlements mandating trap replacements and efficiency upgrades. Investigations, such as the 2020 probe into Con Edison's operations (case 20-E-0422), underscore the NYPSC's role in addressing systemic risks, though outcomes often reflect compromises between utility defenses of necessary spending and consumer advocates' demands for cost controls.

Federal Regulations and Compliance

Consolidated Edison's subsidiaries, particularly Consolidated Edison Company of New York (CECONY) and Orange & Rockland Utilities (O&R), operate under federal jurisdiction primarily through the (FERC), which regulates wholesale electricity sales, interstate transmission rates, and standards of conduct to prevent preferential treatment of affiliates. FERC has approved specific transmission projects, such as the Thruyline Onondaga Transmission Solution (TOTS) with a 10% in March 2016 and the New York Energy Solution (NYES) with a 10.65% in November 2017. In June 2023, CECONY filed for a formula rate under the New York Independent System Operator (NYISO) tariff for the Propel NY Energy project, seeking 10.87% ROE for local upgrades and 11.10% for NYISO projects, with FERC issuing a decision in December 2023. The company maintains compliance programs for FERC Standards of Conduct, including procedures to separate transmission functions from affiliates and regular updates to organizational charts identifying transmission employees. FERC also authorizes intercompany financial transactions, such as a from CECONY to O&R in 2023, with no outstanding balances as of December 31, 2023. Violations of FERC rules, including under the Federal Power Act, can result in substantial civil penalties. Reliability is governed by mandatory standards from the (NERC), certified by FERC, which apply to bulk electric system users, owners, and operators including Con Edison entities. Following Winter Storm Elliott in December 2022, FERC and NERC recommended enhanced cold weather preparedness standards for pipelines in November 2023; Con Edison has advocated for FERC to establish binding interstate gas reliability requirements, citing low pressures during the storm that threatened New York City service. In July 2025, FERC approved a $102,000 penalty against O&R by the Northeast Power Coordinating Council for NERC standard violations. Environmental compliance falls under the Environmental Protection Agency (EPA), enforcing statutes like the Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA) for sites such as (estimated total remedy cost $506 million) and . As of December 31, 2023, Con Edison accrued $1,118 million in liabilities, with potential undiscounted exposure up to $3,440 million from manufactured gas plant sites; these costs are tracked as regulatory assets for recovery through rates. A June 2022 U.S. Supreme Court ruling limited EPA authority under Clean Air Act Section 111 for greenhouse gas emissions from existing sources, potentially affecting Con Edison's fossil fuel management strategies without clear cost impacts. The company reports ongoing EPA interactions, including petitions and determinations for air permitting under New Source Review. Non-compliance risks include and penalties under federal environmental laws.

Rate Case Proceedings and Outcomes

Consolidated Edison Company of New York, Inc. (CECONY) engages in rate case proceedings with the New York Commission (PSC) to seek adjustments to its electric, gas, and steam delivery rates, reflecting costs for infrastructure upgrades, reliability enhancements, regulatory compliance, and a return on invested capital. These cases follow requirements for periodic reviews, typically spanning 11 months of litigation involving evidentiary hearings, , discovery, and negotiations among CECONY, PSC Department of Public Service staff, and intervenors such as consumer groups and municipalities. Outcomes often emerge from joint proposals or settlements, authorizing revenues below initial requests while mandating performance metrics, efficiency measures, and investments in areas like grid resiliency and . In the 2019 rate case (Cases 19-E-0065 and 19-G-0064), filed February 2019, CECONY requested electric delivery revenue increases averaging 8.6% and gas increases of 14.5% annually over 2020-2023 to fund capital expenditures exceeding $4 billion, including substation modernizations and . The PSC approved a multi-year settlement in October 2019 via joint proposal, incorporating input from parties like the New York Energy Consumers Council, which authorized lower phased increases—approximately 6-7% cumulative for electric and higher for gas—tied to commitments for gas system integrity and customer assistance programs, while disallowing certain executive compensation-related costs. The 2022 rate case (Cases 22-E-0064 and 22-G-0065), filed January 2022, sought electric delivery increases of 17.6% ($1.2 billion system-wide) and gas increases of 28.1%, justified by rising labor, materials, and resiliency investments post-Superstorm Sandy. A PSC-approved settlement in 2023 authorized levelized annual increases of $457 million for electric and $187 million for gas services, with an authorized () of 9.25%, conditional on earnings adjustments via a "deadband" mechanism and accelerated deployment of advanced metering infrastructure. This outcome balanced cost recovery against ratepayer impacts, though critics noted it still elevated bills amid . More recently, in Case 25-E-0072 filed January 31, 2025, CECONY proposed an $1.612 billion electric delivery revenue increase (18.0% on base delivery revenues, equating to 11.4% on typical residential bills), alongside gas hikes of 13.3%, to address demand growth, clean energy transitions, and storm hardening like feeder replacements. As of October 2025, the proceeding remains pending before the PSC, with public hearings drawing opposition from legislators and customers citing CECONY's reported profits and a requested 10% —among the nation's highest—while the company emphasizes unavoidable cost drivers like . PSC decisions have historically modified such requests to prioritize verifiable needs over speculative allowances, though intervenors argue for greater scrutiny of non-operational expenses.

Reliability and Service Quality

Performance Metrics and Industry Comparisons

Consolidated Edison (ConEd) evaluates electric service reliability using standard industry metrics reported to the New York Public Service Commission (NY PSC), including the System Average Interruption Duration Index (SAIDI), which measures average outage minutes per customer annually, and the System Average Interruption Frequency Index (SAIFI), which counts average non-momentary interruptions per customer. In 2023, ConEd achieved a SAIFI of 0.11, reflecting sustained interruptions, compared to 0.94 for the rest of New York State, indicating approximately nine times greater reliability than other state providers excluding major events. This performance stems from ConEd's urban network density and infrastructure investments, which outperform radial systems prevalent in less dense areas. Nationally, ConEd's 2022 SAIFI of 0.14 was about ten times lower than the U.S. average of 1.4 interruptions per customer, as reported by the (EIA). Corresponding SAIDI targets for ConEd in 2024 stood at 56.5 minutes, far below the U.S. distribution system average of 335.5 minutes in 2022, which includes all events. Excluding major events, national SAIDI averages around 367 minutes, highlighting ConEd's superior duration control via rapid response and underground cabling. In 2024, ConEd's radial outage frequency improved by 7% from 2023 and exceeded its five-year average, with network systems meeting or surpassing NY PSC targets for (0.0156 vs. target 0.0186) and (6.20 hours vs. target 6.89 hours). Compared to investor-owned utilities () nationwide, which saw 8% and SAIDI reductions in 2023 versus 2022, ConEd's metrics positioned it as the top performer, earning the 2024 ReliabilityOne® National Award for most reliable from PA Consulting. These outcomes reflect proactive grid hardening, though metrics exclude momentary interruptions and major storms, potentially understating variability during .
MetricConEd (2023/2024, excl. major events)NY State Rest (2023)U.S. Average (2022)
SAIFI0.11 (2023)0.941.4
SAIDI Target (min)56.5 (2024)N/A335.5 (incl. events)
ConEd's edge over peers like (SAIFI 1.0 in 2024, no exclusions) underscores advantages of metropolitan focus versus broader terrains, though sustained investments are credited for maintaining leadership amid rising national outage trends.

Outage Causes and Mitigation Strategies

Outages at Consolidated Edison primarily stem from events, which account for the majority of disruptions due to their capacity to damage overhead lines, poles, and underground infrastructure through high winds, fallen trees, heavy rain, and lightning strikes. For instance, Tropical Storm Isaias in August 2020 caused the second-largest outage in company history, affecting hundreds of thousands of customers, while in October 2012 and a subsequent led to a record 1.1 million outages from toppled trees and flooded substations. Equipment failures, including relay protection system malfunctions and issues, represent another key cause, as evidenced by the July 2019 blackout triggered by a flawed connection at a substation and a December 2023 Brooklyn incident from a high-voltage failure. External factors such as traffic accidents, construction damage, and animal interference also contribute by physically impacting electric equipment. To mitigate these risks, Consolidated Edison employs a multi-pronged resilience strategy emphasizing prevention through hardening and proactive . This includes extensive tree-trimming programs to reduce vegetation-related line contacts, a "replace before " approach targeting aging cables and splices on distribution feeders, and upgrades to systems to avert cascading s. The company's Resilience Plan, structured around prevent-mitigate-respond pillars, incorporates storm-hardening enhancements like elevated substations and flood barriers, enabling faster post-storm repairs and fewer outages during . These efforts have demonstrably improved reliability metrics, with New York Public Service Commission data indicating Consolidated Edison's service in 2022 was ten times more reliable than the national average for major outages and frequency, bolstered by targeted investments yielding a 33% improvement in network frequency performance from 2022 to 2023. Regulatory oversight via annual performance mechanisms ties financial incentives to benchmarks, such as maintaining above 75% of prior averages for key indicators, though penalties have been imposed for occasional shortfalls. Despite these advances, vulnerabilities persist in densely urban environments where underground networks face corrosion and overload risks, underscoring the ongoing need for adaptive strategies amid rising storm intensity.

Customer Service Evaluations

The New York Public Service Commission (PSC) evaluates Consolidated Edison's customer service through metrics including complaint rates, satisfaction surveys, call answer rates, and bill accuracy. In its 2024 Utility Customer Service Performance Report, ConEd met all targets, achieving a PSC complaint rate of 2.0 per 100,000 customers (target ≤2.0), satisfaction targets for emergency and non-emergency interactions on a 5-point scale, and requirements for call answer rates and estimated/delayed bills. The company reported missing only 14 appointments, issuing $700 in credits, and incurred no non-refundable adjustments (penalties). PSC noted low survey response rates as a broader industry concern but confirmed ConEd's compliance without penalties. National benchmarks show mixed residential results but stronger business performance. The (ACSI) scored ConEd at 76 out of 100 for residential customers in 2024, a 6% year-over-year improvement exceeding the industry average of 75. In J.D. Power's 2024 U.S. Residential Customer Satisfaction Study, ConEd ranked mid-tier among large utilities, consistent with prior years like 2020's 759/1000 score. For business customers, ConEd ranked first among large electric utilities in the East region per J.D. Power's 2024 study, reflecting high marks in reliability and responsiveness. Self-reported consumer platforms indicate lower satisfaction, with ratings at 1.4/5 and at 2.4/5 as of late 2024, often citing billing disputes and slow resolutions—though these reflect self-selected negative experiences rather than representative samples. Regulatory and survey data suggest ConEd's service meets operational standards amid urban density challenges, but persistent complaints highlight gaps in perceived responsiveness during or disputes.

Environmental Policies and Impacts

Emissions Reduction and Clean Energy Transitions

Consolidated Edison Company of New York, Inc. (Con Edison) has committed to achieving net-zero Scope 1 from its electric-generating units on the steam system by 2040, with an overall net-zero target for Scope 1 and Scope 2 emissions by 2050, aligning with New York State's Climate Leadership and Community Protection Act (CLCPA) mandates for a 40% reduction from 1990 levels by 2030 and 85% by 2050. The company has reduced its direct (Scope 1) emissions by 55% since 2005 through measures including fuel switching and efficiency improvements in steam and gas operations. In 2024, Con Edison reported ongoing progress, including the of over 35% of its light-duty passenger vehicle fleet, with targets of 80% by 2030 and 100% by 2035. To facilitate the clean , Con Edison invests in grid modernization to integrate renewables, including procurement via requests for proposals (RFPs) for bulk systems and distributed portfolios, as launched in early 2025. The New York Public Service Commission approved $11.8 billion in investments in 2023 to support this shift, focusing on connecting renewable generation, developing storage, and enabling customer-side solar and efficiency programs that reduced electrical usage by over 94,000 megawatt-hours in 2023. Community solar initiatives expanded in 2025, with $2.1 billion authorized for customer clean energy efforts, reflecting Con Edison's role in procuring and distributing renewables rather than owning generation assets after divesting its renewable businesses to in 2022 for $3.15 billion. Decarbonization of the steam system, which supplies district heating in Manhattan, involves interim low-emission equipment and long-term zero-emission alternatives, as outlined in a 2024 study emphasizing cost-effective paths compliant with state goals. Con Edison's 2025 Integrated Long-Range Plan prioritizes balancing intermittent renewables with storage and to meet CLCPA targets while maintaining reliability, though full electrification of gas and steam infrastructure remains constrained by technological and economic feasibility. Progress metrics indicate that company facilities have exceeded the CLCPA's 40% reduction benchmark in some analyses, driven by operational shifts away from fossil fuels.

Infrastructure Dependencies and Practical Constraints

Con Edison's electric distribution system comprises approximately 96,800 miles of underground transmission and distribution lines and over 34,500 miles of overhead lines, with the majority of urban infrastructure buried to mitigate weather-related risks in New York City's dense environment. This underground configuration, while enhancing resilience against storms, imposes significant practical constraints on rapid upgrades for clean integration, as excavation in congested streets disrupts traffic, commerce, and utilities, often requiring years of planning and phased implementation. The company's "replace before failure" strategy targets aging cables and splices, but the scale—serving over 3.5 million electric customers—necessitates billions in capital expenditures, with recent projects like 28 miles of new underground cable for a substation costing over $1 billion. Dependencies on legacy infrastructure extend to baseload reliability, where intermittent renewables like solar and require grid enhancements to avoid overloads, including off-peak transmission constraints that limit export of generated power from Zone J (). Con Edison's current utility-integrated battery storage totals only 30 MW, insufficient for widespread renewable accommodation without risking voltage instability or blackouts during , as evidenced by the need for new substations dedicated to offshore interconnections. New York's geographic limitations—scarce land for utility-scale solar or —further constrain local generation, forcing reliance on imported power from upstate hydro, gas peakers, and planned offshore projects, which strain existing feeders and necessitate $21 billion in grid modernization over the next decade. The district steam system, unique to Manhattan and supplying heating to thousands of buildings, exemplifies causal constraints on full decarbonization: converting to electric alternatives faces structural barriers in aging high-rises, acute space shortages for new equipment, and conversion costs that could exceed practical feasibility without hybrid fossil backups. These factors underscore that while mandates zero-emission goals by 2040, physical realities demand incremental hardening—such as post-Sandy investments exceeding $1 billion—prioritizing reliability over accelerated phaseouts, as unsubstantiated rapid shifts risk systemic failures in a load-dense urban grid.

Cost-Benefit Analyses of Green Initiatives

ConEdison and other New York utilities employ standardized Benefit-Cost Analysis (BCA) methodologies, developed collaboratively and outlined in PSC-approved handbooks, to assess green initiatives such as energy efficiency, distributed renewables, and battery storage. These frameworks quantify costs—including capital outlays, program administration, and participant incentives—against benefits like avoided generation expenses, emissions reductions valued via social cost metrics, peak load relief, and non-energy impacts such as improved air quality. The 2016 BCA Handbook, updated periodically, emphasizes multiple perspectives (societal, participant, utility) to determine , with thresholds for project viability often requiring benefits exceeding costs by specified ratios. Energy efficiency programs exemplify positive BCA outcomes in ConEd's reporting; in 2023, these initiatives disbursed over $304 million in customer rebates for upgrades like LED lighting and HVAC improvements, delivering quantified savings in electricity use and deferred grid investments while reducing CO2 emissions equivalent to thousands of vehicles off roads. Similarly, community solar subscriptions generated $43.7 million in renewable energy credits for participants in 2024, with BCAs crediting avoided transmission costs and bill offsets, though reliant on subsidies and tax incentives to achieve favorable ratios. Battery storage pilots, totaling 30 MW by 2024, aim to integrate intermittency from renewables, with early analyses highlighting grid stability benefits outweighing deployment costs through arbitrage and demand response. Broader decarbonization efforts, aligned with the state's Climate Leadership and Community Protection Act targets of 70% renewable electricity by 2030 and zero-emission power by 2040, reveal escalating systemic costs; ConEd's planned $37 billion in capital expenditures from 2025–2029 includes grid hardening for electrification and renewables integration, contributing to proposed rate hikes of 11.4% for electricity and 13.3% for gas effective January 2026, pending PSC approval. These increases have raised average residential bills by about $154 monthly since 2020, with critics, including lawmakers, attributing the burden primarily to mandated clean energy infrastructure rather than efficiency gains or fossil fuel phase-outs. A 2024 steam system decarbonization study evaluated alternatives like methane pyrolysis, citing energy and safety advantages over green hydrogen, yet overall transition analyses often undervalue redundancy needs for intermittent sources, potentially inflating long-term expenses via backup capacity and storage scalability. While ConEd touts $22.6 billion in 2023 economic contributions from operations and clean investments, including job creation in renewables, independent scrutiny questions BCA assumptions like optimistic discount rates or externalities that favor subsidized projects over dispatchable alternatives. PSC proceedings, such as approvals for $1.2 billion in clean-energy infrastructure, incorporate BCA reviews but prioritize policy compliance, potentially sidelining consumer affordability amid reports of strained low-income participation due to upfront costs. incentives promise $439–$509 annual savings per household under optimized tariffs, yet program-scale must account for grid upgrades estimated in billions, with benefits accruing unevenly as accelerates demand.

Major Incidents and Accidents

Historical Blackouts and Equipment Failures

On June 13, 1961, a failure at Consolidated Edison's West 65th Street and West End Avenue substation triggered a blackout in , affecting the Plaza network (51st to 59th Streets), Columbus Circle network (42nd to 71st Streets), Sutton network (East 48th to 57th Streets), and Hunter network (East 57th to 77th Streets); power began failing at 5:05 p.m. and was fully restored by 9:27 p.m. The July 13–14, 1977, blackout across and Westchester County stemmed from violent thunderstorms causing multiple disturbances on ConEd's system starting at 8:37 p.m., including lightning-induced faults that protective relays failed to isolate adequately, resulting in a total loss of electric load and prolonged darkness until the following evening. Investigations by ConEd's Board of Review and federal bodies identified deficiencies in system design, relay coordination, and operator response as contributing factors, rather than overload from demand. During the July 1999 heatwave, ConEd's distribution system suffered widespread feeder cable failures due to , moisture intrusion, insulation breakdowns, and flawed high-potential testing that overlooked heat vulnerabilities; this led to 13 cable failures in Washington Heights-Inwood, culminating in a deliberate shutdown on July 6 at 10:11 p.m. that blacked out 68,888 customers (over 200,000 residents) until 5:05 p.m. the next day, disrupting subways, hospitals, and emergency services. Similar issues caused 937 outages in Westchester County that month, primarily from defective connections and overloads in an aging radial network, with the New York Attorney General's report citing inadequate maintenance and design as root causes. On December 27, 2018, an electrical fault at ConEd's 138,000-volt Astoria East substation in triggered a and brief in voltage-monitoring equipment, producing a vivid blue atmospheric glow visible across the city but resulting in no injuries or widespread outages beyond localized disruptions. A malfunction at the 65th Street substation caused the July 13, 2019, blackout, where flawed sensor-relay connections failed to detect and isolate a fault in underground cables, cutting power to about 72,000 customers from Midtown's West 40s to the 60s for up to five hours and halting subway service, traffic, and Broadway shows. ConEd's investigation confirmed the issue originated in substation equipment, not transmission lines or demand spikes. In early February 2026, a power outage affected up to approximately 2,000 customers in Brooklyn neighborhoods including Boerum Hill and Park Slope, caused by melting snow and road salt damaging underground electrical equipment and resulting in manhole fires following a winter storm; power was fully restored by February 4, 2026.

Hurricane Sandy and Extreme Weather Events

Hurricane Sandy made landfall near , on October 29, 2012, generating a record storm surge exceeding 14 feet in , which flooded Consolidated Edison's (ConEd) coastal infrastructure, including five transmission substations, 14 network systems, one network, and three load areas. The storm's sustained winds of 64 mph, with gusts up to 90 mph, also downed trees and damaged overhead lines across ConEd's service territory in , Westchester County, and parts of . Peak outages affected nearly 1.4 million ConEd customers, with over 200,000 in alone, primarily due to corroding electrical equipment and necessitating shutdowns to prevent further damage. ConEd mobilized over 6,000 external workers from 30 states and two Canadian provinces for repairs, which included replacing 1,500 utility poles, 1,380 transformers, and conducting more than 20,000 underground fixes. Power was restored to 50 percent of affected customers within three days and 90 percent within eight days, though full restoration required about two weeks in flooded areas, with some gas service interruptions persisting longer due to inspections. Response and restoration costs for Sandy and a subsequent totaled $350 million to $450 million, prompting regulatory scrutiny over pre-storm preparations like substation flood barriers, which proved inadequate against the surge's scale. In the years following Sandy, ConEd encountered additional extreme weather, including in 2011 (300,000 outages) and Tropical Storm Isaias in August 2020, which caused widespread overhead line failures from wind and tree contact, highlighting persistent vulnerabilities in aging . To mitigate future risks, ConEd invested over $1 billion by 2022 in storm hardening, such as installing flood doors, sump pumps, and barriers at substations; elevating control rooms; deploying 131 vacuum reclosers and 424 SCADA-enabled switches for automated isolation; and selectively undergrounding 30 miles of overhead lines in flood-prone zones. These measures, informed by post-Sandy assessments, reduced outage durations in subsequent events, though critics noted that reliance on overhead distribution—costlier to bury due to urban density—continues to expose the system to wind and vegetation-related failures absent comprehensive tree-trimming enforcement. ConEd's internal climate analysis projects increased frequency of (e.g., exceeding 103°F rising from two to up to 30 days annually by mid-century) and inland flooding, driving further adaptations like enhanced vegetation management and gas pipe replacements in 15,000–20,000 feet of vulnerable mains. Empirical from these upgrades demonstrate efficacy in averting Sandy-scale blackouts during later storms, but causal factors like geographic exposure to coastal surges and regulatory mandates for rapid restoration prioritize reactive hardening over proactive redesign, with ongoing debates over cost allocation to ratepayers.

Post-Incident Responses and Lessons Learned

In the aftermath of Superstorm Sandy on October 29, 2012, which flooded and caused outages for over 1 million Consolidated Edison customers, the company mobilized more than 5,000 external workers from across the U.S. to assist in restoration efforts, completing repairs to over 20,000 underground electric components and replacing 1,500 utility poles. Con Edison conducted after-action reviews, identifying 87 immediate action items, with 55 completed by December 2013, including hardening of nine affected substations and three generating stations through measures like reinforced moats, flood doors, and dewatering pumps. The Post-Sandy Enhancement Plan, submitted to the New York Public Service Commission (PSC) in June 2013, outlined $1 billion in investments from 2014 to 2016 for grid resilience, including selective undergrounding of 30 miles of overhead distribution circuits, installation of 131 vacuum reclosers and 424 SCADA-enabled switches to enable rapid isolation of faults, and elevation of substation equipment to FEMA base flood levels plus three feet. Key projects included $188 million to retrofit the East 13th Street Substation in —site of Sandy's most severe flooding—with elevated control rooms, flood barriers, and upgraded transformers, completed in 2019 after six years of under PSC oversight. Gas system enhancements replaced 15,000–20,000 feet of vulnerable cast-iron and bare-steel pipes in flood-prone areas and installed 9,200 float-check valves to prevent water infiltration. Lessons from Sandy emphasized the inadequacy of pre-storm surge predictions, prompting adoption of "defense in depth" strategies modeled on international benchmarks like Dutch flood defenses, including submersible equipment and walls at 23 substations. Operational improvements included refined response plans with preemptive de-energization protocols, integration of for customer notifications, and formation of a dedicated Estimated Time of Restoration (ETR) team to enhance accuracy using mobile assessment tools, targeting customer-specific ETRs within 48 hours. Inventory shortages exposed during recovery led to tripling cross-dock stockpiles and statewide equipment-sharing agreements via the PSC. For the 2003 Northeast Blackout, which cascaded into New York affecting 55 million people including Con Edison's service territory, U.S.- findings drove company-specific upgrades in vegetation management, relay protection, and operator training to prevent software and human-error cascades, contributing to NERC reliability standards enforced post-incident. Following the July 13, 2019, outage impacting 73,000 customers due to substation relay and sensor failures, Con Edison faced $25 million in proposed PSC penalties and responded by refining alarm procedures and protective relay systems, though a state investigation highlighted persistent vulnerabilities in high-load urban networks. These events underscored the need for ongoing risk-based modeling, such as Con Edison's use of cost-benefit tools like the ICE Calculator, to prioritize hardening against both and equipment stress.

Bribery and Kickback Scandals (2000s–2010s)

In the 2000s and early 2010s, multiple bribery and kickback schemes implicated Consolidated Edison (Con Edison) employees, particularly in construction inspection and contract approval processes, resulting in the solicitation of millions of dollars from private contractors. These schemes typically involved supervisors and inspectors demanding payments in exchange for approving inflated invoices, authorizing unnecessary or unperformed work, expediting payments, or steering contracts to favored firms, often tied to infrastructure projects in New York City funded partly by federal post-9/11 recovery dollars. Investigations by federal authorities, including the FBI and ICE, revealed patterns of corruption spanning 2000 to 2011, with defendants accepting cash, checks, luxury items, and event tickets. By 2011, over a dozen former Con Edison employees and contractors had been sentenced to prison terms ranging from one month to 36 months, alongside forfeitures and restitutions totaling hundreds of thousands of dollars to the utility. A prominent case emerged in January 2009 when federal authorities arrested 11 Con Edison supervisors—10 current and one retired—for collectively demanding over $1 million in kickbacks from an unnamed construction company performing gas line and electrical work. The payoffs, documented in 51 recorded meetings totaling at least $80,000 in cash, facilitated approvals for unnecessary work, such as adding $500,000 to a water main contract, and covered high-profile projects including ground zero reconstruction and cleanup from the 2007 Midtown steam pipe explosion. Supervisors, including construction managers, senior specialists, and chief inspectors, also received non-monetary bribes like New York Giants-Cowboys game tickets, devices, watches, and sunglasses. Subsequent convictions led to sentences for involved parties, such as contractor John Connelly's 18-month term in 2011 after a 2010 for separate bribery schemes with inspectors. Another significant indictment in June 2015 charged contractor Rodolfo Quiambao, president of Rudell & Associates, Inc., with orchestrating a $6.9 million scheme from approximately 2000 to 2011, targeting multiple Con Edison managers. Quiambao allegedly paid over $6.5 million in checks to one section manager between 2007 and 2011, $200,000 in cash to a CPI section manager from 2003 to 2010, and at least $240,000 in kickbacks to an engineering supervisor from 2000 to 2010, securing lucrative utility services contracts in exchange. Quiambao faced up to 10 years in prison if convicted. In a related fraud and bribery case, Con Edison manager Peter Woodason was sentenced in December 2011 to 70 months in for accepting approximately $297,000 from one vendor starting in November 2003 and $45,000 from another beginning in January 2005, alongside on the proceeds. These schemes contributed to broader measures, including Con Edison's 2016 agreement to pay $171 million in refunds and penalties stemming from the uncovered . The scandals prompted internal reviews but highlighted vulnerabilities in oversight for a monopoly handling .

Settlements and Penalties

In April 2016, the New York Commission approved a $171 million settlement with Consolidated Edison Company of New York, Inc. (Con Edison) resolving an investigation into employee misconduct involving solicitation and acceptance of kickbacks from contractors between 2009 and 2013. The settlement addressed Con Edison's failure to adequately supervise employees, resulting in over $2 million in improper payments to company personnel; it required $75 million in customer bill credits, $20 million in penalties to the state, and additional funds for infrastructure improvements and disgorgement of ill-gotten gains. This resolved state probes stemming from federal criminal charges against multiple Con Edison supervisors and contractors, though the company itself faced no criminal liability in the agreement. In September 2015, Con Edison agreed to pay $3.8 million to settle charges filed by the U.S. Equal Employment Opportunity Commission (EEOC) and the New York Attorney General alleging systemic sex discrimination and harassment against female workers, including denial of promotions and retaliatory terminations. The settlement provided back pay, compensatory damages, and attorney fees to affected employees, alongside commitments to enhanced , policy revisions, and third-party audits of workplace practices; it followed class-action complaints highlighting patterns of unequal treatment in hiring and advancement for women in field and technical roles. More recently, in March 2025, Con Edison settled a for $750,000 over allegations of and retaliation against female field workers, including inadequate investigations into complaints. The agreement mandated hiring an independent consultant to review investigative procedures, establishing a dedicated reporting , and providing anti- , addressing claims that prior internal controls failed to prevent or remedy hostile work environments. In May 2023, the Department of Consumer and Worker Protection settled with Con Edison for $202,000 in restitution to 480 part-time entry-level workers denied access to paid safe and from June 2021 to May 2022, in violation of local law; the company also agreed to compliance reforms without admitting wrongdoing. Separately, operational penalties have included an $82 million fine in July 2021 from the New York Public Service Commission for imprudent responses to Tropical Storm Isaias in 2020, encompassing preparation failures and delayed restorations affecting thousands of customers. These settlements reflect recurring regulatory scrutiny, with cumulative penalties exceeding $250 million since 2015 across ethical, labor, and safety domains, often prioritizing remediation over punitive admissions of systemic fault.

Governance Reforms and Internal Controls

Following the bribery and kickback schemes uncovered between approximately 2005 and 2015, which involved Con Edison employees accepting over $1 million in illicit payments from contractors in exchange for favorable treatment on projects valued at tens of millions, the company faced heightened scrutiny over its oversight of procurement and vendor management processes. Federal investigations led to the sentencing of 14 former construction inspectors and managers, including a 70-month prison term for one supervisor in 2011 for accepting $45,000 in bribes alongside fraud and tax evasion charges. These incidents exposed lapses in internal monitoring, prompting Con Edison to reinforce its ethics and compliance framework, though specific operational reforms tied directly to the scandals were not publicly mandated or detailed in settlement agreements. The 2016 settlement with the New York Public Service Commission resolved the regulatory probe without admitting liability or imposing penalties on Con Edison, but required $171 million in customer bill credits—$123.8 million for electric users, $29.3 million for gas, and $17.9 million for steam—equivalent to about $13.50 per typical residential electric customer and $21.77 per gas-heating customer. This outcome underscored the need for proactive internal enhancements, aligning with broader practices that emphasize risk mitigation in high-value contracting environments prone to individual-level . Con Edison's governance structure integrates Sarbanes-Oxley Act () requirements, with annual management certifications affirming the effectiveness of internal controls over financial reporting since at least 2002, as reported in SEC filings without material weaknesses identified in recent years. The Board’s oversees the internal audit function, ensuring evaluations of financial, operational, and compliance risks, including those related to regulatory adherence and ethical conduct. Corporate governance guidelines further mandate a commitment to ethical standards, with mechanisms such as confidential reporting channels for potential violations, though of their efficacy in preventing procurement-related graft remains tied to ongoing federal and state oversight rather than independent audits of post-scandal implementation. In a parallel development reflecting sustained focus on internal accountability, Con Edison entered a 2025 settlement with the New York for $750,000 over allegations of inadequate response to , committing to targeted reforms such as mandatory for investigators, expanded employee feedback processes for policies, and anti-harassment updates. These measures, while addressing conduct distinct from , demonstrate iterative strengthening of oversight protocols to address systemic vulnerabilities in employee supervision and reporting, consistent with causal links between weak controls and recurrent ethical breaches observed across utility sectors.

Leadership and Governance

Key Executives and Historical Leadership

The origins of Consolidated Edison trace to the Edison Electric Illuminating Company of New York, formed by Thomas A. Edison in May 1880 to supply electricity for lighting in . Edison directed the engineering and launch of the [Pearl Street Station](/page/Pearl Street Station) on September 4, 1882, the first permanent commercial central power plant, which initially served 59 customers with 400 lamps. Through a series of mergers—beginning with the Consolidated Gas Company in November 1884 and culminating in the creation of Consolidated Edison Company of New York, Inc. on October 23, 1936—leadership emphasized infrastructure expansion and service integration across gas, electric, and steam utilities. In the mid-20th century, Charles F. Luce assumed the role of chief executive around 1966, guiding the company through financial distress and the via cost controls and efficiency measures that restored profitability by 1978. Eugene R. McGrath, who joined in 1963, advanced to CEO in 1990 and led until 2005, focusing on regulatory and system upgrades amid pressures. Kevin Burke succeeded as CEO from September 2005 to December 2013, prioritizing operational reliability and enhancements during his 40-year tenure. John J. McAvoy held the CEO position from January 2014 to December 2020, advancing clean energy transitions and infrastructure resilience after 40 years with the company. As of 2025, Timothy P. Cawley serves as Chairman, President, and CEO, appointed effective January 1, 2021, with prior roles including president of Con Edison of New York from 2018. Other key executives include Kirkland B. Andrews, Senior and ; Deneen L. Donnley, Senior and Chief Legal Officer; Jan C. Childress, Executive of Operations; and Joseph Miller, Senior and .

Board Composition and Industry Associations

The of Consolidated Edison, Inc. comprises 11 members as of October 2025, with 10 independent directors and Chairman and CEO Timothy P. Cawley as the sole internal member. This structure aligns with standard practices for investor-owned utilities, emphasizing oversight by external experts in , operations, , and to guide strategic decisions amid regulatory and infrastructural challenges. The Corporate Governance and Nominating Committee oversees director selection, prioritizing a mix of skills such as financial acumen, , and industry-specific knowledge in and grid reliability.
Director NameRole/BackgroundKey Committees
Timothy P. CawleyChairman, President, and CEO; internal executive with prior roles in operations and strategy at Con EdisonExecutive (Chair)
Brendan CavanaghPresident and CEO, SBA Communications Corporation; joined October 1, 2025Audit; Safety, Environment, Operations, and Sustainability
John F. KillianFormer EVP and CFO, Verizon CommunicationsAudit (Chair); Corporate Governance and Nominating; Executive; Management Development and Compensation
Karol V. MasonPresident, John Jay College of Criminal Justice, CUNYCorporate Governance and Nominating; Safety, Environment, Operations, and Sustainability
Dwight A. McBrideProfessor and former Dean, Olin Business School, Washington University in St. LouisManagement Development and Compensation; Safety, Environment, Operations, and Sustainability
William J. MulrowSenior Managing Director, Blackstone Inc.Finance; Management Development and Compensation; Safety, Environment, Operations, and Sustainability
Michael W. RangerSenior Managing Director, Diamond Castle HoldingsAudit; Corporate Governance and Nominating (Chair); Executive; Finance; Management Development and Compensation
Linda S. SanfordFormer SVP and General Manager, IBMAudit; Corporate Governance and Nominating; Finance
Deirdre StanleyFormer EVP and General Counsel, The Estée Lauder CompaniesAudit; Corporate Governance and Nominating; Executive; Management Development and Compensation (Chair)
L. Frederick SutherlandFormer EVP and CFO, Aramark CorporationAudit; Finance (Chair); Management Development and Compensation
Catherine ZoiFormer CEO, EVgo Inc.; expertise in clean energy and electric vehiclesFinance; Safety, Environment, Operations, and Sustainability (Chair)
Directors' collective expertise supports Con Edison's focus on infrastructure resilience, decarbonization, and , with several holding experience in large-scale and essential for utility modernization. The board's independence facilitates impartial evaluation of executive performance and risk, though critics have noted potential overlaps in financial sector ties that could influence investment priorities toward shareholder returns over long-term grid investments. Consolidated Edison maintains memberships in several key industry trade associations to advance policy advocacy, share operational best practices, and influence regulations on energy infrastructure and reliability. In 2024, the company paid membership dues exceeding $25,000 to organizations including the (EEI), American Gas Association (AGA), Energy Coalition of New York (ECNY), New Jersey Utilities Association (NJUA), Partnership for New York City (PFNYC), Coalition for Renewable Natural Gas, and Zero Emissions Transportation Association (ZETA). Portions of these dues fund lobbying efforts; for instance, EEI received $1.39 million in dues from Con Edison in a recent period, with 14.1% allocated to lobbying activities. EEI, representing U.S. investor-owned electric utilities, focuses on federal policy for grid reliability and , while AGA advocates for infrastructure, drawing scrutiny for positions on emissions and appliance standards that some environmental groups argue prioritize interests. Con Edison discloses these expenditures annually and subjects association activities to review by its and Nominating Committee for alignment with company priorities, though portions may support election-related advocacy.

Strategic Decision-Making Processes

Consolidated Edison's strategic decision-making is primarily overseen by the , which reviews and approves the company's long-term strategic plans, objectives, and associated risks, including environmental, social, and governance (ESG) factors. The board exercises independent judgment in evaluating major investments, acquisitions, and capital allocation decisions, ensuring alignment with shareholder interests and operational reliability as a regulated serving and surrounding areas. Management, led by the CEO, develops detailed strategic initiatives, such as infrastructure upgrades and clean energy transitions, which are presented to the board for approval during regular meetings focused on financial condition, market dynamics, and . The CEO's annual performance evaluation, conducted by non-management directors through the Management Development and Compensation Committee, ties directly to the accomplishment of strategic goals, business performance metrics, and . This process incorporates quantitative measures like earnings growth and operational reliability alongside qualitative assessments of strategic execution. Board committees play specialized roles: the and Nominating Committee recommends board composition to support strategic oversight; the Safety, Environment, Operations and Committee reviews environmental and strategies; and the assesses enterprise-wide processes that influence decision frameworks, such as cybersecurity threats and vulnerabilities. These mechanisms ensure decisions balance short-term regulatory rate cases with long-term investments, projected to exceed $5 billion by 2030 for grid modernization. Climate resilience and clean energy goals are embedded in strategic processes via dedicated structures like the Climate Risk and Resilience Executive Committee, established in 2020, which coordinates adaptation strategies and integrates climate projections—such as a 1°C temperature rise by 2030—into load forecasting, asset management, and emergency planning. This aligns with the company's January 2022 Long-Range Plan, emphasizing four pillars: clean energy advancement, climate resilience, core service reliability, and customer engagement, with investments targeted at preventing outages and supporting New York's decarbonization mandates. Annual updates to plans, including the 10-Year Clean Energy Transition Plan, involve stakeholder input and regulatory filings, reflecting a proactive approach to mitigate weather-related risks identified post-Hurricane Sandy, while prioritizing equity in disadvantaged communities through environmental justice policies.

Broader Impacts and Criticisms

Economic Contributions to New York

Con Edison's operations serve as a major economic driver in New York State, supporting 38,600 jobs in 2023 through direct employment, supply chain spending, and induced effects from employee expenditures. This includes a multiplier effect where each direct Con Edison employee generates 1.7 additional jobs elsewhere in the state. The company's total workforce for Consolidated Edison, Inc. stood at 15,097 as of December 31, 2024, with the majority tied to New York activities via its primary subsidiary, Consolidated Edison Company of New York (CECONY). In fiscal year 2024, Con Edison paid $4.7 billion in taxes and fees to New York State, marking a 7% increase from 2023, of which $3.3 billion went to New York City—including $2.5 billion in property taxes that accounted for 8% of the city's total property tax collections. These payments, which have risen by $464 million in property taxes alone since 2021, establish Con Edison as New York City's largest single taxpayer, funding public services and infrastructure despite the costs being largely recovered through regulated customer rates. Con Edison further bolsters the local economy through procurement and capital expenditures, disbursing $2 billion in 2024 on contracts with New York businesses, over $1 billion of which targeted firms in New York City and Westchester County. These activities contributed $23 billion in total economic output for the state in 2024, equivalent to approximately 1% of New York State's gross domestic product. Investments in grid resiliency and clean energy transitions, including $710 million allocated in 2024 to electric infrastructure in disadvantaged communities, enhance long-term economic stability by mitigating outage risks for businesses and households.

Consumer and Community Critiques

Consumers have frequently criticized Consolidated Edison for power outages, particularly during events, leading to claims for and business disruptions; for instance, a , 2025, outage lasting over four hours prompted multiple requests denied by the company. Independent reviews reflect dissatisfaction, with assigning a 2.4 out of 5 rating based on 429 customer experiences citing unreliable service and slow restorations, while Yelp scores average 1.4 out of 5 from dozens of New York users decrying frequent blackouts and inadequate responses. In 2020, widespread outages from a affected thousands until August 12, resulting in a settlement with the New York acknowledging restoration delays despite company efforts. Rate increases have drawn sharp community backlash, with Con Edison's 2025 proposal for an 11.4% electric delivery rate hike and 13.3% increase—equating to roughly $27 and $46 added to average monthly residential bills—labeled "unconscionable" by Governor and opposed by figures including Representative , who highlighted the company's reported profits amid consumer strain. Public hearings in Westchester County and elsewhere saw thousands voice outrage over the hikes' impact on affordability, following prior approvals like a 12% electric increase phased over three years ending in 2023. State Senator Pete Harckham described the requests as "tone-deaf" given economic pressures on households. Community groups, including environmental advocates like Sane Energy and , have opposed Con Edison's infrastructure expansions, such as gas pipeline projects approved in 2020 totaling $3 billion over three years, arguing they burden ratepayers with costs for fossil fuel dependencies conflicting with clean energy transitions. These critiques extend to broader service reliability in dense urban areas, with Better Business Bureau complaints documenting billing disputes and perceived rudeness from representatives during outage resolutions. Despite such feedback, Con Edison reports metrics showing its electric service nearly nine times more reliable than other New York providers from recent years, attributing complaints to isolated events rather than systemic failures.

Competitive and Monopoly Dynamics

Consolidated Edison Company of New York, Inc. (CECONY), a subsidiary of Consolidated Edison, Inc., operates as a regulated monopoly in the delivery of electricity, natural gas, and steam within its franchised service territory of New York City and Westchester County. This monopoly arises from the inherent characteristics of utility infrastructure, where the high fixed costs and economies of scale in transmission and distribution networks render duplication by competitors inefficient and impractical. The New York State Public Service Commission (PSC) grants and oversees these exclusive franchises, imposing rate regulation to mitigate potential abuses of monopoly power by allowing recovery of prudently incurred costs plus a reasonable return on equity, typically determined through periodic rate cases. For instance, in ongoing proceedings like Case 22-E-0064, the PSC reviews CECONY's proposed rates, charges, and service rules for electric delivery. New York State's electric industry restructuring, initiated in the late , separated competitive from regulated delivery to foster market dynamics while preserving monopoly control over wires and pipes. Under this framework, enacted through PSC orders and legislation, CECONY divested at least 50% of its in-city electric generating capacity to unaffiliated buyers by the early , shifting focus to distribution and enabling in . As of the early , retail access programs allowed customers to select alternative suppliers, with CECONY facilitating over 100,000 enrollments to promote in the . However, all , regardless of supplier, must traverse CECONY's exclusive distribution , constraining rivalry to upstream and wholesale markets where distributed resources like rooftop solar or battery storage can participate under PSC-approved tariffs. delivery remains a full monopoly, with no equivalent supplier , while the —serving about 1,850 large customers with $350 million in annual —faces no direct competitors due to its unique, century-old infrastructure. These dynamics have yielded mixed outcomes, as exposed consumers to volatile wholesale prices without fully offsetting monopoly delivery costs. Early post-restructuring bill spikes, such as those in summer 2000 exceeding 100% for some CECONY customers, stemmed from hot weather and surging generator spot-market bids, prompting PSC interventions like price mitigation clauses. Critics contend the model enables unregulated generators to extract windfall profits—contributing to New York's rates ranking among the nation's highest—while PSC rate approvals for CECONY's investments, such as $1.6 billion more in electric revenue sought in 2025 filings, sustain delivery hikes amid demands. Proponents of public power alternatives argue the persistence of monopoly rents justifies municipalization, though such efforts, including proposals to expand the New York Power Authority's role, have not displaced CECONY's franchise. Recent rate cases, including a scaled-back 11.3% electric delivery increase approved for 2025 after initial 18% requests, underscore regulatory efforts to cap returns (e.g., authorized around 9-10%) amid affordability pressures, yet empirical data show cumulative delivery rates rising 25-30% over the past decade due to capital expenditures and policy-driven shifts like gas system transitions.

References

  1. https://www.coned.com/en/about-us/company-information
  2. https://www.coned.com/en/about-us/corporate-facts
  3. https://www.conedison.com/en/about-us/our-businesses
  4. https://companiesmarketcap.com/consolidated-edison/revenue/
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