Consolidated Edison, Inc. · NYSE:ED
Consolidated Edison — Investor Presentation (January 2024)
19 slides from Consolidated Edison's investor presentation, January 2024
Slide 1: Investor Update January 2024
Investor Update January 2024 1
Slide 2: Available Information and Forward-Looking Statements
Investor Relations Available Information On November 2, 2023, Consolidated Edison, Inc. issued a press release reporting its third quarter 2023 earnings and filed with the Securities and Exchange Commission the company’s third quarter 2023 Form 10-Q. This presentation should be read together with, a
Slide 3: Organizational Structure
Organizational Structure Market Cap(a): $29.5 billion Ratings(b): Baa1 / BBB+ / BBB+ Percentages of Total Assets by Business (a) Outlook(b): Stable / Stable / Stable 2023 Total Assets: $64 billion(a) Regulated Energy Delivery FERC Regulated Transmission 5.6% 0.6% 1.3% Orange & Rockland Con Edison Tr
Slide 4: Completed Substantial De-Risking Across Key Areas
Completed Substantial De-Risking Across Key Areas Con Edison offers a regulated business model and one of the simplest balance sheets in the utility sector • Transition to pure-play regulated business – Completed the bulk of non-core asset sales – Revenue predictability in place for all New York ene
Slide 5: Rate Case Filings Status
Rate Case Filings Status The Company plans to file a rate case for O&R New York Electric and Gas in 2024 Rate Base(1) Current Plan Current Plan Regulator Status ($ millions) Start Date End Date New York State Joint Proposal (JP) Public Service Electric $26,095 Jan 2023 Dec 2025 approved Commission J
Slide 6: Summary of CECONY Electric and Gas Rate Plan
Summary of CECONY Electric and Gas Rate Plan Rate Plan includes ROE at 9.25% and equity ratio of 48% Electric Gas Case number 22-E-0064 Case number 22-G-0065 Average Average Capital ($ in millions) Rate Change Rate Base Capital Expenditure Rate Change Rate Base Expenditure Rate Year 1: 2023 $442 $26
Slide 7: Summary of CECONY Steam Rate Plan
Summary of CECONY Steam Rate Plan Rate changes and capital expenditures for three-year period to begin November 1, 2023 and reflect 9.25% ROE, 48% equity ratio and new weather normalization mechanism Case number 22-S-0659 Average Capital ($ in millions) Rate Change Rate Base Expenditures Rate Year 1
Slide 8: NYSPSC & NYISO Proceedings and Developments
NYSPSC & NYISO Proceedings and Developments • In July 2023, the NYSPSC adopted a strategic framework for Energy Efficiency and Building Electrification portfolios New Efficiency and directs New York utilities to file proposals in response to the framework totaling $5 billion ($1 billion per year for
Slide 9: NYSPSC & NYISO Proceedings and Developments (continued)
NYSPSC & NYISO Proceedings and Developments (continued) • In March 2022, the NY State legislature amended the NY Public Service Law to require all NY electric utilities to: ‒ Conduct a climate change vulnerability study by September 2023 and ‒ Develop and file for approval by the NYSPSC a climate vu
Slide 10: NYSPSC & NYISO Proceedings and Developments (continued)
NYSPSC & NYISO Proceedings and Developments (continued) • In July 2023, the NYISO’s Short-Term Assessment of Reliability report cited an electric reliability need beginning in the New York summer of 2025 in CECONY's New York City territory due to forecasted increases in peak demand and the assumed I
Slide 11: Climate Change, Unchecked
Climate Change, Unchecked Findings from CECONY and O&R’s Climate Change Vulnerability Studies may have significant implications for each company’s electric delivery system • CECONY and O&R each released a climate change study using the latest climate projections from NYSERDA and Columbia University
Slide 12: Utility Resilience Plan Filing Overview
Utility Resilience Plan Filing Overview The NYSPSC will review the Company’s proposals and will accept, modify or reject the resiliency plans by October 2024 First five years (2025-2029) of investments submitted for approval Proposed Capital Expenditure ($ Millions) • Prevent: Harden energy infrastr
Slide 13: Preparing for Future Electric Peak Demand Growth
Preparing for Future Electric Peak Demand Growth By 2043 CECONY’s electric system peak demand is anticipated to increase by 51-92% and O&R’s by 45% - 93% CECONY and O&R 2043 Projections: • Over the next 10 years, we plan to invest $72 billion in Clean Energy, Climate Resilience and Core Service inve
Slide 14: Maintaining World Class Reliability: New York City Network Design Capacity
Maintaining World Class Reliability: New York City Network Design Capacity CECONY’s 10-year forecasting process identifies capacity constraints due to net growth in customer demand; solutions can then be developed and vetted in regulatory processes Without New Investment… With New Investment… Above
Slide 15: Meeting Growing Demand at CECONY
Meeting Growing Demand at CECONY New CECONY Distribution Substations and Transmission Stations Planned : 2023 - 2033 Distribution Substations 1. Brooklyn, Gateway Park, 2028 2. Queens, Idlewild Area Station, 2028 Transmission Stations 1. Brooklyn, Vinegar Hill + Plymouth St., 2025 2. Brooklyn, Brook
Slide 16: CECONY Major Substation Construction Program
CECONY Major Substation Construction Program We plan to continue growing our electric infrastructure to prepare for peak demand growth Number of Transmission Stations and Distribution Substations 120 14,000 MW Post-Great Depression boom; 12,000 MW 100 Advent of building central air- conditioning 202
Slide 17: O&R Major Substation Construction Program
O&R Major Substation Construction Program We plan to continue growing our electric infrastructure to maintain reliability 2023 – 2028 forecasted* *O&R Annual Electric Peak Demand represented from 2004-2022 is not weather-adjusted, and the forecasted period from 2023 – 2028 is weather-adjusted. 17
Slide 18: Reliable Clean City-Proposed Idlewild Project
Reliable Clean City-Proposed Idlewild Project CECONY filed a Petition on August 22 requesting authorization and cost recovery to create a new network, construct a new Eastern Queens Transmission Substation and a new Idlewild Area Substation (Idlewild) • $1.2 billion project required due to increased
Slide 19: Investor Update January 2024
Investor Update January 2024 19
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