Consolidated Edison, Inc. · NYSE:ED
Consolidated Edison — Non-Deal Roadshow (March 2026)
30 slides from Consolidated Edison's roadshow presentation, March 2026
Slide 1: Investor Update March 2026 Investor Meetings in Europe
Investor Update March 2026 Investor Meetings in Europe
Slide 2: Investor Relations
Investor Relations Available Information On February 19, 2026, Consolidated Edison, Inc. issued a press release reporting its 2025 earnings and filed with the Securities and Exchange Commission the company’s 2025 Form 10-K. This presentation should be read together with, and is qualified in its enti
Slide 3: Organizational Structure
Organizational Structure Market Cap(a): $35.8 billion Issuer Ratings(b): Baa1 / A- / BBB+ 2025 Total Assets: $75 billion(a) Outlook(b): Stable / Stable / Stable Regulated Energy Delivery FERC Regulated Transmission Orange and Rockland Consolidated Edison Utilities, Inc. Company of New York, (O&R)(d)
Slide 4: We Deliver Electricity, Gas, and Steam to Millions of People
We Deliver Electricity, Gas, and Steam to Millions of People • Consolidated Edison Company of New York, Inc. (CECONY) delivers electricity to approximately 3.7 million customers, gas to about 1.1 million customers, and steam to approximately 1,490 customers. • Orange and Rockland Utilities, Inc. (O&
Slide 5: Our Principles Drive Everything We Do
Our Principles Drive Everything We Do Our Mission • Provide energy to our customers safely, reliably, sustainably, and affordably. • Cultivate a workplace that allows employees to realize their full potential. • Provide a fair return to our investors. • Help improve the quality of life in the commun
Slide 6: Our Investment Thesis
Our Investment Thesis Con Edison is a durable, steady, and reliable investment that can endure our changing and challenging times • Constructive and stable regulatory environment ◦ Three-year CECONY electric and gas joint proposal approved by the New York State Public Service Commission (NYSPSC) in
Slide 7: Dividend King
Dividend King A focus on long-term shareholder value has resulted in a 4.4% annualized dividend increase in 2026, contributing to 52 consecutive years of dividend growth with a CAGR of 5.56% 7
Slide 8: Our Clean Energy Commitment: 5 Pillars
Our Clean Energy Commitment: 5 Pillars Our Clean Energy Commitment is a blueprint for helping achieve the state’s climate and renewable energy goals. 8
Slide 9: How Electricity is Produced
How Electricity is Produced CECONY’s and O&R’s fuel mix is allocated by New York Independent System Operator * Wind, 2.2% Solar, 1.4% Oil, 0.1% To achieve state clean energy goals of 100% zero- Other, 1.3% emission electricity by 2040, there needs to be a Hydro, 10.3% fundamental change in how energ
Slide 10: Aligning With City and State Laws
Aligning With City and State Laws We are committed to helping the city and state achieve their climate and renewable energy goals. • NYC Local Law 97: Mandates GHG emission reductions in • Utility Thermal Energy Network and Jobs Act: Creates a buildings greater than 25,000 square feet since 2024. re
Slide 11: CECONY Leads in Reliability
CECONY Leads in Reliability CECONY operates complex energy systems, and its electric delivery system is nine times more reliable than the national average • Approximately 70% of CECONY's and O&R's electric transmission and distribution systems are underground • We use the findings of our science-bas
Slide 12: Growth Through Electrification
Growth Through Electrification One of the largest electrification efforts in the United States • Broad electric growth across our service territory ◦ About 44% of estimated new business load is for electric heat or electric vehicle charging(a) ◦ As new buildings are going up, we're seeing a 20% to 2
Slide 13: Powering the Economic Core of the Nation
Powering the Economic Core of the Nation CECONY serves 9 million people and 350,000 businesses in New York City and Westchester County — a region that makes up one of the largest economies in the country • The communities we serve ◦ Largest central business district in the U.S. ◦ World-leading hospi
Slide 14: Major Components of the Customer Electric Bill
Major Components of the Customer Electric Bill The customer bill is comprised of three major components: delivery, commodity, and taxes. Composition of a CECONY Service Class 1 NYC Residential Electric Bill (280 kWh/month(a)) 12 Months Ended December 31, 2025 $37.27 , 32% $35.98 , 30% Supply (b) Del
Slide 15: Customer Affordability
Customer Affordability CECONY electric customer bills are lower than our proxy peer average on both a total bill and share of wallet basis Information derived from data published by the U.S. Energy Information Administration (as of January 2026), St. Louis FRED, and CECONY’s internal analysis. Three
Slide 16: Con Edison Electric Bills Over Time Compared to Peers'
Con Edison Electric Bills Over Time Compared to Peers' CECONY has generally improved their affordability over time with the majority of CECONY customers receiving bills below peer average Ranking average electric bills by utility ($/month, 3-yr average) Source: Energy Information Administration Note
Slide 17: Helping Our Most Vulnerable Customers
Helping Our Most Vulnerable Customers In 2025, over half a million income eligible customers in New York and New Jersey received discounts through Con Edison’s monthly bill discount programs and together the utilities applied $268 million in discounts to customer bills(a) • Customers enrolled in CEC
Slide 18: Helping Customers Manage Energy Bills
Helping Customers Manage Energy Bills Financial Assistance Programs for Vulnerable Operational Cost Energy Savings Programs Customers Management • Monthly bill discounts reduce monthly energy costs for low- and • Energy Efficiency for Renters and • Smart Meters moderate-income customers Homeowners –
Slide 19: What Our Climate Studies Are Telling Us
What Our Climate Studies Are Telling Us Our extreme weather vulnerability studies estimate that heat impacts may occur sooner than previously anticipated. That means more heat waves and more frequent, more intense storms. Historical 2030 Projections 2050 Projections 2030 Projections 2050 Projections
Slide 20: CECONY's Climate Resilience Investment Plans
CECONY’s Climate Resilience Investment Plans From 2025 – 2029, CECONY plans to invest roughly $342 million in resiliency project investments to prevent and mitigate extreme weather impacts. 2025 – 2029 Total CECONY Resilience Investment Plan Projects / Programs Strategy 2025-2029 Total (in $000s)**
Slide 21: O&R's Climate Resilience Investment Plans
O&R’s Climate Resilience Investment Plans From 2025 – 2029, O&R plans to invest roughly $184 million in resiliency project investments to prevent and mitigate extreme weather impacts. 2025 – 2029 Total O&R Resilience Investment Plan Projects / Programs Strategy (in $000s) * 2025 – 2029 Total (in $00
Slide 22: $72 Billion of Investments Identified in CECONY Integrated Long-Range Plan
$72 Billion of Investments Identified in CECONY Integrated Long-Range Plan for Electric, Gas and Steam Services(a) Over $66 billion of our investments over the next 10 years are in core service, which supports safety and reliability $72 billion in investments from 2025 - 2034 • Core Service: Provide
Slide 23: Constructive Relationship with our Regulator in New York State
Constructive Relationship with our Regulator in New York State • Revenue predictability ◦ Revenue decoupling mechanism in place for CECONY and O&R New York electric and gas ◦ Weather normalization clause in place for CECONY gas and steam and O&R New York gas • Formulaic approach to return on equity
Slide 24: Rate Case Filing Status
Rate Case Filing Status Regulator Rate Base(a) Current Plan Start Current Plan End Date Status ($ millions) Date New York State Public Electric Service Commission $31,456 Jan 2026 Dec 2028 (NYSPSC) Joint Proposal approved CECONY January 2026 Gas NYSPSC 10,559 Jan 2026 Dec 2028 Steam NYSPSC 1,922 Nov
Slide 25: Summary of CECONY Electric & Gas Three-Year Rate Plans
Summary of CECONY Electric & Gas Three-Year Rate Plans In January 2026, the NYSPSC approved the November 2025 Joint Proposal for new electric and gas rate plans for the three-year period January 2026 - December 2028. Return on Equity and Equity Ratio Return on equity……………..9.40% Equity ratio……………………
Slide 26: New York State Public Service Commission
New York State Public Service Commission COMMISSIONERS Rory Christian (D) Chair and CEO Term ends: Feb-2027 Appointed: Jun-2021 James Alesi (R) David Valesky (I) John Maggiore (D) Uchenna Bright (D) Denise Sheehan (R) Radina Valova (U) Term ends: Term ends: Term ends: Term ends: Term ends: Term ends
Slide 27: New York State's Return on Equity Formula
New York State’s Return on Equity Formula The NYSPSC has a formulaic approach to determining ROE for every utility in the state Discounted Cash Flow Model (2/3 weighting) • The Staff employs a dividend discount model for the proxy group and takes the average result D1 D2 D3 D200 Value = (1+R) + (1+R
Slide 28: NYSPSC's ROE Decisions from 2009 - 2025 YTD
NYSPSC’s ROE Decisions from 2009 - 2025 YTD Year Month Company ROE Term Year Month Company ROE Term 2009 Apr CECONY Electric 10.00% 1 year 2018 Mar Niagara Mohawk Electric and Gas 9.00% 3 years May Niagara Mohawk Gas 10.20% 2 year Jun Central Hudson Electric and Gas 8.80% 3 years Jun Central Hudson
Slide 29: Con Edison Sustainability Resources
Con Edison Sustainability Resources • 2025 Proxy Statement • CECONY Climate Change Vulnerability Study and Climate Change Resilience and Adaptation Plan • O&R Climate Change Vulnerability Study and Climate Change Resilience and Adaptation Plan • 2024 Disadvantaged Communities Report for the NYSPSC •
Slide 30: Investor Update March 2026 Investor Meetings in Europe
Investor Update March 2026 Investor Meetings in Europe INTERNAL