Consolidated Edison, Inc. · NYSE:ED
Consolidated Edison — Investor Presentation (October 2026)
58 slides from Consolidated Edison's investor presentation, Oct 6, 2026
Slide 1: Con Edison Annual Investor Relations Update
Consolidated Edison, Inc. Con Edison Annual Investor Relations Update October 6, 2026 1
Slide 2: Investor Relations: Available Information and Forward-Looking Statements
Investor Relations Available Information On August 6, 2026, Consolidated Edison, Inc. issued a press release reporting its second quarter 2026 earnings and filed with the Securities and Exchange Commission the company’s 2Q 2026 Form 10-Q. This presentation should be read together with, and is qualif
Slide 3: Introduction
Introduction Tim Cawley Chairman, President & Chief Executive Officer Consolidated Edison, Inc. Chairman & Chief Executive Officer Consolidated Edison Company of New York, Inc. 3
Slide 4: At the center of one of the nation's largest electrification efforts
At the center of one of the nation’s largest electrification efforts… …A durable, predictable, and customer-centric business positioned for long-term growth. 4
Slide 5: 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 1.0 million customers, and steam to approximately 1,470 customers. • Orange and Rockland Utilities, Inc. (O&
Slide 6: Resilient in a Changing Landscape
Resilient in a Changing Landscape Con Edison is a durable, steady, and reliable investment in our changing and challenging times. • Unique geography • High building density • Complex infrastructure • Supports critical national infrastructure 6
Slide 7: Powering a Modern Vision for New York
Powering a Modern Vision for New York We are creating stronger communities, modern transportation, and world-class connections for millions of New Yorkers. JFK Airport Willets Point Port Authority Bus Terminal Modernizing one of Turning underutilized land Fostering faster connections, the world’s bu
Slide 8: Projects to Meet Growing Demand
2031 Projects to Meet Cedar Street Substation 2026 Transmission and Capacity Expansion 2030 Champlain Hudson Power Express Propel NY Energy Project 1250 MW of renewable, hydroelectric power 2029 Substation upgrades Growing Demand from Canada to Queens Parkchester Substation supporting 3 new Preparat
Slide 9: O&R Projects to Meet Growing Demand
2035 2035 New Wurtsboro O&R Projects to Meet Substation Upgraded transmission lines from Shoemaker, Bullville, and 2034 Growing Demand Bloomingburg to Wurtsboro New Bloomingburg Substation Substations 2033 2031 New Monguap New Bullville Substation Substation 2030 2030 New Otisville New Clean Energy
Slide 10: Con Edison Transmission
Con Edison Transmission Focusing on electric transmission development in the Northeast. NY Transco Partnership • New York Energy Solution: Selected by New York Independent System Operator (NYISO) and constructed to relieve congestion between upstate sources of energy and downstate customers • Prop
Slide 11: Propel NY Energy
Propel NY Energy Strengthening the Transmission Grid for Reliability and Resiliency Project Scope: • 3 new substations • Underground transition vaults (New Rochelle) • New 138kV underground transmission line (Syosset to Shore Road) ~10.9 miles • 5 new 345kV underground transmission lines totalin
Slide 12: Why This Matters Now
Why This Matters Now Continuous investment in reliability, resilience, and modernization is essential. • Meet customer expectations. • Support economic competitiveness. • Deliver the energy our region demands. • Help balance cost impacts to customers. 12
Slide 13: Economic Impact and Customer Affordability
Economic Impact and Customer Affordability Jen Hensley Senior Vice President, Corporate Affairs Consolidated Edison Company of New York, Inc. 13
Slide 14: Powering the Economic Core of the Nation
Powering the Economic Core of the Nation Reliability is not optional for Con Edison. It is foundational to national and global economic confidence, and to the people and businesses we serve in New York City, Westchester County, and Orange & Rockland counties. • John F. Kennedy International Airport
Slide 15: State and Local Policies Are Driving the Energy Transition
State and Local Policies Are Driving the Energy Transition Investing in our systems is essential to meet New York’s climate and energy goals. • Climate Leadership and Community Protection Act: Establishes ambitious emissions reduction and clean energy targets. Updated in May 2026 to refine how goals
Slide 16: What's in a Con Edison Electric Bill?
What’s in a Con Edison Electric Bill? There are three major components of a customer bill: delivery, commodity, and taxes. NYC Residential Electric Bill (280 kWh/month(a)) Composition of a CECONY Service Class 1, 12 Months Ended June 30, 2026 Taxes & Supply, $38 Fees, $38 32% 31% (b) Delivery, $45 3
Slide 17: Con Edison Customers Generally Use Less Energy
Con Edison Customers Generally Use Less Energy Customer bills tend to be below peer average. Ranking average electric bills by utility ($/month, 3-yr average) CECONY vs. Peer Average: • $228 less annually (16% lower) CECONY vs. Peer Median: • $276 less annually (20% lower) Source: Energy Information
Slide 18: Affordability Programs Are Easing the Energy Burden
Affordability Programs Are Easing the Energy Burden In 2025, we provided $268 million in bill discounts through affordability programs, supporting more than 500,000 income- eligible customers across New York and New Jersey. (a) • ~494,000 customers enrolled: Approximately 14% of residential customer
Slide 19: Utility Regulation in New York State
Utility Regulation 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 • ⅔ Discounted Cash Flow Model
Slide 20: Strengthening the Grid: Infrastructure, Reliability & Climate Preparedness
Strengthening the Grid: Infrastructure, Reliability & Climate Preparedness Matt Ketschke President Consolidated Edison Company of New York, Inc. Michele O’Connell President and Chief Executive Officer Orange and Rockland Utilities, Inc. 20
Slide 21: NYISO Ensures Adequate Supply to Meet Demand
New York Independent System Operator Ensures Adequate Supply to Meet Demand Requirement* Excess Total Supply New York State 39,315 MW 1,536 MW 40,851 MW Lower Hudson Valley 12,633 MW 2,008 MW 14,641 MW New York City 9,137 MW 1,219 MW 10,357 MW Note: New York City is a subset of the Lower Hudson Vall
Slide 22: CECONY Historical and Forecasted Major Substation Construction
CECONY Historical and Forecasted Major Substation Construction Based on 2026 10-Year Forecast 9 8 7 Transmission Substation Distribution Substation 6 Construction in Progress/ Planned 5 4 9 new substations 3 planned from 2026—2035 2 1 0 1950 1952 1954 1956 1958 1960 1962 1964 1966 1968 1970 1972 197
Slide 23: O&R Historical and Forecasted Major Substation Construction
O&R Historical and Forecasted Major Substation Construction Based on 2026 Long Term Forecast Transmission Substation 6 Distribution Substation Construction in Progress/ Planned 5 19 new substations planned from 2026—2035 4 3 2 1 0 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Slide 24: Strategic Substation Investment
Strategic Substation Investment Example: Liberty Substation – Slate Hill, NY Project Scope: • Will serve two large industrial facilities in Orange County, NY. • Increases system capacity and enhances reliability for existing and future customers. • Supports additional regional development, future lo
Slide 25: Network Reliability
Network Reliability Area Substation Voltage is stepped down from transmission for distribution by feeders. Secondary Secondary Network Network Primary High-Voltage Primary Feeders High-Voltage Feeders Transformers Network Protectors Voltage is stepped down for distribution Automatically or manually
Slide 26: New Substations Enable Network Splits
New Substations Enable Network Splits, Enhancing Reliability, Capacity, and Future Load Growth Today: 20 Networks in Brooklyn and Queens 2035: 27 Networks in Brooklyn and Queens Existing Networks 2033 Bayside New Networks Flushing Flushing Williamsburg Williamsburg Jamaica Jamaica 2032 Crown Fort Gr
Slide 27: Best-in-Class Electric Reliability in the United States
Best-in-Class Electric Reliability in the United States We deliver nation-leading electric service reliability. Source: Energy Information Administration (EIA) Note: Data reflects the System Average Interruption Frequency Index (SAIFI), in thousands of customers per year, and the System Average Inte
Slide 28: What Our Climate Studies Are Telling Us
What Our Climate Studies Are Telling Us Our extreme weather vulnerability studies estimate that the number of high heat days will increase. That means more heat waves, which can also bring more frequent, more intense storms. Historical 2030 Projections 2050 Projections 2030 Projections 2050 Projecti
Slide 29: Investing in Infrastructure to Mitigate Extreme Weather Impacts
Investing in Infrastructure to Mitigate Extreme Weather Impacts Substation operations storm hardening • Extend and enhance flood protections to protect substations from sea level rise and potential equipment failure. Overhead line reinforcement • Deploy spacer cables designed to allow intermittent t
Slide 30: Our Planned Climate Resilience Investments
Our Planned Climate Resilience Investments From 2026–2030, CECONY and O&R plan to invest roughly $797 million in climate resilience initiatives to prevent and mitigate extreme weather impacts. CECONY Climate Resilience Investment Plan O&R Climate Resilience Investment Plan 2026–2030 Total (in $000s)
Slide 31: Meeting Customers' Evolving Energy Needs
Meeting Customers’ Evolving Energy Needs Vicki Kuo Senior Vice President, Customer Energy Solutions Consolidated Edison Company of New York, Inc. 31
Slide 32: Building Electrification: NYU Rubin Hall Retrofit
Building Electrification: NYU Rubin Hall Retrofit Supported by $3M+ in Con Edison incentives, New York University transformed Rubin Hall into a LEED Platinum- certified, high-efficiency, all-electric building with air conditioning and near-zero emissions. • Energy efficient upgrades: - Heat pump chi
Slide 33: Supporting Customers to Electrify Heat
Supporting Customers to Electrify Heat • Programs have supported over 55,000 heat pump projects since 2020. • Digital tools make it easier for customers to electrify and enroll in best rate option. • Steady Use Rate save heat pump customers 15 to 19% on annual bills with a 12-month price guarantee w
Slide 34: Bronx Site Powers New York State's Largest Electric School Bus Project
Bronx Site Powers New York State’s Largest Electric School Bus Project to Date GVC: Family-owned school bus company • Serving children with special needs in the Bronx for more than 40 years. • Depot located near a two-mile corridor where 2,000 of the city’s school buses and 3,000 medium- and heavy-
Slide 35: Concentrated Electric Vehicle Charging in the Bronx
Concentrated Electric Vehicle Charging in the Bronx Zerega Avenue Area Depots* Hunts Point Area Depots* 500 School Buses 2,000+ School Buses 125 Sanitation Vehicles 180 Sanitation Vehicles 200 Utility Vehicles 75 Delivery Vehicles 455 Food Distribution Vehicles Customer Plans Customer Plans • As of
Slide 36: Zerega Avenue: Strengthening our System to Meet Growing Electric Demand
Proactively Strengthening our System to Meet Growing Electric Demand Estimate Capital Estimated End Project Work Summary Start Year Costs ($ Year millions)(1) Hunts Point 3 new 13 kV network feeders Hunts Point Distribution system plus room for an additional 3 Under construction 2027 $105.0 upgrades
Slide 37: Operational Excellence
Operational Excellence Mary Kelly Senior Vice President, Gas Operations Consolidated Edison Company of New York, Inc. 37
Slide 38: Gas: Prioritizing Leak Prevention and System Modernization
Gas: Prioritizing Leak Prevention and System Modernization Advanced detection, infrastructure modernization, and public outreach reduce risk, enhance safety, and support emissions reductions. Advanced Gas Leak Detection & Monitoring • Nation-leading natural gas detectors (NGDs) enable continuous met
Slide 39: Leading the State in Leak Response & Repair
Leading the State in Leak Response & Repair Our quick response times and disciplined repair processes minimize risk and system impacts. CECONY • Responds to 99.5% of reported gas leaks within 30 minutes (2025) • 95% of leaks repaired within 50 days in 2025, exceeding regulatory requirements • Averag
Slide 40: District Steam Enhances Electric Reliability While Reducing Supply Costs
District Steam Enhances Electric Reliability While Reducing Supply Costs • District steam used for cooling offsets over 100 MW of summer electric peak; buildings connected to the steam system will also help reduce future winter electric peaks. • CECONY is developing clean, non-emitting contingency s
Slide 41: Delivering Value Through People, Purpose, and Stewardship
Delivering Value Through People, Purpose, and Stewardship Bob Sanchez President, Shared Services Consolidated Edison Company of New York, Inc. 41
Slide 42: A Circular Strategy to Maximize Asset Value
A Circular Strategy to Maximize Asset Value By unlocking value from end-of-life and reusable assets, Con Edison supports affordability and continued investment in critical infrastructure. • From 2021 - 2025, Investment Recovery initiative has generated approximately $70 million in value. • In 2025,
Slide 43: A Skilled and Engaged Workforce Promotes Growth and Reliability
A Skilled and Engaged Workforce Promotes Growth, Reliability, and Operational Excellence • Strong employee retention: Turnover rate of approximately 5.4% in 2025, 36% due to retirements. • Strategically building a strong talent pipeline. • Increased our workforce by nearly 1,200 in 2025. • Employees
Slide 44: Financial Strength and Stability
Financial Strength and Stability Kirk Andrews Senior Vice President & Chief Financial Officer Consolidated Edison, Inc. Senior Vice President & Chief Financial Officer Consolidated Edison Company of New York, Inc. 44
Slide 45: Strong Productivity, Smart Investments, Healthy Financials
Strong Productivity, Smart Investments, Healthy Financials Average Investment Earnings Base Reflects Investment Opportunities for CECONY, O&R, and CET (a)(b)(c)(d)(e)(f) $71,393 ($ in millions) $65,778 $60,466 $54,805 $50,717 $47,102 Surcharge recovery programs (not in base rates) are primarily comp
Slide 46: Maintaining a Strong and Balanced Capital Structure
Maintaining a Strong and Balanced Capital Structure Capital Structure – June 30, 2026(a) ($ in millions) Consolidated Edison, Inc. Baa1 / A- / BBB+ Negative / Stable / Stable Debt $ 27,093 51% Equity 25,719 49 Total $ 52,812 100% CECONY O&R Parent and Other A3 / A- / A- Baa1 / A- / A- Negative / Sta
Slide 47: Rate Case Outcomes Support Investment Plans
Rate Case Outcomes Support Investment Plans Regulator Rate Base(a) Current Plan Start Current Plan End Date Status ($ millions) Date New York State Public Electric Service Commission $31,652 Jan 2026 Dec 2028 (NYSPSC) Joint Proposal approved CECONY January 2026 Gas NYSPSC 10,565 Jan 2026 Dec 2028 St
Slide 48: A Consistent Track Record
A Consistent Track Record We have a proven track record of delivering adjusted EPS growth rates above guidance. 2021 2022 2023 2024 2025 Annual Adjusted EPS Guidance $4.15 - 4.35 $4.40 - 4.60 $4.75 - 4.95 $5.20 - 5.40 $5.50 - 5.70 GAAP EPS $3.86 $4.68 $7.25 $5.26 $5.66 Actual Adjusted EPS $4.39 $4.5
Slide 49: Continuing Our Legacy of Dividend Growth
Continuing Our Legacy of Dividend Growth 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%. $4.00 100% Annualized Dividends Per Share ED's Historical Dividend Payout 90% $3.
Slide 50: Strong Financials Set the Foundation as We Continue to Electrify
Strong Financials Set the Foundation as We Continue to Electrify • Scale: Approximately $40.8 billion* equity market cap provides scale as we transition. • Growing asset base: Targeted 8.7% five-year earnings base compound annual growth rate reflects infrastructure investment needed for reliability,
Slide 51: Closing
Closing Tim Cawley Chairman, President & Chief Executive Officer Consolidated Edison, Inc. Chairman & Chief Executive Officer Consolidated Edison Company of New York, Inc. 51
Slide 52: Board Expertise Drives Long-Term Value
Board Expertise Drives Long-Term Value Strong governance, with a deep and broad set of skills and experience, supports safe, reliable service, constructive regulatory engagement, and disciplined long-term investment. Leadership & Energy & Finance & Regulatory Technology & Strategy Utility Markets Su
Slide 53: Investment Thesis
Investment Thesis We are a durable, long-term investment supported by consistent performance, financial strength, and the ability to navigate an evolving landscape. • Disciplined capital and financial management • Robust governance and management oversight • Consistent investment in grid resiliency
Slide 54: Con Edison Annual Investor Relations Update
Consolidated Edison, Inc. Con Edison Annual Investor Relations Update October 6, 2026 54
Slide 55: Appendix
Appendix 55
Slide 56: Six-Year Reconciliation of Reported EPS (GAAP) to Adjusted EPS (non-GAAP)
Six-Year Reconciliation of Reported EPS (GAAP) to Adjusted EPS (non-GAAP) 12 Months Ending December 31, 2020 2021 2022 2023 2024 2025 Reported EPS – GAAP basis $3.29 $3.86 $4.68 $7.21 $5.26 $5.66 Loss (gain) and other impacts related to the sale of the Clean Energy Businesses (pre-tax) (a) — — (0.03
Slide 57: CECONY's Planned Climate Resilience Investments
CECONY’s Planned Climate Resilience Investments From 2026–2030, CECONY plans to invest roughly $627 million in climate resilience initiatives to prevent and mitigate extreme weather impacts. 2026 – 2030 Total CECONY Climate Resilience Investment Plan Projects / Programs Strategy 2026–2030 Total (in
Slide 58: O&R's Planned Climate Resilience Investments
O&R’s Planned Climate Resilience Investments From 2026–2030, O&R plans to invest roughly $170 million in climate resilience initiatives to prevent and mitigate extreme weather impacts. 2026 – 2030 Total O&R Climate Resilience Investment Plan Projects / Programs Strategy (in $000s) * 2026–2030 Total
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