Consolidated Edison, Inc. · NYSE:ED
Consolidated Edison — American Gas Association Financial Forum 2026
20 slides from Consolidated Edison's conference presentation, May 2026
Slide 1: Investor Presentation American Gas Association Financial Forum May 2026
Investor Presentation American Gas Association Financial Forum May 2026 1
Slide 2: Investor Relations: Available Information and Forward-Looking Statements
Investor Relations Available Information On May 7, 2026, Consolidated Edison, Inc. issued a press release reporting its first quarter 2026 earnings and filed with the Securities and Exchange Commission the company’s first quarter 2026 Form 10-Q. This presentation should be read together with, and is
Slide 3: Organizational Structure
Organizational Structure Market Cap(a): $41.7 billion Issuer Ratings(b): Baa1 / A- / BBB+ 2026 Total Assets: $75 billion(a) Outlook(b): Negative / Stable / Stable Regulated Energy Delivery FERC Regulated Transmission Orange and Rockland Consolidated Edison Utilities, Inc. Company of New York, (O&R)(
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 1,485 customers. • Orange and Rockland Utilities, Inc. (O&
Slide 5: Best-in-Class Electric Reliability in the United States
Best-in-Class Electric Reliability in the United States We deliver more reliable and resilient service to our customers than any other large utility Source: Energy Information Administration (EIA) Note: Data reflects the System Average Interruption Frequency Index (SAIFI), in thousands of customers
Slide 6: Growth Through Electrification
Growth Through Electrification Electrification is driving durable, visible load growth that requires early, disciplined infrastructure investment to preserve reliability in a uniquely complex, high-density urban grid • Broad electric growth across our service territory ◦ As new buildings come online
Slide 7: Maintaining a Safe and Reliable Gas System at Scale
Maintaining a Safe and Reliable Gas System at Scale We operate a large, integrated gas and electric system in a high-consequence service area with strict safety and operational requirements CECONY serves ~1.1 million gas customers across one O&R serves ~145 thousand gas customers across of the natio
Slide 8: Prevention and System Modernization
Prevention and System Modernization Advanced detection, infrastructure modernization, and outreach reduce risk before incidents occur Advanced Gas Leak Detection & Monitoring • Nation-leading natural gas detectors (NGDs) enable continuous methane monitoring and early detection • NGDs deployed: • 76%
Slide 9: Response & Repair Performance
Response & Repair Performance Rapid response times and disciplined repair processes minimize risk and system impacts Leak Response Performance CECONY • 99.5% of reported gas leaks responded to within 30 minutes (2025) O&R • 85% of reported gas leaks responded to within 30 minutes (2025) Leak Repair
Slide 10: Customer Affordability Remains a Top Priority
Customer Affordability Remains a Top Priority 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 i
Slide 11: Con Edison Electric Bills Over Time Compared to Peers
Con Edison Electric Bills Over Time Compared to Peers CECONY has generally improved affordability over time with the majority of CECONY customers receiving bills below peer average Ranking average electric bills by utility ($/month, 3-yr average) CECONY vs. Peer Average: • $228 less annually (16% lo
Slide 12: Supporting Our Most Vulnerable Customers
Supporting 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 $268 million in discounts to customer bills(a) • Customers enrolled in
Slide 13: Helping Customers Manage Energy Bills
Helping Customers Manage Energy Bills Financial Assistance Programs for Vulnerable Operational Cost Energy Savings Programs Customers Management • Monthly bill discounts reduce monthly energy costs for low- and • Energy Efficiency for Renters and • Smart Meters moderate-income customers Homeowners –
Slide 14: Regulatory Updates
Regulatory Updates 14 14
Slide 15: Constructive Relationship with our Regulator in New York State
Constructive Relationship with our Regulator in New York State • Revenue predictability ◦ Revenue decoupling mechanism in place for CECONY and O&R New York electric and gas ◦ Weather normalization clause in place for CECONY gas and steam and O&R New York gas • Formulaic approach to return on equity
Slide 16: Rate Case Filing Status
Rate Case Filing Status Regulator Rate Base(a) Current Plan Start Current Plan End Date Status ($ 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 17: 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 18: 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 19: NYSPSC's ROE Decisions from 2009 - 2026 YTD
NYSPSC’s ROE Decisions from 2009 - 2026 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 20: Investor Presentation American Gas Association Financial Forum May 2026
Investor Presentation American Gas Association Financial Forum May 2026 20
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