Consolidated Edison, Inc. · NYSE:ED
Consolidated Edison — Wolfe Research Utilities & Energy Conference 2018
16 slides from Consolidated Edison's conference presentation, Oct 2, 2018
Slide 1: Wolfe Research Utilities & Energy Conference
Wolfe Research Utilities & Energy Conference October 2, 2018
Slide 2: Available Information and Forward-Looking Statements
Available Information On August 2, 2018, Consolidated Edison, Inc. issued a press release reporting its second quarter 2018 earnings and filed with the Securities and Exchange Commission the company’s second quarter 2018 Form 10-Q. This presentation should be read together with, and is qualified in
Slide 3: Organizational Structure of Con Edison
Organizational Structure of Con Edison Market Cap(1): $23.7 billion Regulated Utilities Regulated Transmission Clean Energy Businesses Consolidated Orange and Con Edison Consolidated Con Con Con Edison Rockland Gas Pipeline Edison Edison Edison Edison Company of Utilities and Storage, Transmission,
Slide 4: Sempra Solar Holdings Transaction Overview
Sempra Solar Holdings Transaction Overview Consolidated Edison subsidiary is purchasing 981 MW of operating renewable assets and related solar and energy storage development activities Transaction Overview Simplified Transaction Structure • A Consolidated Edison subsidiary has agreed to acquire Semp
Slide 5: Investment Highlights
Investment Highlights Consistent with Con Edison strategy of growing our renewables footprint Familiarity with assets and markets of operation Efficiencies from operating co-owned and co-located assets Long-term, contracted cash flows with creditworthy counterparties Enhances our developme
Slide 6: Con Edison Clean Energy Businesses' Pro Forma Portfolio of Renewable Assets
Con Edison Clean Energy Businesses’ Pro Forma Portfolio of Renewable Assets Acquired assets are co-located with existing CEB assets with development opportunities in attractive growth markets Solar Wind JV 6
Slide 7: Con Edison Clean Energy Businesses' Utility Scale Pro Forma Portfolio
Con Edison Clean Energy Businesses’ Utility Scale Pro Forma Portfolio The solar portfolio would nearly double with the purchase of Sempra Solar Holdings Solar PV Asset Ownership (GW) Pro Forma (end 2017) 2.2 2.1 1.5 1.5 1.3 1.2 1.1 Pro Forma Source: Company information and IHS EER (as of year-end 20
Slide 8: Organizational Structure of Con Edison
Organizational Structure of Con Edison Market Cap(1): $23.7 billion Regulated Utilities Regulated Transmission Clean Energy Businesses Consolidated Orange and Con Edison Consolidated Con Con Con Edison Rockland Gas Pipeline Edison Edison Edison Edison Company of Utilities and Storage, Transmission,
Slide 9: Opportunities for Growth Across Our Businesses
Opportunities for Growth Across Our Businesses 2018 – 2020 Forecasted Capital Investment(a) $9.5 billion $2.7 billion $1.5 billion(b) $1.2 billion $0.4 billion Regulated Utilities Clean Energy Regulated Transmission Businesses a. 2017 Form 10-K, page 31 and Form 8-K from September 20, 2018. b. On Se
Slide 10: Average Rate Base Balances
Average Rate Base Balances ($ in millions) $30,991 $29,093 $27,725 $26,014 $24,522 $25,014 $23,795 $22,311 O&R CECONY Actual Forecast(a) 2013 2014 2015 2016 2017 2018E 2019E 2020E Electric $ 16,235 $ 17,403 $ 17,599 $ 17,971 $ 18,513 $ 19,530 $ 20,277 $ 21,569 CECONY Gas 3,395 3,593 4,023 4,267 4,72
Slide 11: The Con Edison Plan
The Con Edison Plan Customer Focused Strategic Value Oriented Provide safe and Strengthen core Provide steady, reliable service utility delivery predictable business earnings Enhance the Pursue additional Maintain customer regulated growth balance sheet experience opportunities to add stability valu
Slide 12: Con Edison: Poised for a Strong Future
Con Edison: Poised for a Strong Future • One of the nation’s largest investor-owned energy-delivery companies – $12 billion in annual revenues – $49 billion asset base • Steady earnings, growing dividend – 44 consecutive years of dividend growth • Attractive capex opportunities – Three-year infrastr
Slide 13: Appendix
Appendix: ED onEdison, inc. NYSE
Slide 14: Tax Cuts and Jobs Act of 2017 (TCJA)
Tax Cuts and Jobs Act of 2017 (TCJA) New York Public Service Commission Order on Case 17-M-0815 – Proceeding on Motion of the Commission on Changes in Law that May Affect Rates (August 9, 2018) CECONY Electric • Sur-credit will start on January 1, 2019 and will include: ‒ 2019 annual ongoing tax sav
Slide 15: Complementary Business Mix with Utilities at the Core
Complementary Business Mix with Utilities at the Core 2017 GAAP EPS Contribution 2017 Adjusted EPS Contribution (Non-GAAP)* Regulated Utilities 76% 92% Clean Energy 21% 5% Transmission 3% 3% *Represents Adjusted Earnings per Share. Please see Appendix for reconciliation to GAAP. 15
Slide 16: Reconciliation of Reported EPS (GAAP) to Adjusted EPS (Non-GAAP) by Company
Reconciliation of Reported EPS (GAAP) to Adjusted EPS (Non- GAAP) by Company For the year ended December 31, 2017 CECONY O&R CEBs CET Other(a) Total Reported EPS – GAAP basis $3.59 $0.21 $1.08 $0.15 $(0.06) $4.97 Enactment of the Tax Cuts and Jobs Act — — (0.88) (0.04) 0.07 (0.85) Net mark-to-market
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