Consolidated Edison, Inc. · NYSE:ED
Consolidated Edison — Investor Presentation (March 2023)
16 slides from Consolidated Edison's investor presentation, Mar 1, 2023
Slide 1: Investor Update February 27 - March 1, 2023
Investor Update February 27 - March 1, 2023
Slide 2: Key Takeaways: Achieving Clean Energy Goals
Key Takeaways: Achieving Clean Energy Goals Con Edison approaches 200th anniversary with strategic moves that position it for growth and leadership in New York's clean energy transition. • The closing of the sale of the CEBs allows Con Edison to become a pure-play regulated business – The transactio
Slide 3: Key Takeaways: Achieving Clean Energy Goals
Key Takeaways: Achieving Clean Energy Goals Significant progress on business priorities set Con Edison's direction and focus the company on execution in 2023 and beyond. • Joint settlement agreement reached with the parties on CECONY Electric and Gas rate filing with a 3-year ROE of 9.25% and $11.8
Slide 4: Utilities' Capital Investments ($ in millions)
Utilities' Capital Investments ($ in millions) Steam Gas Electric (a) (a) (a) (b) Actual Forecast Annual CECONY Capital Investments Annual O&R Capital Investments Electric Gas Steam Depreciation Electric Gas Depreciation 2018 1,861 1,050 94 1,276 138 67 77 2019 1,851 1,078 91 1,373 142 61 84 2020 2,
Slide 5: Key Takeaways: Achieving Clean Energy Goals
Key Takeaways: Achieving Clean Energy Goals New York's aggressive clean energy goals require significant new investment in the state's energy infrastructure, creating strong growth potential for the company Capital investment projects being proposed under separate proceedings included in current for
Slide 6: Overview of CEB Sale and Use of Proceeds
Overview of CEB Sale and Use of Proceeds Transaction Overview • Net proceeds estimated to be $3.6 to $3.8 • Con Edison has $767 million of unused general billion. business tax credits at the end of 2022 that could offset up to 75% of the Federal income • Con Edison plans the following use of proceed
Slide 7: Rate Filing Update
Rate Filing Update 7
Slide 8: Summary of CECONY Electric & Gas Joint Proposal
Summary of CECONY Electric & Gas Joint Proposal(a) Proposed Rate Changes and Capital Expenditures Joint proposal reflects ROE at 9.25% and equity ratio of 48% Electric Gas Case number 22-E-0064 Case number 22-G-0065 Average Capital Average Capital ($ in millions) Rate Change Rate Base Expenditure Ra
Slide 9: Summary of CECONY Steam Rate Filing
Summary of CECONY Steam Rate Filing On November 22, 2022, CECONY filed a request with the NYSPSC for a steam rate increase, effective November 1, 2023. On February 10, 2023, CECONY filed an update to the November 2022 request. The most recent steam rate filing was in 2013, for a 3-year rate plan tha
Slide 10: CECONY Steam Rate Filing
CECONY Steam Rate Filing Summary Decarbonization Pilot Projects • Includes a new mechanism for decoupling revenues from steam consumption • Continues full reconciliation of costs for pension and OPEBs and environmental remediation • Requests full reconciliation of property taxes, municipal support c
Slide 11: CECONY Steam Illustrative Timeline
CECONY Steam Illustrative Timeline (a) Nov Feb 10, Mar Apr May June July Aug Sept Oct Nov 22, 2023 14, 21, 2, 2023 2023 2023 2023 2023 2023 2022 2023 2023 2023 New Rates in Effect Company Update Rebuttal Testimony Evidentiary Initial Reply ALJ Briefs on Hearings Briefs Briefs Recommended Exception F
Slide 12: Other NYS Regulatory Proceedings
Other NYS Regulatory Proceedings 12
Slide 13: NYS Public Service Commission Regulatory Proceedings
NYS Public Service Commission Regulatory Proceedings Accelerated Renewable • Authorize local transmission projects to achieve renewable power goals Energy Growth Act • PSC approved CECONY's Reliable Clean City projects totaling $780 million in cost • Develop "Phase 2" filing for projects that increa
Slide 14: Financial Performance
Financial Performance 14
Slide 15: CECONY Operations and Maintenance Expenses ($ in millions)
CECONY Operations and Maintenance Expenses(a) ($ in millions) Departmental Other Expenses(b) Other Regulatory Fees and Assessments Healthcare/ Other Employee Benefits Pension/ OPEBs (c) (d) a. Prior to 2020, select facilities and telecommunication expenses were categorized as Other Expenses. After 2
Slide 16: 2022 vs. 2021 EPS Reconciliation by Company
2022 vs. 2021 EPS Reconciliation by Company Year Ended December 31, 2022 CECONY O&R CEBs CET Other(e) Total Reported EPS – GAAP basis $3.92 $0.25 $1.08 $— $(0.57) $4.68 Transaction costs related to the anticipated sale of the Clean Energy — — — — 0.14 0.14 Businesses (pre-tax) Income taxes (a) — — —
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