Consolidated Edison, Inc. · NYSE:ED
Consolidated Edison — Investor Presentation (October 2025)
71 slides from Consolidated Edison's investor presentation, Oct 7, 2025
Slide 1: Con Edison Webinar: Delivering Reliable and Resilient Energy for the Future
Consolidated Edison, Inc. Con Edison Webinar: Delivering Reliable and Resilient Energy for the Future October 7, 2025 1
Slide 2: Investor Relations: Available Information and Forward-Looking Statements
Investor Relations Available Information On August 7, 2025, Consolidated Edison, Inc. (Con Edison) issued a press release reporting its second quarter 2025 earnings and filed with the Securities and Exchange Commission the company’s second quarter 2025 Form 10-Q. This presentation should be read tog
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: 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 1,500 customers. • Orange and Rockland Utilities, Inc. (O&
Slide 5: Rising to the Challenge
Rising to the Challenge New York City's composition and location create distinct hurdles: • Unique geography • High building density • Diverse housing stock • Complex infrastructure 5
Slide 6: 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 7: CECONY Operates the Most Reliable Electric System in the U.S.
CECONY Operates the Most Reliable Electric System in the U.S. • CECONY’s electric delivery system is nine times more reliable than the national average. • Maintaining our best-in-class reliability is crucial as we move to electrifying transportation and heating. Sources: Con Edison Customer Interrup
Slide 8: Leading Through Periods of Change
Leading Through Periods of Change Our electric, gas, and steam systems continue to evolve to meet shifting demands and needs. 1997: 1928: Deregulation: We divest our Transition from direct current generation assets. to alternating current. 1960s-1970s: 2011-2012: Northeast Blackout of 1965 prompts S
Slide 9: Economic Impact and Partnerships With City & State
Economic Impact and Partnerships With City & State Jen Hensley Senior Vice President, Corporate Affairs Consolidated Edison Company of New York, Inc. 9
Slide 10: CECONY and O&R Power New York's Vibrant Economy
CECONY and O&R Power New York’s Vibrant Economy • We support 40,600 jobs in New York State, including 15,100 directly employed workers. • For each of our employees, the company’s economic activity supports another 1.7 jobs in New York State. • During 2024, the utilities’ $2.1 billion in contract spe
Slide 11: City and State Laws Driving Change
City and State Laws Driving Change We are a policy-aligned partner with New York State and New York City. Investments in our system are essential to meeting their clean energy goals, and we are working with a range of players to support this effort. • New York State Energy Research & Development Aut
Slide 12: 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 buildings greater than 25,000 square feet since 2024. • NYC Local Law 154: Bans use of fossil fuels in new constr
Slide 13: Building Out the Grid to Support Electrification
Building Out the Grid to Support Electrification Matt Ketschke President Consolidated Edison Company of New York, Inc. 13
Slide 14: Electric Power Industry in New York
Electric Power Industry in New York • The public electricity sector was deregulated in the 1990s to promote competition of supply resources. • Today, Con Edison procures power for its customers from the New York Independent System Operator (NYISO) energy markets. • Transmission lines that cross serv
Slide 15: Market Transformations Are Shifting Our Peak Demand From Summer to Winter
Market Transformations Are Shifting Our Peak Demand From Summer to Winter Annual Projected Peak Demand for Combined CECONY and O&R Pathways Hybrid Pathway Deep Electrification Pathway 250% Transition to Winter Peak Transition to Winter Peak 250% 200% 200% 150% 150% 100% 100% 2030 2030 2040 2040 50%
Slide 16: Projects to Meet Growing Demand
Projects to Meet 2026 Champlain Hudson Power Express 2029 Parkchester Substation 2030 Growing Demand 1250 MW of renewable, hydroelectric power Preparation for new Propel NY Energy Project from Canada to Queens electric vehicle Substation Upgrades 3 chargers new transmission lines from Long Island in
Slide 17: O&R Projects to Meet Growing Demand
2033 O&R Projects to Meet Upgraded transmission lines from Shoemaker, Bullville, and Bloomingburg to Wurtsboro Growing Demand Substations 2029 New Bullville Substation 2029 2029 New Otisville New Clean Energy Substation Hub at Shoemaker 2028 Substation New West 2035 ` Point/Highland Falls Substation
Slide 18: Network Reliability
Network Reliability Primary High-Voltage Feeders Secondary Network 18
Slide 19: Enhancing Reliability to Address Load Growth in Jamaica, Queens
Enhancing Reliability to Address Load Growth in Jamaica, Queens A new 138 kV transmission substation – Eastern Queens – is needed to enhance reliability in the overall Jamaica load area; JFK Airport is one of the many stakeholders this project will serve. Reliable Clean City - Idlewild Project Scope
Slide 20: CECONY Historical and Forecasted Major Substation Construction
0 1 2 3 4 5 6 7 8 9 1950 1952 1954 1956 1958 1960 1962 1964 1966 Construction 1968 1970 1972 1974 Based on 2024 10-Year Forecast 1976 1978 1980 1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024 2026 2028 CECONY Historical and Forecasted Maj
Slide 21: Our Climate Studies and Resiliency Strategy
Our Climate Studies and Resiliency Strategy Michele O’Connell President and Chief Executive Officer Orange and Rockland Utilities, Inc. 21
Slide 22: O&R Investments to Meet Increasing Demand in 2025
O&R Investments to Meet Increasing Demand in 2025 • Upgrades to meet increasing residential electricity demand and growing EV use: – Monsey Project – Spring Valley Project • Increasing substation capacity to support reliability and to keep up with growing data center demand: – Orangetown project 22
Slide 23: O&R Historical and Forecasted Major Substation Construction
O&R Historical and Forecasted Major Substation Construction Based on 2025 Long Term Forecast Transmission Substation 6 Distribution Substation Planned Construction 5 4 3 2 1 0 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028
Slide 24: O&R Is Building Today to Be Ready for the Future
O&R Is Building Today to Be Ready for the Future In 2024, O&R brought two new substations online to continue to provide reliable and resilient electric service. Lovett Substation Blooming Grove Substation Stony Point, NY Washingtonville, NY 24 24
Slide 25: 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 26: CECONY's Climate Resilience Investment Plans
CECONY’s Climate Resilience Investment Plans From 2025 – 2029, CECONY has proposed roughly $645 million in resiliency project investments to prevent and mitigate the impact of extreme weather. CECONY Resilience Investment Proposals 2025 – 2029 Total 2025-2029 Total (in $000s)** Projects/Programs Str
Slide 27: 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 $000s
Slide 28: Meeting Customers' Demand
Meeting Customers’ Demand Vicki Kuo Senior Vice President, Customer Energy Solutions Consolidated Edison Company of New York, Inc. 28
Slide 29: New York City's First All-Electric Skyscraper
New York City’s First All- Electric Skyscraper 505 State Street Downtown Brooklyn First Tower • Mixed use, 44-story tower with 441 apartment units Adjacent buildings include • Additional 580+ apartment units • 60,000 sq. ft. of office space • 50,000 sq. ft. of retail space • 500 parking spaces for b
Slide 30: Moving to a Winter Peaking Utility Through Building Electrification
Moving to a Winter Peaking Utility Through Building Electrification JPMorganChase global headquarters at 270 Park Avenue is scheduled to open Fall 2025. It is 100% electric for lighting, cooling, and heating. Former Headquarters New Headquarters • Built in early 1960s • New construction • ~50 floors
Slide 31: Electrifying the World's Borough: Infrastructure for Willets Point
Electrifying the World’s Borough: Infrastructure for Willets Point, Queens’ Historic Transformation Willets Point Project Queens FUTURE AFFORDABLE HOMES ETIHAD PARK FUTURE SCHOOL • Expected to generate over 16,000 jobs FUTURE 220 SENIOR • Produce $6.1 billion in AFFORDABLE HOMES AFFORDABLE HOMES eco
Slide 32: New York State's Largest Residential Geothermal Building
New York State’s Largest Residential Geothermal Building 1 Java Street Greenpoint, Brooklyn • All-electric • Geothermal • 53% reduction in annual emissions from heating and cooling compared to typical residential systems • Anticipated completion: 2026 Source: Lendlease unveils brand name, renderings
Slide 33: All-Electric Affordable Housing Project Uses Wastewater Heat Technology
All-Electric Affordable Housing Project Uses State-of- the-Art Wastewater Heat Technology Alafia – Mixed-Use Development East New York, Brooklyn Exceeds New York State Clean Heat Program performance criteria • Geothermal heat pumps • Energy recovery ventilator • Sealed building envelope • Wastewater
Slide 34: Proactive Investment Supports Future EV Charging
Proactive Investment Supports Future EV Charging Construction is faster for EV sites than buildings despite equivalent power needs. The new approach builds out infrastructure where heavy electrification is planned ahead of EV load request, to meet customers’ timeframes. 50-Unit Apartment Constructio
Slide 35: CECONY and O&R Are Investing in EV Programs to Accelerate an Electric Future
CECONY and O&R Are Investing in EV Programs to Accelerate an Electric Future EV Infrastructure Managed Charging Innovation and Customer Incentives Incentives Support PowerReady programs encourage Smartcharge programs encourage Guidance for the e-mobility widespread access to EVs and grid-beneficial
Slide 36: Partnering With Customers to Expand EV Charging
Partnering With Customers to Expand EV Charging CECONY has installed more than 650 DCFC and more than 14,000 Level 2 plugs through the PowerReady program. Flushing Commons Garage JFK West Lot Fast Charging Hub Queens JFK Airport, Queens • Multi-use high-rise with 148 apartments, office space, and •
Slide 37: O&R Continues to Grow Electric Vehicle Charging Infrastructure
O&R Continues to Grow Electric Vehicle Charging Infrastructure • O&R launched its largest single electric vehicle charging project at The Gardens at Palisades condominium complex in Pomona, NY. • Installed 120 Level 2 chargers, equal to ~1.4 MW. • Part of the PowerReady program and in partnership wi
Slide 38: Gas Long-Term Plan
Gas Long-Term Plan Mary Kelly Senior Vice President, Gas Operations Consolidated Edison Company of New York, Inc. 38
Slide 39: Developing a Long-Term Gas Strategy
Developing a Long-Term Gas Strategy We are strategically planning for the clean energy transition while maintaining the safety and reliability of our gas system. • Maintain the safety and reliability of gas system. • Prepare customers for the clean energy transition. • Facilitate supply transformati
Slide 40: Customer-side Solutions and Non-pipe Alternatives Help Customers Shift From Gas to Electric
Customer-side Solutions and Non-pipe Alternatives Help Customers Shift From Gas to Electric By helping customers convert their fossil-fueled equipment and appliances to electric, and promoting building weatherization for energy efficiency, we can avoid certain main and service replacements. Conversi
Slide 41: Maintaining a Safe and Reliable Gas System
Maintaining a Safe and Reliable Gas System We use advanced technology and proactive measures to maintain high standards of safety and efficiency in gas leak response and repair. 85% of ALL Leaks repaired Leak Response Time • CECONY < 50 days • O&R < 25 days 98.2% 99.8% 99.0% 99.9% 99.9% 88.0% 2024 E
Slide 42: Zeroing in on Our Operations
Zeroing in on Our Operations Steve Parisi Senior Vice President, Central Operations Consolidated Edison Company of New York, Inc. 42
Slide 43: Direct Emissions Goals
Direct Emissions Goals • We have reduced our greenhouse gas emissions by 55% since 2005. • In support of New York State’s climate goals, we are aiming for: – Zero direct greenhouse gas emissions (Scope 1) for company-owned electric-generating units on our steam system by 2040 – Overall net-zero Scop
Slide 44: Taking Steps Towards Steam Decarbonization
Load Growth Forecasts Taking Steps Towards Steam Decarbonization CECONY filed a $332 million petition with the NYSPSC for four steam decarbonization projects; together with the proposed low carbon fuels pilot program, we expect to reduce carbon emissions from steam generation activities by 33%(a) by
Slide 45: Electrifying Our Light-duty Fleet & Installing EV Chargers at Our Facilities
Load Growth Electrifying Forecasts Our Light-duty Fleet & Installing EV Chargers at Our Facilities • We’re committed to electrifying 100% of our fleet of light-duty vehicles by 2035, with an interim goal of 80% by 2030. • As of June 2025, ~49% of our light-duty fleet is electric. • We’re installing
Slide 46: Partnering With Our Stakeholders
Partnering With Our Stakeholders Bob Sanchez President, Shared Services Consolidated Edison Company of New York, Inc. 46
Slide 47: Affordability Through Energy Efficiency
Load Growth Forecasts Affordability Through Energy Efficiency We’re helping customers better manage their energy bills by saving energy. • Provided customers $1.5 billion in incentives between 2020 – 2024 and an additional $423 million in customer incentives planned for 2025.(a) • In 2025, the New Y
Slide 48: Driving Energy Savings Through Advanced Meter Infrastructure
Driving Energy Savings Through Advanced Meter Infrastructure • $1.2 billion+ project delivered on time and under budget. • Smart meters are projected to result in $3.2 billion in net savings over the life of the equipment. • Smart meter system creates value for our customers and our operations: – O
Slide 49: Our Approach Toward Supply Chain Resilience
Load Growth Forecasts Our Approach Toward Supply Chain Resilience We are focusing on key strategies and initiatives to further strengthen our supply chain resiliency. • Expanding supplier base • Securing long-term supplier agreements • Growing engineering partner network • Enhancing warehouse capabi
Slide 50: Partnering With Our Stakeholders
Partnering With Our Stakeholders Venetia Lannon Vice President, Environment, Health & Safety Consolidated Edison Company of New York, Inc. 50
Slide 51: Improving Quality of Life and Preserving Biodiversity
Improving Quality of Life and Preserving Biodiversity • We continue to explore new, innovative opportunities and design practices that provide substantial environmental improvement with a low impact to a project’s bottom line. • Our rewilding initiative helps promote net-positive impacts in urban an
Slide 52: Reducing Our SF6 Emissions
Load Growth Reducing Forecasts Our SF6 Emissions We’re exploring alternatives through a research partnership with the Electric Power Research Institute. CECONY SF6 Leakage Rate History SF6 Free Breakers Pilot Project % Nameplate Capacity 60 • We’re testing three new SF6 Free 50 Breakers through curr
Slide 53: Engaging Our Communities, Stakeholders, and the Next Generation Through Strategic Partnerships
Load Growth ForecastsEngaging Our Communities, Stakeholders, and the Next Generation Through Strategic Partnerships • Our community investments are focused on nonprofit organizations dedicated to making New York’s energy transition more accessible to all. • In 2025, we expect to provide more than $2
Slide 54: Strong Financial Underpinnings
Strong Financial Underpinnings Kirk Andrews Senior Vice President & Chief Financial Officer Consolidated Edison, Inc. Consolidated Edison Company of New York, Inc. 54
Slide 55: 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, 2024 $33.79 , 29% $35.31 , 31% Supply Deliver
Slide 56: Our Rates Don't Tell the Full Story
Our Rates Don't Tell the Full Story CECONY customers’ electric bills have been lower than our proxy peer average on both a total-bill and share-of-wallet basis. Source: S&P Market Intelligence, EIA. Three-year (2021 - 2023) average customer bills are annualized full-service residential bills. Share
Slide 57: Helping Our Most Vulnerable Customers
Helping Our Most Vulnerable Customers As of June 2025, approximately 459,000 CECONY and O&R customers, or 14% of the customer base, are enrolled in our Energy Affordability Programs (EAPs). • Customers enrolled in our EAPs receive bill discounts aimed at reducing energy burden to 6% of wallet. • In
Slide 58: 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 • 2/3 Discounted Cash Flow Mod
Slide 59: Con Edison Transmission Pursuing Regional Opportunities
Con Edison Transmission Pursuing Regional Opportunities The focus is 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 ene
Slide 60: A Legacy of Dividend Growth
A Legacy of Dividend Growth Focusing on long-term shareholder value has yielded 51 consecutive years of dividend increases with a CAGR of 5.59%. 60 60
Slide 61: Strong Financials Set the Foundation as We Continue to Electrify
Strong Financials Set the Foundation as We Continue to Electrify • Scale: Approximately $36 billion* equity market cap provides scale as we transition. • Growing asset base: Targeted 8.2% five-year rate base compound annual growth rate reflects infrastructure investment needed for reliability, and t
Slide 62: Closing
Closing Tim Cawley Chairman, President & Chief Executive Officer Consolidated Edison, Inc. Chairman & Chief Executive Officer Consolidated Edison Company of New York, Inc. 62
Slide 63: Our Board Has a Broad Set of Skills and Experience
Our Board Has a Broad Set of Skills and Experience The group brings a wide range of strategic insight to the table. Leadership & Strategy Finance & Markets • Strategic planning • Investor relations • Chief executive officer • Mergers & acquisitions • Executive at public company • Capital markets / f
Slide 64: Our Employees: Our People Power Our Success
Load Growth Forecasts Our Employees: Our People Power Our Success 64
Slide 65: Investment Thesis
Investment Thesis We are a bellwether holding for investors seeking a steady and reliable investment that can endure our changing and challenging times. • Sound governance and management practices • Steady investments in grid resiliency and reliability • Science-based approach to extreme weather vul
Slide 66: Looking to the Future
Looking to the Future As we move towards an electric future, we will remain focused on reliability, resiliency, and safety: • Investing prudently and strategically in our systems • Protecting our must vulnerable customers • Innovating to support the city and state in achieving clean energy goals • F
Slide 67: Con Edison Webinar: Delivering Reliable and Resilient Energy for the Future
Consolidated Edison, Inc. Con Edison Webinar: Delivering Reliable and Resilient Energy for the Future October 7, 2025 67
Slide 68: Appendix
Appendix 68
Slide 69: How Electricity is Produced
How Electricity is Produced CECONY’s and O&R’s fuel mix is allocated by New York Independent System Operator * Solar, 1.0% Wind, 1.8% Oil, 0.3% To achieve state clean energy goals of 100% zero- Other, 1.4% emission electricity by 2040, there needs to be a fundamental change in how energy is produced
Slide 70: RECO E-Mobility Programs & Initiatives Overview
RECO E-Mobility Programs & Initiatives Overview ChargerReady EV Charging Customer Education EV Infrastructure Incentives + Admin EV Charging and Operational Support and Support For Widespread Access to EVs Integrating Charging with the Grid Guiding the E-Mobility Transition ChargerReady Home & EV Ti
Slide 71: Meeting Electric Vehicle Charging Load
Meeting Electric Vehicle Charging Load We are: • Supporting widespread and visible access to EV charging • Offering programs and advisory services to thoughtfully integrate EV charging with the grid • Providing incentives to make EV ownership more affordable for drivers who charge off-peak • Proacti
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