Consolidated Edison, Inc. · NYSE:ED
Consolidated Edison — Non-Deal Roadshow (March 2025)
31 slides from Consolidated Edison's roadshow presentation, March 2025
Slide 1: Investor Update March 17 - 20, 2025
Investor Update March 17 - 20, 2025
Slide 2: Investor Relations: Available Information and Forward-Looking Statements
Investor Relations Available Information On February 20, 2025, Consolidated Edison, Inc. issued a press release reporting its 2024 earnings and filed with the Securities and Exchange Commission the company’s 2024 Form 10-K. This presentation should be read together with, and is qualified in its enti
Slide 3: Organizational Structure
Organizational Structure Market Cap(a): $30.9 billion Issuer Ratings(b): Baa1 / A- / BBB+ 2024 Total Assets: $71 billion(a) Outlook(b): Stable / Stable / Stable Regulated Energy Delivery FERC Regulated Transmission Consolidated Edison Orange and Rockland Utilities, Inc. Company of New York, Con Edis
Slide 4: We Deliver Electricity, Gas and Steam
We Deliver Electricity, Gas and Steam • CECONY delivers electricity to approximately 3.7 million customers, gas to approximately 1.1 million customers and steam to approximately 1,520 customers. • O&R delivers electricity to approximately 0.3 million customers and gas to approximately 0.1 million cu
Slide 5: What We Value
What We Value • Safety of our employees and our customers • Operational excellence throughout our systems • Delivering the best possible customer experience • Supporting diversity, equity, and inclusion to build a foundation for a culture that guides employee interaction and fosters respect • Provid
Slide 6: Our Story
Our Story Con Edison is focused on building and maintaining safe and reliable regulated energy infrastructure to support New York State's ambitious clean energy goals • Long-term value creation for shareholders ◦ Delivered on five-year EPS CAGR target initiated in 2019 ◦ Achieved 51st year of consec
Slide 7: Setting Industry Standards for Safety, Operational Excellence and the Customer Experience
Setting Industry Standards for Safety, Operational Excellence and the Customer Experience World Class Reliability Resilient Build and • CECONY's service is about 9 times Safety Customer Focused more reliable than the Design U.S. average • ~72% of CECONY's electric • CECONY pioneered state of the • C
Slide 8: Climate Leadership & Community Protection Act Establishes New York State as a Leader in Clean Energy Policy
Climate Leadership & Community Protection Act Establishes New York State as a Leader in Clean Energy Policy Source: NYS - Our Progress - New York's Climate Leadership & Community Protection Act (ny.gov) 8
Slide 9: Our Clean Energy Commitment: Pillars
Our Clean Energy Commitment: 5 Pillars Our Clean Energy Commitment is a blueprint for helping achieve the state’s climate and renewable energy goals. 9
Slide 10: Meeting Load Growth and Customer Demand for Electrification
Meeting Load Growth and Customer Demand for Electrification Investments in substations and Supporting our customers’ clean Meeting our customers’ demand for transmission essential to meet heating needs, new tech adoption EV infrastructure customer needs • Progress on key infrastructure projects to •
Slide 11: Customer Affordability
Customer Affordability CECONY electric customer bills are 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 of wallet calculated a
Slide 12: Supporting Low-income Customers
Supporting Low-income Customers Approximately 466,000 CECONY and O&R customers, or 14% of the customer base, receive public assistance • Customers enrolled in CECONY and O&R's Energy Affordability Programs (EAP) receive bill discounts aimed at reducing energy burden to 6% of wallet • Customer outrea
Slide 13: What Climate Science Is Telling Us
What Climate Science Is Telling Us Our climate change vulnerability studies estimate that heat impacts may occur sooner than previously anticipated. That means more heat waves and more frequent, more intense extreme weather. Historical 2030 Projections 2050 Projections 2030 Projections 2050 Projecti
Slide 14: CECONY's Climate Resilience Investment Plans
CECONY’s Climate Resilience Investment Plans From 2025 – 2029, CECONY has proposed to invest roughly $645 million in climate resilience investments to prevent and mitigate climate change impacts 2025 – 2029 Total CECONY Resilience Investment Proposals Projects/Programs Strategy 2025-2029 Total (in $
Slide 15: O&R's Climate Resilience Investment Plans
O&R’s Climate Resilience Investment Plans From 2025 – 2029, O&R has proposed to invest roughly $184 million in climate resilience investments to prevent and mitigate climate change impacts O&R Resilience Investment Proposals 2025 – 2029 Total (in $000s)** 2025 – 2029 Total Projects/Programs Strategy
Slide 16: Utility Regulation in New York State
Utility Regulation in New York State • Revenue predictability ◦ Revenue decoupling mechanisms in place for CECONY and O&R electric and gas and weather normalization adjustments for CECONY and O&R gas ◦ Weather normalization adjustment in CECONY steam rate plan effective November 1, 2023 • Formulaic
Slide 17: Rate Case Filing Status
Rate Case Filing Status The Company filed new rate plans for CECONY Electric and Gas in January 2025 Rate Base(a) Current Plan Current Plan Regulator Status ($ millions) Start Date End Date New York State Public Service Electric $29,362 Jan 2023 Dec 2025 Commission (NYSPSC) Rate case filed CECONY Ja
Slide 18: 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 19: 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 20: Summary of CECONY Electric & Gas Rate Filings
Summary of CECONY Electric & Gas Rate Filings In January 2025, CECONY submitted to the New York Public Service Commission (NYSPSC) rate cases in support of new electric and gas rates to become effective January 1, 2026 Proposed Return on Equity and Equity Ratio Return on equity……………..10.10% Equity r
Slide 21: Breakdown of CECONY Electric and Gas Current Case Capital Investment vs Rate Filing Request
Breakdown of CECONY Electric and Gas 2023 - 2025 Current Case Capital Investment vs 2026-2028 Rate Filing Request The proposed electric and gas rate plans will support economic growth and development (a) in New York City and Westchester county by investing more than $21 billion over three years. The
Slide 22: Estimated Timeline for CECONY Electric and Gas Rate Case
Estimated Timeline for CECONY Electric and Gas Rate Case The next milestone in the rate process will be when NYSPSC Staff releases their testimony in May Typical timeline for rate setting process: Jan Mar/Apr May Jun Jul Aug Sep Oct Nov Dec Jan 2025 2025 2025 2025 2025 2025 2025 2025 2025 2025 2026
Slide 23: NYSPSC's ROE Decisions from 2010 -2024
NYSPSC’s ROE Decisions from 2010 -2024 Year Month Company ROE Term Year Month Company ROE Term 2010 Mar CECONY Electric 10.15% 3 years 2017 Jan CECONY Electric and Gas 9.00% 3 years Jun Central Hudson Electric and Gas 10.00% 3 years Apr National Fuel Gas 8.70% 1 year 2018 Mar Niagara Mohawk Electric
Slide 24: Summary of O&R Electric & Gas Joint Proposal
Summary of O&R Electric & Gas Joint Proposal In November 2024, O&R, the New York State Department of Public Service and other parties entered into a joint proposal for new electric and gas rate plans for the three-year period January 2025 through December 2027, which is subject to New York State Pub
Slide 25: O&R Electric & Gas Rate Case Filing Comparison
O&R Electric & Gas Rate Case Filing Comparison(a) Electric Gas ($ in millions) Case number 24-E-0060 Case number 24-G-0061 Jan 2024 Apr 2024 May 2024 Nov 2024 Joint Jan 2024 Apr 2024 May 2024 Nov 2024 Joint Rate Year 1: Jan 2025 - Dec 2025 Filing Update Staff/Intervenor Proposal Filing Update Staff/
Slide 26: Committed to Environmental Justice
Committed to Environmental Justice We are helping ensure every New Yorker shares the benefits of a cleaner, more sustainable grid • We’re investing in workforce development and training for green jobs • We’re working with environmental justice advocates to build bridges with disadvantaged communitie
Slide 27: Investment Thesis
Investment Thesis Con Edison’s track record makes it a bellwether holding for any equity or debt investor seeking a steady and reliable investment that can endure our changing and challenging times. • Sound governance and management practices • Steady investments in grid resiliency • Science-based a
Slide 28: INTERNAL
Investor Update March 17 - 20, 2025 INTERNAL
Slide 29: Appendix
Appendix INTERNAL
Slide 30: How Electricity is Produced
How Electricity is Produced CECONY and O&R fuel mix is allocated by New York Independent System Operator * To achieve state clean energy goals of 100% zero- Wind, 1.8% Solar, 1.0% emission electricity by 2040, there needs to be a Other, 1.4% Oil, 0.3% fundamental change in how energy is produced and
Slide 31: Con Edison Environmental, Social & Governance Resources
Con Edison Environmental, Social & Governance Resources • Policy Statement on Environmental Justice • 2023 Disadvantaged Communities Report • CECONY Climate Change Vulnerability Study and Climate Change Resilience and Adaptation Plan • O&R Climate Change Vulnerability Study and Climate Change Resili