Consolidated Edison, Inc. · NYSE:ED
Consolidated Edison — 2021 EEI Financial Conference
18 slides from Consolidated Edison's conference presentation, November 2021
Slide 1: 2021 EEI Finance Conference Company Update
2021 EEI Finance Conference Company Update November 7-9, 2021
Slide 2: Available Information; Forward-Looking Statements; Non-GAAP Financial Measures
Available Information On November 4, 2021, Consolidated Edison, Inc. issued a press release reporting its third quarter 2021 earnings and filed with the Securities and Exchange Commission the company’s third quarter 2021 Form 10-Q. This presentation should be read together with, and is qualified in
Slide 3: Organizational Structure
Organizational Structure Market Cap(a): $25.7 billion Ratings(b): Baa2 / BBB+ / BBB+ Outlook(b): Stable / Negative / Negative Utilities Clean Energy Transmission Con Edison Con Edison Transmission, Consolidated Inc. Orange and Clean Energy Edison (Con Edison Rockland Businesses, Inc. Transmission or
Slide 4: Summary of O&R New York Electric & Gas Joint Proposal
Summary of O&R New York Electric & Gas Joint Proposal In October 2021, O&R, New York, New York State Department of Public Service (NYSDPS) staff and other parties entered into a Joint Proposal, which is subject to New York State Public Service Commission (NYSPSC) approval, for electric and gas deliv
Slide 5: Summary of O&R Electric & Gas Joint Proposal
Summary of O&R Electric & Gas Joint Proposal • Electric and gas capital investment of $450 million and $220 million over three years, respectively • Base rate increases levelized for electric and gas at $11.7 million and $4.4 million each RY, respectively • Covid-19 related provisions – Recovery of
Slide 6: The Pillars of our Expanded Clean Energy Commitment
The 5 Pillars of our Expanded Clean Energy Commitment We will take a leadership role in the delivery of a clean energy future for our customers by investing in, building, and operating reliable, resilient, and innovative energy infrastructure, advancing electrification of heating and transportation,
Slide 7: Clean Energy Future Offers Opportunities Across Business Lines
Clean Energy Future Offers Opportunities Across Business Lines Smart Meter: $1.4B install CECONY Reliable Clean City: 5.3 million by 2022 $780M to begin construction in 2022 Distribution Transmission Energy Efficiency: $1.5B CECONY Phase II Proposal: 8 investment by 2025 projects estimated to cost $
Slide 8: Financing Capital Expenditures & Bridging Regulatory Cost Recovery
Financing Capital Expenditures & Bridging Regulatory Cost Recovery Implications for future financing plans will be updated in February 2022 2021E – 2023E CapEx ~$12.7 billion $0.2 billion of additional “green” spending in regulatory assets ~33% Green • Energy efficiency $4.2 billion • Demand managem
Slide 9: Helping Our Nation Toward Net-Zero Carbon
CEBs: Helping Our Nation Toward Net-Zero Carbon Second-largest owner/operator of solar electric production projects in North America Renewable electric production projects in operation and in construction in 20 states Copper Mountain Solar - Located in Nevada Renewable Generating Capacity Utility-Sc
Slide 10: Applying Our Expertise in Battery Storage
CEBs: Applying Our Expertise in Battery Storage Battery storage is a leading market opportunity for CEBs • Battery storage is a fast-growing market opportunity and integral to continued growth of the renewables market • 2018 acquisition brought an experienced battery team and intellectual property f
Slide 11: Abundant Opportunities Offer Long-Term Growth
CEBs: Abundant Opportunities Offer Long-Term Growth Future earnings growth is supported by a 4 GW pipeline, providing portfolio expansion and develop/transfer options Utility-Scale Project Development Pipeline • Our strong pipeline of solar, 2500 wind, and battery storage projects supports value 200
Slide 12: More Than a Decade of Developing Clean Energy Resources
CEBs: More Than a Decade of Developing Clean Energy Resources CEBs have a team with deep experience in project development and operations • We have grown our business through a 10-Year CAGR (2011-2021) - Markets* 42% ; CEBs 59% disciplined approach to market expansion CEBs Total Owned Renewable Asse
Slide 13: Clean Energy Expertise
CEBs: Clean Energy Expertise Majority of MW in owned portfolio internally developed by team at CEBs Generating Assets Capacity (MW AC) Developed PJM Assets 73 New England Assets 24 California Solar 110 Mesquite Solar 1 165 ✓ Copper Mountain Solar 2 150 ✓ Copper Mountain Solar 3 255 ✓ California Sola
Slide 14: Track Record of Earnings Growth
CEBs: Track Record of Earnings Growth Net income and EBITDA have grown over the past 5 years Adjusted Earnings Before Interest, Taxes, Adjusted Net Income (Non-GAAP) Depreciation and Amortization (Adjusted 140 EBITDA Non-GAAP) 119 600 120 99 484 500 462 100 YTD (9/30/20) 424 77 97 400 YTD (9/30/20)
Slide 15: Providing Shareholders with Steady Dividend Growth
Providing Shareholders with Steady Dividend Growth • Longest continuously-listed company on the NYSE • S&P 500 Dividend Aristocrat • 47 consecutive years of increasing dividends, longest of any utility in S&P 500 • Target dividend payout ratio of 60-70% 5-year CAGR (2017-2021) $4 5-year CAGR (2012-2
Slide 16: Appendix
Appendix G conEdison, inc.
Slide 17: CEBs: 2020 Financial Statements
CEBs: 2020 Financial Statements Balance Sheet – As of December 31, 2020 Statement of Cash Flows – Year Ended ($ in millions) CEBs December 31, 2020 ASSETS Current assets $485 ($ in millions) CEBs Investments — Net cash flows from/(used in) operating activities $887 Net plant 4,515 Net cash flows fro
Slide 18: CEBs Net Income Reconciliation to Adjusted Net Income and EBITDA
CEBs Net Income Reconciliation to Adjusted Net Income (Non- GAAP) and EBITDA (Non-GAAP) (in $ Millions) YTD Full Year 9/30/2021 9/30/2020 2020 2019 2018 2017 Net Income Per GAAP (10K) 223 8 $ 24 $ (18) $ 145 $ 332 Mark-to-market gain (loss) 20 (60) (43) (21) (6) 1 Tax Cuts and Jobs Act gain 269 HLBV