Consolidated Edison Inc (ED)

Business Description

Consolidated Edison, Inc. (Con Edison) is one of the largest investor-owned energy delivery companies in the United States, with approximately $15 billion in annual revenues for the year ending 2023 and $69 billion in assets as of September 30, 2024 . The company operates primarily through its subsidiaries, providing regulated electric, gas, and steam services . Con Edison's main business activities include energy delivery and transmission, with a significant portion of its revenue generated from electric operations . The company sells energy services through its subsidiaries, focusing on electric, gas, and steam services .

Consolidated Edison Company of New York, Inc. (CECONY) - Provides regulated electric, gas, and steam services, contributing significantly to the company's overall revenue.
Orange and Rockland Utilities, Inc. (O&R) - Offers regulated electric and gas services in southeastern New York and northern New Jersey.
Con Edison Transmission, Inc. - Focuses on electric transmission projects and manages both electric and gas assets, with a minimal revenue contribution compared to the utility segments.

Key Metrics

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Executive Team

Name	Position	Start Date	Short Bio
Timothy P. Cawley	President and Chief Executive Officer of Consolidated Edison, Inc.	December 29, 2020	Timothy P. Cawley has been serving as the President and Chief Executive Officer of Consolidated Edison, Inc. and the Chief Executive Officer of Con Edison of New York since December 29, 2020. He joined Con Edison of New York in July 1987 .
Robert Hoglund	Senior Vice President and Chief Financial Officer	May 15, 2023	Robert Hoglund serves as the Senior Vice President and Chief Financial Officer of Consolidated Edison, Inc. and Con Edison of New York. He has been in this role since at least May 15, 2023 .
Matthew Ketschke	President of Con Edison of New York	January 1, 2021	Matthew Ketschke is the President of Con Edison of New York. He was promoted to this position effective January 1, 2021. Previously, he served as Senior Vice President, Customer Energy Solutions at Con Edison of New York .
Deneen L. Donnley	Senior Vice President and General Counsel	N/A	Deneen L. Donnley serves as the Senior Vice President and General Counsel of Consolidated Edison, Inc. and Con Edison of New York. However, the documents do not provide specific information regarding her start date in this role.
Robert Sanchez	President and Chief Executive Officer of Orange & Rockland (until April 1, 2024)	Until April 1, 2024	Robert Sanchez served as the President and Chief Executive Officer of Orange & Rockland until April 1, 2024. Following this role, he became the President of Shared Services at Con Edison of New York .

Auditor

Name	Start Date	End Date	Reason for Change
PricewaterhouseCoopers LLP	1938	Present	Current auditor

Latest news

Recent developments and announcements about ED.

Financial Actions

Debt Issuance

Nov 25, 2024, 2:09 PM

Alert: Creation of a Direct Financial Obligation by Consolidated Edison Company of New York, Inc. (CECONY)

On November 25, 2024, CECONY entered into a $700 million 364-Day Senior Unsecured Delayed Draw Term Loan Credit Agreement. This agreement involves CECONY as the borrower, with U.S. Bank National Association acting as the Administrative Agent, and U.S. Bank National Association and PNC Capital Markets LLC as Joint Lead Arrangers and Bookrunners. On the same day, CECONY borrowed $500 million under this agreement, with the proceeds intended for general corporate purposes.

Potential Effects on Financial Health:

Balance Sheet Impact: The borrowing increases CECONY's liabilities, which could affect its debt ratios and leverage.
Financial Health: The agreement includes covenants such as maintaining a consolidated debt to consolidated total capital ratio not exceeding 0.65 to 1. Exceeding this ratio or other conditions like having liens exceeding 10% of consolidated net tangible assets could trigger events of default, potentially impacting CECONY's financial stability.

Additional Borrowing Capacity: The agreement allows for additional loans up to $200 million, subject to certain conditions, until February 23, 2025. These conditions include no events of default and are not contingent on maintaining specific credit ratings.

Events of Default: These include exceeding the debt ratio, having excessive liens, or failing to meet material financial obligations exceeding $150 million, among others. Such events could lead to the termination of lender commitments and acceleration of loan repayment .