Consolidated Edison last week reported third-quarter net income of $493 million ($1.47/share), about 4% higher than the same period in 2019, even as total revenue slipped because of the COVID-19 pandemic.

The company brought in $3.33 billion for the quarter, down about 1% from last year off of lower gas and steam revenues to its primary New York City utility, Consolidated Edison Company of New York (CECONY). The “lower non-weather-related steam net revenues due to lower usage by customers” impacted earnings by about $6 million, Con Ed said.

However, CECONY residential electric delivery volume and revenue were up 11% and 8%, respectively, from March 16 to Oct. 31 compared to the same period last year. This helped offset lower commercial and industrial delivery (17%) and revenue (14%) during the same period. Between CECONY and Con Ed’s other utility subsidiary, Orange and Rockland Utilities (O&R), the company brought in $2.77 billion in electricity revenue, up by less than 1% from last year.

When the pandemic-related shutdowns began in March, Con Ed suspended service disconnections, certain collection notices, and new late payment charges, among other fees and collection activities, for all customers. For the nine months ending Sept. 30, the company estimates foregone revenues of approximately $44 million and $2 million for CECONY and O&R, respectively.

Con Ed narrowed its earnings guidance for the year to $4.15 to $4.30/share, with the upper bound sliding by 5 cents, which the company attributed to “revised expectations due to the effect of the COVID-19 pandemic on the utilities.”

More than 8,000 of its employees continue to work from home or remotely, the company said.