By Michael Kuser

Consolidated Edison’s second-quarter earnings fell by 19% to $152 million ($0.46/share) compared to the same period last year, despite an increase in revenue.

The utility’s adjusted earnings for the quarter were $189 million, excluding mark-to-market impacts and tax equity investments of its Clean Energy Businesses.

Con Ed brought in $2.744 billion for the quarter, a 1.8% increase over the $2.696 billion last year. But the increase was tempered by a 0.7% increase in expenses, as depreciation and amortization, operations and maintenance, and tax expenses all increased.

The company reaffirmed its previous $4.25 to $4.45/share forecast of adjusted earnings — even as it prepares to pay a $5 million “negative revenue adjustment” in the third quarter as a result of the July 13 Manhattan blackout under the reliability performance provisions of its electric rate plan. Attributed to failed relay systems, the blackout affected about 72,000 customers on the West Side of the island. The event prompted New York Gov. Andrew Cuomo to question the future of Con Ed’s license to provide electric service to the city. (See Con Ed: Failed Relay Protections Caused NYC Blackout.)

A heat wave over the following weekend kept the utility on the hot seat after power outages hit 50,000 customers in New York City and Westchester County on July 21. The utility also cut service to 30,000 customers in Brooklyn that day to prevent equipment damage. The combined outages led New York Mayor Bill de Blasio to join Cuomo in pondering a future without Con Ed. (See High Temps Put Con Ed on the Hot Seat Again.)

The New York Public Service Commission and the Northeast Power Coordinating Council are investigating the July 13 event, and the PSC is also investigating the other outages last month. The company said it is unable to estimate the amount or range of possible additional losses related to the other outages.

“Our commitment to serving our customers remains paramount, and we regret the distress experienced by those impacted by recent power outages,” CEO John McAvoy said in a statement announcing the earnings.