Consolidated Edison’s third-quarter earnings fell 8% to $457 million ($1.48/share), a drop the company attributed to changes in its rate plan and regulatory charges, as well as the impact of weather on steam revenues. The new rate plan includes changes in the timing of recognition of annual revenues between quarters.

“This is an exciting time in the energy industry,” CEO John McAvoy said during a Nov. 2 earnings call. “We’re incorporating renewables into the grid at an increasing rate, we’re using data analytics to provide customers with more information about the way they’re using energy and how they can save, and we’re working on programs to increase electric vehicle use and access to charging stations. At the same time, our $1 billion storm hardening program after Superstorm Sandy has made our system more reliable than ever five years later, having already prevented 250,000 power outages due to our investments.”

The company updated its guidance on adjusted earnings per share for 2017 slightly to $4.05 to $4.15/share. The previous range was $4 to $4.15/share.

Con Ed also said it is unable to estimate the amount or range of possible costs related to an April 21 subway power outage in New York City.

After investigating the outage, the New York Public Service Commission in August issued an emergency order requiring the company to inspect electrical equipment serving the Metropolitan Transportation Authority’s system, analyze power supply and power quality events affecting subway signaling services, provide new monitoring and other equipment, and file monthly reports with the commission on all activities related to the subway system. The commission last month approved another order extending the subway outage oversight beyond its original 90-day limit but has not yet issued the second order.

— Michael Kuser