Consolidated Edison claimed solid progress and reported solid results as it released its 2024 financials Feb. 20. It also said it’s gearing up for $38 billion in capital investments through 2029. 

Clean energy progress was noted for 2024, with more than 352,000 customers assisted via energy-efficiency programs; 27,237 customers enrolled in the residential management EV charging program; and 14,868 heat pump installations supported. 

Reliability in a system that largely is underground was outstanding, with the average number of service interruptions per customer in 2024 almost 90% lower than the state and national averages. 

And Con Edison said it maintained a lower-than-average cost for its electric customers as compared with its peer average, both in total cost and percentage of median household income. 

Con Edison serves New York City and adjoining Westchester County. Its subsidiary Orange & Rockland Utilities serves parts of two nearby counties in New York and a small area in northern New Jersey. 

For 2024, Con Edison reported GAAP net income of $1.82 billion, or $5.26 per share. This compares with $2.52 billion and $7.25 in 2023. 

But 2023 earnings were inflated by the $6.8 billion sale of Con Edison Clean Energy Businesses. 

Adjusted (non-GAAP) earnings were $1.87 billion or $5.40 per share in 2024, compared with $1.76 billion and $5.07 in 2023. 

The company expects adjusted earnings per share of $5.50 to $5.70 per share in 2025. 

Con Edison declared itself a “Dividend Aristocrat and King” in its earnings presentation, noting that 2024 was its 51st consecutive year of dividend increases, with a compound annual growth rate of 5.59% thanks to its focus on long-term shareholder value. 

Statements and numbers such as these seem likely to increase friction between the utility and the public officials and advocates representing ratepayers. 

Con Edison on Jan. 31 proposed a rate case to the New York Public Service Commission that would entail average bill increases of 11.4% for electric customers and 13.3% for gas customers. 

Gov. Kathy Hochul (D) on Feb. 11 called for the PSC to reject the proposed rate hikes and directed it to perform an audit of management compensation at Con Edison and other utilities statewide. 

In another PSC filing, Con Edison reported that it ended 2024 with 496,007 residential customers in arrears more than 60 days for a total of $948.4 million, plus $539.1 million for 68,513 non-residential customers. 

The 2024 presentation indicates that 466,000 customers of Con Edison and its subsidiary Orange & Rockland — about 14% of the total customer base — receive public assistance and about 14% of Con Edison’s customers are enrolled in the Energy Affordability Program. 

CEO Tim Cawley said in a news release: 

“We are optimistic about growth and are well positioned to continue to meet demand to power the electrification of buildings and transportation throughout our service territory with increased capital investments in grid infrastructure. This was underpinned by big wins last year, such as breaking ground and progressing construction of key substations and advancing a pair of new transmission lines under our Reliable Clean City program. We anticipate demand for electrification to grow steadily in 2025, driven by an increase in new construction downstate combined with policymaker’s requirements for clean heat in new commercial and residential buildings.”