Consolidated Edison on Thursday reported first-quarter net income of $419 million ($1.23/share), up nearly 12% from $375 million ($1.13/share) a year ago.
The company said its total allowances for uncollectible customer accounts, mostly related to the COVID-19 pandemic, increased from $146.7 million at year-end to nearly $181 million as of March 31. In April the company filed a petition with the New York Public Service Commission to establish a surcharge recovery mechanism for $52 million of late payment charges and fees last year, offset for related savings, as well as a similar mechanism for any fee deferrals for 2021 and 2022.
Meanwhile, state limits on nitrous oxide emissions during the summer ozone season will require 1,400 MW of fossil-fueled generating units in Consolidated Edison Company of New York’s (CECONY) service territory to cease operation during the summer, install emission controls, repower or retire by 2025. Last month the PSC approved Con Ed’s petition to recover nearly $800 million of costs to construct three transmission projects to solve the local reliability needs. (See NYPSC OKs $800 Million Tx Cost Recovery for Con Ed.)
Con Ed reported its Clean Energy Businesses units have 3,240 MW of utility-scale renewable energy production projects in service (2,809 MW) or in construction (431 MW) and 66 MW of behind-the-meter renewable energy production projects in service or in construction.
“Con Edison is leading the way to a clean energy future with its investments in renewable energy, electric vehicle infrastructure, and energy efficiency,” CEO Timothy Cawley said in a statement. “Delivering energy safely and reliably is always a top priority, and our workforce continues to provide value for shareholders and all New Yorkers during this challenging time.”
Con Ed owns, through subsidiaries, a 50% interest in Stagecoach Gas Services, a joint venture that owns and operates an existing gas pipeline and storage business located in northeastern Pennsylvania and the southern tier of New York.
In the process of reducing its stake in Stagecoach, a goodwill impairment test resulted in the joint venture recording a charge of $343 million as of March 31, leading Con Ed to record a pre-tax loss of $172 million.