Consolidated Edison Business Summary

Consolidated Edison Inc. (Con Edison) operates as a regulated utility holding company, generating the vast majority of its revenue through the delivery of electricity, natural gas, and steam to approximately 3.7 million customers in New York City and Westchester County. The company’s business model is centered on a regulated rate-of-return framework, where revenue is derived from infrastructure investments and service delivery overseen by the New York State Public Service Commission. Its operations are divided into three primary segments: Consolidated Edison Company of New York (CECONY), which manages the world’s largest district steam system alongside electric and gas services; Orange and Rockland Utilities (O&R), serving southeastern New York and northern New Jersey; and Con Edison Transmission, which invests in interstate electric and gas infrastructure. Con Edison competes for capital and regional infrastructure projects against major utility peers such as Public Service Enterprise Group (PSEG), National Grid, and Eversource Energy. It maintains a dominant market position as the sole provider of energy services to the nation’s most densely populated urban center, currently pivoting its long-term strategy toward grid modernization and the electrification of heating systems to meet New York’s aggressive 2050 net-zero mandates. The company traces its lineage to the 1823 founding of the New York Gas Light Company, later consolidating with several rivals in 1884 to form the modern entity. The current leadership team is led by Chairman and CEO Timothy P. Cawley, a 30-year veteran of the firm who previously served as President of CECONY. He is supported by Senior Vice President and CFO Kirkland B. Andrews, who joined in 2024 with extensive experience in utility finance from previous roles at Evergy and NRG Energy, and Matthew Ketschke, who serves as President of CECONY. The company’s strategic direction is further guided by a Board of Directors that includes notable figures such as Lead Independent Director Michael Ranger, a former senior executive at PSEG, and William J. Mulrow, a Senior Managing Director at Blackstone. Recent board additions, such as Brendan Cavanagh, emphasize a focus on operational safety and environmental sustainability as the firm executes a $72 billion ten-year capital investment plan focused on climate resilience.