UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 1, 2025
(Exact name of registrant as specified in its charter)
| (State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||||||||
| (Address of principal executive offices) | (Zip Code) | |||||||||||||
Registrant’s telephone number, including area code: (212 ) 460-4600
(Exact name of registrant as specified in its charter)
| (State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||||||||
| (Address of principal executive offices) | (Zip Code) | |||||||||||||
Registrant’s telephone number, including area code: (212 ) 460-4600
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
Securities Registered Pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||||||||
| Consolidated Edison, Inc., | ED | New York Stock Exchange | ||||||||||||
| Common Shares ($.10 par value) | ||||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
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| Item 2.02 | Results of Operations and Financial Condition. | ||||
On May 1, 2025, Consolidated Edison, Inc. is issuing a press release and an earnings release presentation regarding, among other things, its results of operations for the three months ended March 31, 2025. The press release and the earnings release presentation are “furnished” as exhibits to this report pursuant to Item 2.02 of Form 8-K.
| Item 9.01 | Financial Statements and Exhibits. | ||||
(d) Exhibits
| Press release, dated May 1, 2025, furnished pursuant to Item 2.02 of Form 8-K. | ||||||||
| Earnings release presentation, dated May 1, 2025, furnished pursuant to Item 2.02 of Form 8-K. | ||||||||
| Exhibit 104 | Cover Page Interactive Data File - The cover page iXBRL tags are embedded within the inline XBRL document | |||||||
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, each registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| CONSOLIDATED EDISON, INC. | ||||||||
| CONSOLIDATED EDISON COMPANY OF NEW YORK, INC. | ||||||||
| By | /s/ Joseph Miller | |||||||
| Joseph Miller | ||||||||
Vice President, Controller and Chief Accounting Officer | ||||||||
Date: May 1, 2025
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Exhibit 99.1
 | Media Relations | Consolidated Edison, Inc. | ||||||
| 212 460 4111 (24 hours) | 4 Irving Place | |||||||
| New York, NY 10003 | ||||||||
| www.conEdison.com | ||||||||
| FOR IMMEDIATE RELEASE | Contact: Allan Drury | |||||||||||||||||||
| May 1, 2025 | 212-460-4111 | |||||||||||||||||||
CON EDISON REPORTS 2025 FIRST QUARTER EARNINGS
NEW YORK - Consolidated Edison, Inc. (Con Edison) (NYSE: ED) today reported 2025 first quarter net income for common stock of $791 million or $2.26 a share compared with $720 million or $2.08 a share in the 2024 first quarter. Adjusted earnings (non-GAAP) were $792 million or $2.26 a share in the 2025 period compared with $742 million or $2.15 a share in the 2024 period. Adjusted earnings and adjusted earnings per share in the 2025 period excludes accretion of the basis difference of Con Edison's equity investment in Mountain Valley Pipeline, LLC (MVP) and the effects of hypothetical liquidation at book value (HLBV) accounting for tax equity investments. Adjusted earnings and adjusted earnings per share in the 2024 period exclude adjustments to the gain and other impacts related to the sale of all of the stock of its former subsidiary, Con Edison Clean Energy Businesses, Inc. (the Clean Energy Businesses) in 2023.
“We continue to deliver results through strong execution of our strategy, with robust investments in infrastructure to maintain our world-class reliability and support the clean energy transition,” said Tim Cawley, chairman and CEO of Con Edison. “Our ongoing investments focus on grid security, resiliency, and the growing demand for energy as our customers will increasingly rely on electricity for heating and transportation. We anticipate steady growth through the year and long term, and project nearly $72 billion in capital investments over the next 10 years helping ensure we continue to deliver for our customers while providing strong and stable returns for our investors.”
“Our first quarter financial results provide a solid foundation for 2025,” said Kirk Andrews, senior vice president and CFO. “The issuance of over $1.3 billion in new common equity during the quarter, which included the settlement of the equity forward we initiated late last year, satisfies our anticipated equity needs for 2025 and allows us to focus on delivering our operational and remaining financial objectives over the balance of the year.”
For the year of 2025, Con Edison reaffirmed its previous forecast of adjusted earnings per share to be in the range of $5.50 to $5.70 per share. Adjusted earnings per share excludes accretion of the basis difference of Con Edison's equity investment in MVP (approximately $(0.03) a share after-tax), HLBV accounting for tax equity investments, adjustments to the gain and other impacts related to the sale of all of the stock of the Clean Energy Businesses in 2023 and impacts resulting from the evaluation of strategic alternatives with respect to MVP and Honeoye Storage Corporation (Honeoye), the amounts of which, if any, will not be determinable until year-end. Accordingly, the company is unable to provide equivalent measures determined in accordance with generally accepted accounting principles in the United States of America (GAAP).
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| CON EDISON REPORTS 2025 FIRST QUARTER EARNINGS | page 2 | |||||||||||||
See Attachment A to this press release for a reconciliation of Con Edison’s reported earnings per share to adjusted earnings per share and reported net income for common stock to adjusted earnings for the three months ended March 31, 2025 and 2024. See Attachment B for the estimated effect of major factors resulting in variations in earnings per share and net income for common stock for the three months ended March 31, 2025 compared to the 2024 period.
The company's 2025 First Quarter Form 10-Q is being filed with the Securities and Exchange Commission. A first quarter 2025 earnings release presentation will be available at www.conedison.com. (Select "For Investors" and then select "Press Releases.")
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| CON EDISON REPORTS 2025 FIRST QUARTER EARNINGS | page 3 | |||||||||||||
This press release contains forward-looking statements that are intended to qualify for the safe-harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are statements of future expectations and not facts. Words such as “forecasts,” “expects,” “estimates,” “anticipates,” “intends,” “believes,” “plans,” “will,” “target,” “guidance,” “potential,” “goal,” “consider” and similar expressions identify forward-looking statements. The forward-looking statements reflect information available and assumptions at the time the statements are made, and accordingly speak only as of that time.
Actual results or developments might differ materially from those included in the forward-looking statements because of various factors such as those identified in reports Con Edison has filed with the Securities and Exchange Commission, including that Con Edison's subsidiaries are extensively regulated and may be subject to substantial penalties; its utility subsidiaries' rate plans may not provide a reasonable return; it may be adversely affected by changes to the utility subsidiaries' rate plans; the failure of, or damage to, its subsidiaries' facilities could adversely affect it; a cyber-attack could adversely affect it; the failure of processes and systems, the failure to retain and attract employees and contractors, and their negative performance could adversely affect it; it is exposed to risks from the environmental consequences of its subsidiaries' operations, including increased costs related to climate change; its ability to pay dividends or interest depends on dividends from its subsidiaries; changes to tax laws could adversely affect it; it requires access to capital markets to satisfy funding requirements; a disruption in the wholesale energy markets, increased commodity costs or failure by an energy supplier or customer could adversely affect it; it faces risks related to health epidemics and other outbreaks; its strategies may not be effective to address changes in the external business environment; it faces risks related to supply chain disruptions, inflation and the imposition of tariffs; and it also faces other risks that are beyond its control. This list of factors is not all-inclusive because it is not possible to predict all factors that could cause actual results or developments to differ from the forward-looking statements. Con Edison assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
This press release also contains financial measures, adjusted earnings and adjusted earnings per share, that are not determined in accordance with GAAP. These non-GAAP financial measures should not be considered as an alternative to net income for common stock or net income per share, respectively, each of which is an indicator of financial performance determined in accordance with GAAP. Adjusted earnings and adjusted earnings per share exclude from net income for common stock and net income per share, respectively, certain items that Con Edison does not consider indicative of its ongoing financial performance such as adjustments to the gain and other impacts related to the sale of all of the stock of its former subsidiary, the Clean Energy Businesses, in 2023, the effects of HLBV accounting for tax equity investments and accretion of the basis difference of Con Edison's equity investment in MVP. Management uses these non-GAAP financial measures to facilitate the analysis of Con Edison's financial performance as compared to its internal budgets and previous financial results and to communicate to investors and others Con Edison's expectations regarding its future earnings and dividends on its common stock. Management believes that these non-GAAP financial measures are also useful and meaningful to investors to facilitate their analysis of Con Edison's financial performance.
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| CON EDISON REPORTS 2025 FIRST QUARTER EARNINGS | page 4 | |||||||||||||
Consolidated Edison, Inc. is one of the nation's largest investor-owned energy-delivery companies, with approximately $15 billion in annual revenues for the year-ended December 31, 2024 and $71 billion in assets as of March 31, 2025. The company provides a wide range of energy-related products and services to its customers through the following subsidiaries: Consolidated Edison Company of New York, Inc. (CECONY), a regulated utility providing electric service in New York City and New York’s Westchester County, gas service in Manhattan, the Bronx, parts of Queens and parts of Westchester, and steam service in Manhattan; Orange and Rockland Utilities, Inc. (O&R), a regulated utility serving customers in a 1,300-square-mile area in southeastern New York State and northern New Jersey; and Con Edison Transmission, Inc., which falls primarily under the oversight of the Federal Energy Regulatory Commission, invests in electric transmission projects and manages, through joint ventures, both electric and gas assets while seeking to develop electric transmission projects.
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Attachment A
| For the Three Months Ended | ||||||||||||||
| March 31, | ||||||||||||||
| Earnings per Share | Net Income for Common Stock (Millions of Dollars) | |||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||
Reported earnings per share (basic) and net income for common stock (GAAP basis) | $2.26 | $2.08 | $791 | $720 | ||||||||||
Loss (gain) and other impacts related to the sale of the Clean Energy Businesses (pre-tax) (a) | — | 0.09 | — | 30 | ||||||||||
| Income taxes (a)(b) | — | (0.02) | — | (8) | ||||||||||
| Loss (gain) and other impacts related to the sale of the Clean Energy Businesses (net of tax) | — | 0.07 | — | 22 | ||||||||||
| Accretion of the basis difference of Con Edison's equity investment in MVP | (0.01) | — | (3) | — | ||||||||||
| Income taxes (c) | — | — | 1 | — | ||||||||||
| Accretion of the basis difference of Con Edison's equity investment in MVP (net of tax) | (0.01) | — | (2) | — | ||||||||||
| HLBV effects (pre-tax) | 0.01 | — | 4 | — | ||||||||||
| Income taxes (d) | — | — | (1) | — | ||||||||||
| HLBV effects (net of tax) | 0.01 | — | 3 | — | ||||||||||
| Adjusted earnings per share and adjusted earnings (non-GAAP basis) | $2.26 | $2.15 | $792 | $742 | ||||||||||
(a)On March 1, 2023, Con Edison completed the sale of all of the stock of the Clean Energy Businesses. The loss (gain) and other impacts related to the sale of all of the stock of the Clean Energy Businesses were adjusted during the three months ended March 31, 2024 ($0.09 a share and $0.07 a share net of tax or $30 million and $22 million net of tax) to reflect closing adjustments.
(b)The amount of income taxes for the adjustment on the gain on the sale of all of the stock of the Clean Energy Businesses had an effective tax rate of 28% for the three months ended March 31, 2024.
(c)The amount of income taxes was calculated using a combined federal and state income tax rate of 21% for the three months ended March 31, 2025.
(d)The amount of income taxes was calculated using a combined federal and state income tax rate of 23% for the three months ended March 31, 2025.
Attachment B
| Variation for the Three Months Ended March 31, 2025 vs. 2024 | ||||||||
| Net Income for Common Stock (Net of Tax) (Millions of Dollars) | Earnings per Share | |||||||
| CECONY (a) | ||||||||
| Steam base rate increase | $26 | $0.07 | ||||||
| Higher electric rate base | 16 | 0.05 | ||||||
| Higher gas rate base | 12 | 0.03 | ||||||
| Higher income from allowance for funds used during construction | 6 | 0.02 | ||||||
| Lower electric, gas and steam operations and maintenance expense | 5 | 0.02 | ||||||
| Higher stock-based compensation | (15) | (0.04) | ||||||
| Dilutive effect of share issuance | — | (0.03) | ||||||
| Other | 1 | — | ||||||
| Total CECONY | 51 | 0.12 | ||||||
| O&R (a) | ||||||||
| Gas base rate increase | 6 | 0.02 | ||||||
| Electric base rate increase | 3 | 0.01 | ||||||
| Other | (1) | (0.01) | ||||||
| Total O&R | 8 | 0.02 | ||||||
| Con Edison Transmission | ||||||||
| Accretion of the basis difference of Con Edison's equity investment in MVP | 2 | 0.01 | ||||||
| Lower investment income primarily due to the recognition in 2024 of Con Edison's proportionate share of MVP's AFUDC income | (1) | — | ||||||
| Other | (2) | (0.01) | ||||||
| Total Con Edison Transmission | (1) | — | ||||||
| Other, including parent company expenses (b) | ||||||||
| Loss (gain) and other impacts related to the sale of the Clean Energy Businesses | 22 | 0.07 | ||||||
| HLBV effects | (3) | (0.01) | ||||||
| Other | (6) | (0.02) | ||||||
| Total Other, including parent company expenses | 13 | 0.04 | ||||||
| Total Reported (GAAP basis) | $71 | $0.18 | ||||||
| HLBV effects | 3 | 0.01 | ||||||
| Loss (gain) and other impacts related to the sale of the Clean Energy Businesses | (22) | (0.07) | ||||||
| Accretion of the basis difference of Con Edison's equity investment in MVP | (2) | (0.01) | ||||||
| Total Adjusted (Non-GAAP basis) | $50 | $0.11 | ||||||
a.Under the revenue decoupling mechanisms in the Utilities’ New York electric and gas rate plans, revenues are generally not affected by changes in delivery volumes from levels assumed when rates were approved. The Utilities' gas and CECONY’s steam sales are subject to a weather normalization clause, as a result of which, delivery revenues reflect normal weather conditions during the heating season. In general, the Utilities recover on a current basis the fuel, gas purchased for resale and purchased power costs they incur in supplying energy to their full-service customers. Accordingly, such costs do not generally affect Con Edison’s results of operations. b.Other includes the parent company, Con Edison's tax equity investments, consolidation adjustments and Broken Bow II, the deferred project that was classified as held for sale at December 31, 2024, the sale and transfer of which was completed in January 2025. | ||||||||
1st Quarter 2025 Earnings Release Presentation May 1, 2025
Available Information On May 1, 2025, Consolidated Edison, Inc. issued a press release reporting its first quarter 2025 earnings and filed with the Securities and Exchange Commission the company’s first quarter 2025 Form 10-Q. This presentation should be read together with, and is qualified in its entirety by reference to, the earnings press release and the Form 10-Q. Copies of the earnings press release and the Form 10-Q are available at: www.conedison.com/en/. (Select “For Investors” and then select “Press Releases” and “SEC Filings,” respectively.) Forward-Looking Statements This presentation contains forward-looking statements that are intended to qualify for the safe-harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are statements of future expectations and not facts. Words such as “forecasts,” “expects,” “estimates,” “anticipates,” “intends,” “believes,” “plans,” “will,” “target,” “guidance,” “potential,” “goal,” “consider” and similar expressions identify forward-looking statements. The forward-looking statements reflect information available and assumptions at the time the statements are made, and accordingly speak only as of that time. Actual results or developments might differ materially from those included in the forward-looking statements because of various factors such as those identified in reports Con Edison has filed with the Securities and Exchange Commission, including that Con Edison's subsidiaries are extensively regulated and may be subject to substantial penalties; its utility subsidiaries' rate plans may not provide a reasonable return; it may be adversely affected by changes to the utility subsidiaries' rate plans; the failure of, or damage to, its subsidiaries' facilities could adversely affect it; a cyber attack could adversely affect it; the failure of processes and systems, the failure to retain and attract employees and contractors, and their negative performance could adversely affect it; it is exposed to risks from the environmental consequences of its subsidiaries' operations, including increased costs related to climate change; its ability to pay dividends or interest depends on dividends from its subsidiaries; changes to tax laws could adversely affect it; it requires access to capital markets to satisfy funding requirements; a disruption in the wholesale energy markets, increased commodity costs or failure by an energy supplier or customer could adversely affect it; it faces risks related to health epidemics and other outbreaks; its strategies may not be effective to address changes in the external business environment; it faces risks related to supply chain disruptions, inflation and the imposition of tariffs; and it also faces other risks that are beyond its control. This list of factors is not all-inclusive because it is not possible to predict all factors that could cause actual results or developments to differ from the forward-looking statements. Con Edison assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Non-GAAP Financial Measures This presentation also contains financial measures, adjusted earnings and adjusted earnings per share (adjusted EPS), that are not determined in accordance with generally accepted accounting principles in the United States of America (GAAP). These non-GAAP financial measures should not be considered as an alternative to net income for common stock or net income per share, respectively, each of which is an indicator of financial performance determined in accordance with GAAP. Adjusted earnings and adjusted earnings per share exclude from net income for common stock and net income per share, respectively, certain items that Con Edison does not consider indicative of its ongoing financial performance such as adjustments to the gain and other impacts related to the sale of all of the stock of its former subsidiary, Con Edison Clean Energy Businesses, Inc. (the Clean Energy Businesses), in 2023, the effects of hypothetical liquidation at book value (HLBV) accounting for tax equity investments and accretion of the basis difference of Con Edison's equity investment in Mountain Valley Pipeline, LLC (MVP). Management uses these non-GAAP financial measures to facilitate the analysis of Con Edison's financial performance as compared to its internal budgets and previous financial results and to communicate to investors and others Con Edison's expectations regarding its future earnings and dividends on its common stock. Management believes that these non-GAAP financial measures are also useful and meaningful to investors to facilitate their analysis of Con Edison's financial performance. See slides 17, 21, 22 and 25 for a reconciliation of non-GAAP financial measures to their GAAP equivalent. For more information, contact: Jan Childress, Director, Investor Relations Caroline Elsasser, Section Manager, Investor Relations Allison Duignan, Sr. Analyst, Investor Relations Tel: 212-460-6611 Tel: 212-460-4431 Tel: 212-460-6912 Email: childressj@coned.com Email: elsasserc@coned.com Email: duignana@coned.com Investor Relations conEdison.com 2
3 Our Story Con Edison is focused on building and maintaining safe and reliable regulated energy infrastructure to support New York State's energy policy 3 • Pure play regulated business ◦ Revenue predictability in place for all New York energy services ◦ Transparent regulatory process in New York • Opportunities for infrastructure investments ◦ Approximately $38 billion in capital investments forecasted from 2025 - 2029 ◦ Forecasted 8.2% annual utility rate base growth target from 2025 - 2029 ◦ Growth financed through a simplified capital structure with no long-term holding company debt • Industry-leading safe and reliable service ◦ Nation-leading electric system reliability ◦ Incorporating science-based resilience into future build and design of our underground and overhead electric transmission and distribution systems ◦ Industry leaders in monitoring our gas system
1Q 2025 Financial Highlights $2.26 adjusted earnings per share (non- GAAP) / $2.26 earnings per share (GAAP) $5.50 - $5.70 (non-GAAP) Reaffirmed 2025 adjusted EPS guidance range Orange and Rockland Utilities, Inc. (O&R) joint proposal approved - 9.75% return on equity and 48% equity ratio Consolidated Edison Company of New York, Inc. (CECONY) filed for new electric and gas rates in January 2025, and filed an update in early April 2025 4 First quarter 2025 results reflect strong performance driven by increases in rate base and the steam rate plan We continue to deliver results and execute our strategy with robust investments in infrastructure to help us maintain our world-class reliability and support the clean energy transition
Regulatory Updates 5
6 Utility Regulation in New York State 6 • Revenue predictability ◦ Revenue decoupling mechanism in place for CECONY and O&R New York electric and gas ◦ Weather normalization clause in place for CECONY gas and steam and O&R New York gas • Formulaic approach to return on equity ◦ 2/3 Discounted Cash Flow Model ◦ 1/3 Capital Asset Pricing Model • Reduced regulatory lag ◦ Fully-forecasted rate year reflecting a historical test year ◦ Timely recovery of fuel and commodity costs ◦ True-ups (reconciliations) for major costs including pensions, environmental costs, property taxes, and variable rate debt
7 7 Summary of CECONY Electric & Gas Rate Filings Additional rate plan information: Rate Plan Information | Consolidated Edison, Inc. Electric Case number 25-E-0072 Gas Case number 25-G-0073 ($ in millions) Rate Change Average Rate Base Capital Investments Total Bill Impact Rate Change Average Rate Base Capital Investments Total Bill Impact Rate Year 1: 2026 $1,608 $34,249 $5,670 11% $349 $11,750 $1,268 11% Rate Year 2: 2027 937 37,183 5,855 6% 269 12,421 1,250 7% Rate Year 3: 2028 871 41,888 6,237 5% 174 13,055 1,235 4% Annual levelized rate increase $1,262 9% $293 9% In January 2025, CECONY submitted to the New York Public Service Commission (NYSPSC) rate cases in support of new electric and gas rates to become effective January 1, 2026; in April 2025, CECONY filed updates to the requests, keeping safety, reliability and our customers top of mind Summary ◦ True-up of costs of pension and other post employment benefits (OPEBs), environmental remediation, and storms (electric) ◦ Requesting full reconciliation of property taxes, municipal infrastructure support costs, uncollectibles, late payment charges, and long-term debt cost rate ◦ Requesting to reduce certain gas asset service lives by 5 years in alignment with the gas transition that is expected to result from Climate Leadership & Community Protection Act (CLCPA) implementation ◦ Continuing the revenue decoupling mechanism for electric and gas service ◦ Continuing provision for recovery of cost of purchased power, gas, and fuel ◦ Continuation of earning opportunities from Earnings Adjustment Mechanisms (EAMs) for meeting clean energy goals and other potential incentives Return on equity……………..10.00% Equity ratio……………………48% Proposed Return on Equity and Equity Ratio Proposed Rate Changes and Capital Investments
Additional rate plan information: Rate Plan Information | Consolidated Edison, Inc. CECONY Electric & Gas Rate Case Filing Comparison and Typical Timeline 8 Electric Gas ($ in millions) Case number 25-E-0072 Case number 25-G-0073 Rate Year 1: Jan 2026 - Dec 2026 Jan 2025 Filing Apr 2025 Update Jan 2025 Filing Apr 2025 Update New infrastructure investment $370 $411 $65 $58 Financing 210 190 74 65 Property taxes 434 436 64 38 Pension and OPEB 240 225 20 13 Operating expenses 360 322 100 91 Depreciation expense 136 125 96 89 Sales (57) (26) 24 7 Other (81) (75) (2) (12) Total Rate Increase (Decrease) $1,612 $1,608 $441 $349 Average Rate Base $33,750 $34,249 $11,830 $11,750 ROE 10.10% 10.00% 10.10% 10.00% Equity Ratio 48% 48% 48% 48% Jan 31, 2025 Apr 10, 2025 May 30, 2025 Jun 24, 2025 Jul 10, 2025 Aug 2025 Sep 2025 Oct 2025 Nov 2025 Dec 2025 Jan 2026 Filing with NYSPSC Company Update Staff/Intervenor Testimony Rebuttal Testimony Settlement Negotiations New Rates in Effect Joint Proposal Typical timeline for rate setting process: Evidentiary Hearings will begin if parties do not enter into settlement negotiations Initial Briefs Reply Briefs ALJ Recommended Decision Briefs on Exception Final Rate Decision
9 9 Breakdown of CECONY Electric and Gas 2023 - 2025 Current Case Capital Investment vs 2026 - 2028 Updated Rate Filing Requests (a) Common plant allocation is 83% for electric and 17% for gas. (b) Totals may differ slightly due to rounding. Additional rate plan information: Rate Plan Information | Consolidated Edison, Inc. The proposed electric and gas rate plans will support economic growth and development in New York City and Westchester County by investing more than $21 billion over three years.
$72 Billion Investment Identified in CECONY Integrated Long- Range Plan for Electric, Gas and Steam Services Source: Long Range Plans | Con Edison Over $66 billion of our investments over the next 10 years are in core service which supports safety and reliability • Core Service: Provide world-class safety, reliability, and security, while managing the customer rate impacts and equity challenges of the energy transition • Clean Energy: Support economy-wide net zero greenhouse gas emissions in our service territories by 2050 • Climate Resilience: Increase the resilience of our energy infrastructure to adapt to the impacts of severe weather events • Customer Engagement: Deliver an industry- leading customer experience throughout the energy transition $72 billion in investments from 2025 - 2034 10
Customer Affordability CECONY electric customer bills are lower than our proxy peer average on both a total bill and share of wallet basis 11 Source: S&P Market Intelligence, EIA. Three-year (2021 - 2023) average customer bills are annualized full-service residential bills. Share of wallet calculated as annual bill over median household income.
Supporting Low-income Customers Approximately 466,000 CECONY and O&R customers, or 14% of the customer base, receive public assistance 12 • Customers enrolled in CECONY and O&R's Energy Affordability Programs (EAP) receive bill discounts aimed at reducing energy burden to 6% of wallet • Customer outreach efforts encourage enrollment into the EAP • At the end of 2024, approximately 14% of residential customers across CECONY's and O&R's service territories were in the EAP • Over the course of 2024, the CECONY EAP provided $311 million in discounts to help make bills more affordable for our most vulnerable customers representing a 17% increase over 2023
INTERNAL O&R Electric & Gas Rate Plans Approved by NYSPSC Return on equity……………..9.75% Equity ratio……………………48% Rate Changes and Capital Investments Return on Equity and Equity Ratio Electric Case number 24-E-0060 Gas Case number 24-G-0061 ($ in millions) Rate Change(a) Average Rate Base Capital Investments Rate Change(a) Average Rate Base Capital Investments Rate Year 1: 2025 $(13) $1,293 $311 $4 $720 $121 Rate Year 2: 2026 25 1,393 349 18 791 127 Rate Year 3: 2027 44 1,646 315 16 863 110 Summary ◦ Electric and gas capital investment of $975 million and $358 million over three years, respectively ◦ True up of costs for pension and OPEBs, environmental remediation, major storms, and low-income bill credits ◦ Partial true-up of property taxes, uncollectibles, and late payment charges ◦ Continuation of decoupling of electric and gas revenues from electric and gas consumption ◦ Continuation of earnings opportunities from Earnings Adjustment Mechanisms (EAMs) and other positive incentives On March 20, 2025, the New York State Public Service Commission approved the November 2024 Joint Proposal for new electric and gas rate plans for the three-year period (January 2025 - December 2027) Additional rate plan information: Rate Plan Information | Consolidated Edison, Inc. 13 (a) The Joint Proposal recommends that the electric base rate changes will be implemented with no change in 2025 and annual increases of $17.7 million in each of 2026 and 2027. The Joint Proposal recommends that the gas base rate increase will be implemented with annual increases of $10.4 million in each of 2025, 2026 and 2027. .
NYSPSC & NYISO Proceedings and Developments 14 a. NYSPSC docket number 22-E-0633 b. NYSPSC docket number 23-G-0147 Gas System Long Term Plan • In January 2025, CECONY and O&R submitted a series of filings(b) required by the NYSPSC's September 2024 Gas Long Term Plan Order. The filings included proposals for gas demand response programs, non-pipe alternatives deployment plans, a Pipeline and Hazardous Materials Safety Administration pipe segment report, and supplemental report detailing benefits and impacts on disadvantaged communities. Climate Change Resilience Plans • In February 2025, CECONY and O&R filed(c) updated climate change resilience plans with the NYSPSC in compliance with an order that directed CECONY and O&R to re-submit their November 2023 plans to exclude proposed projects that the NYSPSC determined are not climate resilience investments. CECONY’s and O&R’s updated climate change resilience plans propose investments of $645.4 million and $184.1 million, respectively, between 2025 and 2029 to enhance the resilience of their electric systems against extreme weather events brought about by climate change. The total cost of CECONY’s and O&R’s climate resilience investments from 2025 through 2044 are currently projected to be $5,294 million and $900.4 million, respectively. These investments are subject to approval by the NYSPSC through the base rate case process. c. NYSPSC docket number 22-E-0222 d. NYSPSC docket number 25-M-0043 NYC Public Policy Transmission Need (PPTN) • In December 2024, the NYSPSC initiated a process to evaluate whether to continue, modify, or cancel the NYC PPTN. The NYISO has already conducted both the facility characterization analysis and viability and sufficiency assessment of the 28 submitted project proposals. The NYSPSC has the opportunity at any time prior to the NYISO's selection to modify or cancel the need. ◦ In response, CECONY, O&R, and CET submitted comments(a) in February 2025, supporting the continuation of the NYC PPTN process, highlighting the need to continue progress toward state goals for offshore wind generation. The NYSPSC is expected to decide whether to continue with the NYC PPTN in the spring of 2025. Concurrently, the NYISO will identify, evaluate, and report on the top-tier projects by Q2 2025 with the timeline for the NYISO Board selection of a project by Q2-Q3 2025. NYSPSC Operations Audit for NY State Utilities • In February 2025, the NYSPSC issued an order(d) directing the New York State Department of Public Service to conduct a state-wide audit on the design of New York state utilities' non-executive incentive compensation programs, including CECONY and O&R. The audit is expected to begin in June or July 2025 with a report due mid-2026. The NYSPSC periodically audits CECONY and O&R and their respective operations.
Strong Economic Performance 15
Dividend and Earnings Announcements • On April 17, 2025, the company declared a quarterly dividend of 85 cents a share on its common stock. • On May 1, 2025, the company issued a press release reaffirming its forecasted adjusted earnings per share for the year 2025 to be in the range of $5.50 to $5.70 a share.(a)(b) Reported EPS (GAAP) Adjusted EPS (Non-GAAP) $2.26 $2.08 $2.26 $2.15 2025 2024 2025 2024 1Q 2025 vs. 1Q 2024 a. Con Edison’s forecast of adjusted earnings per share for the year of 2025 excludes accretion of the basis difference of Con Edison's equity investment in MVP (approximately $(0.03) a share after-tax), HLBV accounting for tax equity investments, adjustments to the gain and other impacts related to the sale of all of the stock of the Clean Energy Businesses in 2023 and impacts resulting from the evaluation of strategic alternatives with respect to MVP and Honeoye Storage Corporation (Honeoye), the amounts of which, if any, will not be determinable until year-end. Accordingly, the company is unable to provide equivalent measures determined in accordance with generally accepted accounting principles in the United States of America (GAAP). b. Adjusted earnings and adjusted earnings per share in the 2025 period exclude accretion of the basis difference of Con Edison's equity investment in MVP and the effects of HLBV accounting for tax equity investments. Adjusted earnings and adjusted earnings per share in the 2024 period exclude adjustments to the gain and other impacts related to the sale of all of the stock of the Clean Energy Businesses in 2023. 16
1Q 2025 EPS to Adjusted EPS (non-GAAP) Reconciliation Earnings per Share Net Income for Common Stock ($ in Millions) 2025 2024 2025 2024 Reported EPS and Net Income for Common Stock – GAAP basis $2.26 $2.08 $791 $720 Loss (gain) and other impacts related to the sale of the Clean Energy Businesses (pre-tax) (a) — 0.09 — 30 Income taxes (b) — (0.02) — (8) Loss (gain) and other impacts related to the sale of the Clean Energy Businesses (net of tax) — 0.07 — 22 Accretion of the basis difference of Con Edison's equity investment in MVP (0.01) — (3) — Income taxes (c) — — 1 — Accretion of the basis difference of Con Edison's equity investment in MVP (net of tax) (0.01) — (2) — HLBV effects (pre-tax) 0.01 — 4 — Income taxes (d) — — (1) — HLBV effects (net of tax) 0.01 — 3 — Adjusted EPS and Adjusted Earnings – non-GAAP basis $2.26 $2.15 $792 $742 a. On March 1, 2023, Con Edison completed the sale of all of the stock of the Clean Energy Businesses. The loss (gain) and other impacts related to the sale of all of the stock of the Clean Energy Businesses were adjusted during the three months ended March 31, 2024 ($0.09 a share and $0.07 a share net of tax or $30 million and $22 million net of tax) to reflect closing adjustments. b. The amount of income taxes for the adjustment on the gain on the sale of the Clean Energy Businesses had an effective tax rate of 28% for the three months ended March 31, 2024. c. The amount of income taxes was calculated using a combined federal and state income tax rate of 21% for the three months ended March 31, 2025. d. The amount of income taxes was calculated using a combined federal and state income tax rate of 23% for the three months ended March 31, 2025. 17
Variance in Reported EPS (GAAP) Variance in Adjusted EPS (non-GAAP) 1Q 2024 Reported EPS CECONY O&R CET Other 1Q 2025 Reported EPS $2.08 $0.12 $0.02 $— $2.26 1Q 2024 Adjusted EPS CECONY O&R CET Other 1Q 2025 Adjusted EPS $2.15 $0.12 $0.02 $(0.02) $2.26 (a) (a) $(0.01) $0.04 a. Other includes the parent company, Con Edison's tax equity investments, consolidation adjustments and Broken Bow II, the deferred project that was classified as held for sale at December 31, 2024, the sale and transfer of which was completed in January 2025. Walk from 1Q 2024 EPS to 1Q 2025 EPS and 1Q 2024 Adjusted EPS (non-GAAP) to 1Q 2025 Adjusted EPS (non-GAAP) 18
EPS (GAAP Basis) Adjusted EPS (non-GAAP Basis) Steam base rate increase $0.07 $0.07 CECONY(a) Higher electric rate base 0.05 0.05 Higher gas rate base 0.03 0.03 Higher income from allowance for funds used during construction 0.02 0.02 Lower electric, gas and steam operations and maintenance expense 0.02 0.02 Higher stock-based compensation (0.04) (0.04) Dilutive effect of share issuance (0.03) (0.03) Total CECONY $0.12 $0.12 Gas base rate increase $0.02 $0.02 O&R(a)Electric base rate increase 0.01 0.01 Other (0.01) (0.01) Total O&R $0.02 $0.02 1Q 2025 vs. 1Q 2024 EPS and Adjusted EPS (non-GAAP) Variances – Three Months Ended Variation a. Under the revenue decoupling mechanisms in the Utilities’ New York electric and gas rate plans, revenues are generally not affected by changes in delivery volumes from levels assumed when rates were approved. The Utilities' gas and CECONY’s steam sales are subject to a weather normalization clause, as a result of which, delivery revenues reflect normal weather conditions during the heating season. In general, the Utilities recover on a current basis the fuel, gas purchased for resale and purchased power costs they incur in supplying energy to their full-service customers. Accordingly, such costs do not generally affect Con Edison’s results of operations. 19
EPS (GAAP Basis) Adjusted EPS (non-GAAP Basis) Accretion of the basis difference of Con Edison's equity investment in MVP $0.01 $— CETOther (0.01) (0.01) Total CET $— $(0.01) Gain and other impacts related to the sale of the Clean Energy Businesses $0.07 $— Other, including parent company expenses(a)HLBV effects (0.01) — Other (0.02) (0.02) Total Other $0.04 $(0.02) Total Variance $0.18 $0.11 1Q 2025 vs. 1Q 2024 EPS and Adjusted EPS (non-GAAP) Variances – Three Months Ended Variation 20 a. Other includes the parent company, Con Edison's tax equity investments, consolidation adjustments and Broken Bow II, the deferred project that was classified as held for sale at December 31, 2024, the sale and transfer of which was completed in January 2025.
1Q 2025 vs. 1Q 2024 EPS to Adjusted EPS (non-GAAP) Reconciliation by Company CECONY O&R CET Other(c) Total Reported EPS – GAAP basis $2.13 $0.13 $0.03 $(0.03) $2.26 HLBV effects (pre-tax) — — — 0.01 0.01 Income taxes (a) — — — — — HLBV effects (net of tax) — — — 0.01 0.01 Accretion of the basis difference of Con Edison's equity investment in MVP — — (0.01) — (0.01) Income taxes (b) — — — — — Accretion of the basis difference of Con Edison's equity investment in MVP (net of tax) — — (0.01) — (0.01) Adjusted EPS – non-GAAP basis $2.13 $0.13 $0.02 $(0.02) $2.26 Three Months Ended March 31, 2025 a. The amount of income taxes was calculated using a combined federal and state income tax rate of 23% for the three months ended March 31, 2025. b. The amount of income taxes was calculated using a combined federal and state income tax rate of 21% for the three months ended March 31, 2025. c. Other includes the parent company, Con Edison's tax adjustments, consolidation adjustments and Broken Bow II, the deferred project that was classified as held for sale at December 31, 2024, the sale and transfer of which was completed in January 2025. 21
1Q 2025 vs. 1Q 2024 EPS to Adjusted EPS (non-GAAP) Reconciliation by Company (Cont'd) CECONY O&R CET Other(b) Total Reported EPS – GAAP basis $2.01 $0.11 $0.03 $(0.07) $2.08 Loss (gain) on Sale of the Clean Energy Businesses (pre-tax) — — — 0.09 0.09 Income taxes(a) — — — (0.02) (0.02) Loss (gain) on Sale of the Clean Energy Businesses (net of tax) — — — 0.07 0.07 Adjusted EPS – non-GAAP basis $2.01 $0.11 $0.03 $— $2.15 Three Months Ended March 31, 2024 a. The amount of income taxes was calculated using a combined federal and state income tax rate of 28% for the three months ended March 31, 2024. b. Other includes the parent company, Con Edison's tax adjustments, consolidation adjustments and Broken Bow II, the deferred project that was classified as held for sale at December 31, 2024, the sale and transfer of which was completed in January 2025. 22
1Q 2025 Developments(a) Con Edison On March 1, 2023, Con Edison completed the sale of all of the stock of the Clean Energy Businesses. The sale included all assets, operations and projects of the Clean Energy Businesses with the exception of tax equity interests in three projects and one deferred project, Broken Bow II, a 75 MW nameplate capacity wind power project located in Nebraska. In January 2025, Con Edison completed the sale and transfer of Broken Bow II to RWE and the corresponding value of $54 million (net of assumed debt and other final adjustments) was paid to Con Edison. RWE Renewables Americas, LLC operated the facility on behalf of Con Edison until the sale and transfer to RWE pursuant to certain service agreements, for which the fees were not material. Following the sale and transfer of Broken Bow II in January 2025, Con Edison did not have any assets or liabilities recorded on a held-for-sale basis. (page 42) CECONY & O&R In March 2025, the NYSPSC approved the November 2024 Joint Proposal for O&R's new electric and gas rates. The Joint Proposal provides for an electric rate change of $(13.1) million, $24.8 million, and $44.1 million, effective January 1, 2025, 2026 and 2027, respectively. The rate changes will be implemented on a shaped basis, with no change for 2025, and annual increases of $17.7 million, effective January 1, 2026 and 2027. The Joint Proposal provides for gas rate increases of $3.6 million, $18 million and $16.5 million, effective January 1, 2025, 2026 and 2027, respectively. The rate increases will be implemented on a levelized basis, with annual increases of $10.4 million effective January 1, 2025, 2026 and 2027. (page 21) At March 31, 2025, CECONY’s and O&R’s customer accounts receivables balances of $3,232 million and $133 million, respectively, included aged accounts receivables (balances outstanding in excess of 60 days) of $1,513 million and $26 million, respectively. At December 31, 2024, CECONY’s and O&R’s customer accounts receivables balances of $2,947 million and $113 million, respectively, included aged accounts receivables (balances outstanding in excess of 60 days) of $1,652 million and $32 million, respectively. In comparison, CECONY’s and O&R’s customer accounts receivable balances at February 28, 2020 were $1,322 million and $89 million, respectively, including aged accounts receivables (balances outstanding in excess of 60 days) of $408 million and $15 million, respectively. (page 45) In April 2025, CECONY filed an update to its January 2025 request to the New York State Public Service Commission (NYSPSC) for an electric rate increase effective January 1, 2026. The company decreased its requested January 2026 rate increase by $3 million to $1,608 million, increased its illustrative January 2027 rate increase by $5 million to $937 million and decreased its illustrative January 2028 rate increase by $9 million to $871 million. The filing reflects a rate on common equity of 10 percent and a common equity ratio of 48 percent. (page 21) In April 2025, CECONY filed an update to its January 2025 request to the NYSPSC for a gas rate increase effective January 1, 2026. The company decreased its requested January 2026 rate increase by $91 million to $349 million, increased its illustrative January 2027 rate increase by $3 million to $269 million and increased its illustrative January 2028 rate increase by $9 million to $174 million. The filing reflects a rate on common equity of 10 percent and a common equity ratio of 48 percent. (page 21) In April 2025, construction of relevant marine activities associated with Empire Wind 1 offshore wind project (810 MW) were suspended in compliance with a stop work order issued by the United States Bureau of Ocean Energy Management. See "Federal Regulation," above. The project was expected to enter commercial operation in 2027 and connect to the New York City electrical grid at CECONY’s Gowanus substation. CECONY is monitoring this development. The NYISO evaluates electric reliability and supply in New York State. (page 46) a. Page references to 2025 1st Quarter Form 10-Q unless noted otherwise. 23
1Q 2025 Developments (continued)(a) a. Page references to 2025 1st Quarter Form 10-Q unless noted otherwise. 24 Con Edison Transmission As of March 31, 2025, Con Edison Transmission's interest in MVP, the company that developed the project, is 6.6 percent based on Con Edison Transmission's previous capping of its cash contributions. At March 31, 2025, the carrying value of Con Edison Transmission's investment in MVP was $164 million, and its cash contributions to the joint venture amounted to $530 million. Con Edison records its pro rata share of earnings from its equity investment in MVP, adjusted for accretion of the basis difference and income taxes, on its consolidated income statement. Con Edison's pro rata share of earnings from its equity investment in MVP, adjusted for accretion of the basis difference, was $7 million ($5 million after-tax) for the three months ended March 31, 2025 (page 19)
Three-Year Reconciliation of Reported EPS (GAAP) to Adjusted EPS (non-GAAP) 2023 2024 2025(a) Reported EPS – GAAP basis $7.21 $5.26 $5.44 Loss (gain) and other impacts related to the sale of the Clean Energy Businesses (pre-tax) (a) (2.53) 0.18 0.09 Income taxes (b) 0.32 (0.03) (0.01) Loss (gain) and other impacts related to the sale of the Clean Energy Businesses (net of tax) (2.21) 0.15 0.08 Accretion of basis difference of Con Edison's equity investment in the Mountain Valley Pipeline (pre-tax) — (0.03) (0.04) Income taxes (b) — 0.01 0.01 Accretion of basis difference of Con Edison's equity investment in the Mountain Valley Pipeline (net of tax) — (0.02) (0.03) HLBV effects (pre-tax) 0.04 0.01 0.03 Income taxes (b) (0.01) — (0.01) HLBV effects (net of tax) 0.03 0.01 0.02 Net mark-to-market effects (pre-tax) 0.04 — — Income taxes (b) (0.01) — — Net mark-to-market effects (net of tax) 0.03 — — Adjusted EPS – non-GAAP basis $5.06 $5.40 $5.51 12 Months Ending December 31, 25 a. Represents 12-month trailing EPS ending March 31, 2025. b. The amount of income taxes was calculated using applicable combined federal and state income tax rates for the three months ended March 31, 2025 and the years ended December 31, 2023 - 2024.
$811 $990 $1,585 $1,522 $1,630 $1,339 $(93) $(31) $448 $372 $161 $28 $165 $189 $171 $191 $212 $169 $409 $412 $436 $466 $555 $600 $330 $420 $530 $493 $702 $542 2020 2021 2022 2023 2024 2025E CECONY and O&R Operations and Maintenance Expenses a. Other Expenses generally are either reconciled through amounts reflected in rates or represent surcharges that are recovered in revenues from customers. b. Represents service costs net of capitalization and rate reconciliation; excludes non-service components of Pension/OPEBs pursuant to Accounting Standards Update 2017-07. For the three months ended March 31, 2025, CECONY and O&R recorded net non-service cost components of $(183) million and $(10) million, respectively. See page 51 of the Form 10-Q. For the year ended December 31, 2025, CECONY and O&R forecast net non-service cost components of $(732) million and $(37) million, respectively. c. Certain prior period amounts have been reclassified within the companies' other operations and maintenance expenses to conform with current period presentation. Other Expenses(a) $1,767 $1,775 $1,808 $2,029 $2,110 $2,192 2020 2021 2022 2023 2024 2025E Departmental Pension/ OPEBs (b) Regulatory Fees and Assessments Healthcare/ Other Employee Benefits Other ($ in millions) ($ in millions) 26 (c)(c) (c) (c)(c)(c) (c) $532 YTD $208 YTD $146 YTD $55 YTD $8 YTD
Composition of Average Rate Base(a) (as of March 31, 2025) a. Average rate base for 12 months ended March 31, 2025. b. Reflects O&R’s Electric and Gas rate plans (Case 24-E-0060 &24-G-0061) approved in March 2025. CECONY ($ in millions) Electric New York $29,614 Gas New York 10,200 Steam New York 1,854 Total CECONY $41,668 O&R ($ in millions) O&R Electric(b) New York $1,238 O&R Gas(b) New York 656 RECO New Jersey 370 Total O&R $2,264 Total Rate Base $43,932 CECONY Electric CECONY Gas CECONY Steam O&R Electric and Gas RECO 27
$32,359 $35,038 $37,309 $40,241 $43,516 $46,062 $50,726 $54,772 $60,306 $64,466 $30,697 $33,239 $35,380 $38,192 $41,307 $43,663 $48,130 $51,828 $57,215 $61,226 $1,662 $1,799 $1,929 $2,049 $2,209 $2,399 $2,596 $2,944 $3,091 $3,240 Average Rate Base Balances(a) O&R CECONY 5-year CAGR 8.2% 2020 2021 2022 2023 2024 2025E 2026E 2027E 2028E 2029E CECONY Electric $22,101 $23,614 $24,753 $26,680 $29,279 $31,144 $34,249 $37,183 $41,888 $45,801 Gas 7,110 8,008 8,924 9,692 10,115 10,425 11,750 12,421 13,055 13,079 Steam 1,486 1,617 1,703 1,820 1,913 2,094 2,131 2,224 2,272 2,346 O&R Electric 901 965 1,032 1,083 1,191 1,293 1,393 1,646 1,719 1,796 Gas 490 527 578 626 654 720 791 863 898 943 RECO Electric 271 307 319 340 364 386 412 435 474 501 ForecastActual a. Excludes the Utilities' average interest bearing Construction Work in Progress (CWIP) of approximately $1.9 billion at year-end 2024, with annual average balances expected to range between approximately $1.8 billion and $4.0 billion from 2025 - 2029. b. Forecast for 2026, 2027 and 2028 reflects CECONY’s April 2025 updated electric and gas rate filings that are subject to approval by the NYSPSC. c. Forecast for 2025, 2026 and 2027 reflects O&R’s Electric and Gas rate plans (Case 24-E-0060 & 24-G-0061) approved in March 2025. d. Amounts reflect the company's five-year forecast as of January 2025. . (c)(d) (c)(d) (d) (b)(d) (b)(d) (d) ($ in millions) 28 Long-term growth is spurred by accelerating customer adoption of cleaner energy alternatives
CECONY and O&R Average Investment Earnings Base(a)(b)(c)(d) 29 In addition to our traditional rate base, our earnings base includes cumulative program investments for transportation electrification, innovation energy networks and energy storage dispatching ($ in millions) Surcharge recovery programs (not in base rates) are primarily comprised of Transportation Electrification (Electric Vehicles Make Ready Program), Utility Thermal Energy Networks, and Utility Storage Dispatch Rights and associated capital investments with those programs. a. Excludes utilities average interest bearing CWIP. b. Forecast for 2026, 2027 and 2028 reflects CECONY’s April 2025 updated electric and gas rate filings that are subject to approval by the NYSPSC. c. Forecast for 2025, 2026 and 2027 reflects O&R’s Electric and Gas rate plans (Case 24-E-0060 & 24-G-0061) approved in March 2025. d. Amounts reflect the company's five-year forecast as of January 2025.
$141 $221 $556 $940 $1,163 $1,343 $1,571 $1,833 $2,070 $2,291 139 220 553 928 1,133 1,295 1,510 1,761 1,988 2,200 2 1 3 12 30 48 61 72 82 91 2020 2021 2022 2023 2024 2025E 2026E 2027E 2028E 2029E Clean Energy Regulatory Asset Spend Contributing to Average Rate Base O&R CECONY Forecast(a)(b)(c)Actual ($ in millions) 30 Regulatory assets grow in support of New York State's climate policies and include New Efficiency New York, Reforming the Energy Vision Demo, Brooklyn Queens Demand Management and Non- Wires Alternatives a. Forecast for 2026, 2027 and 2028 reflects CECONY’s April 2025 updated electric and gas rate filings that are subject to approval by the NYSPSC. b. Forecast for 2025, 2026 and 2027 reflects O&R’s Electric and Gas rate plans (Case 24-E-0060 &24-G-0061) approved in March 2025. c. Amounts reflect the company's five-year forecast as of January 2025.
Regulated Utilities' Rates of Return and Equity Ratios (12 Months ended March 31, 2025) ROE Regulated Basis Equity Ratio Authorized Actual Rate Effective Date Authorized Actual CECONY Electric 9.25% 9.55% January 1, 2023 Gas 9.25 10.24 January 1, 2023 Steam 9.25 7.91 November 1, 2023 Overall 9.25% 9.65% 48.00% 45.96% O&R Electric 9.34% (b) 10.76% January 1, 2025 Gas 9.34 (b) 11.68 January 1, 2025 RECO 9.60 6.86 January 1, 2022 Overall 9.37% 10.39% 48.00% 47.32% a. Weighted by rate base. b. Authorized ROEs pro-rated 75%/25% between 9.20% and 9.75%, authorized under the previous and current (effective January 2025) rate plans, respectively. The rate plans were approved in March 2025. (a) (a) 31 Execution on rate plans assures safe, reliable service and strong financial results
Capital Investments to Maintain Reliability, Meet Growing Demand and Enhance Resiliency $4,085 $3,964 $4,465 $4,509 $4,728 $5,122 $7,904 $8,214 $8,535 $8,035 $3,466 $3,635 $4,001 $4,379 $4,699 $5,079 $7,810 $8,107 $8,422 $7,922 $616 $298 $399 $81 $3 $31 $65 $49 $29 $43 $94 $107 $113 $113 2020 2021 2022 2023 2024 2025E 2026E 2027E 2028E 2029E Actual Forecast (c) CECONY & O&R - actual Con Edison Transmission, Inc. (CET) - actual Clean Energy Businesses - actual CECONY & O&R - forecast Con Edison Transmission - forecast a. Forecast for 2026, 2027 and 2028 reflects CECONY’s April 2025 updated electric and gas rate filings that are subject to approval by the NYSPSC. b. Forecast for 2025, 2026 and 2027 reflects O&R’s Electric and Gas rate plans (Case 24-E-0060 & 24-G-0061) approved in March 2025. c. 2024 Form 10-K, page 30. ($ in millions) 32 (a)(b) (a)(b)(b) (a)
$3,466 $3,635 $4,001 $4,379 $4,699 $5,079 $7,810 $8,107 $8,422 $7,922 2020 2021 2022 2023 2024 2025E 2026E 2027E 2028E 2029E Utilities' Capital Investments Gas Electric Annual CECONY Capital Investments Annual O&R Capital Investments Electric Gas Steam Depreciation Electric Gas Depreciation 2020 $2,080 $1,044 $122 $1,598 $159 $61 $90 2021 2,189 1,126 103 1,705 147 70 95 2022 2,522 1,128 108 1,778 167 76 98 2023 2,909 1,046 128 1,924 211 85 105 2024 3,088 1,154 132 2,037 214 111 117 2025E 3,380 1,113 108 2,347 358 120 130 2026E 5,890 1,269 108 2,370 416 127 135 2027E 6,226 1,250 140 2,554 381 110 155 2028E 6,500 1,235 140 2,781 430 117 174 2029E 6,046 1,151 153 3,114 456 116 186 Steam Depreciation Actual Forecast a. Forecast for 2026, 2027 and 2028 reflects CECONY’s April 2025 updated electric and gas rate filings that are subject to approval by the NYSPSC. b. Forecast for 2025, 2026 and 2027 reflects O&R’s Electric and Gas rate plans (Case 24-E-0060 & 24-G-0061) approved in March 2025. c. 2024 Form 10-K, page 30. (a)(b)(c) ($ in millions) 33
Financing Plan for 2025-2029(a) ($ in millions) Equity 2025 2026 2027 - 2029 Common Equity Issuance(b) up to $1,350(c) up to $1,850 up to $4,300 Debt 2025 2026 2027 - 2029 Long-term Debt up to $1,750 up to $3,800 up to $9,100 a. Con Edison’s estimates of its capital requirements and related financing plans reflect information available and assumptions at the time the statements are made and include, among other things, the assumptions that the Utilities’ forecasted capital investments and financing plans through 2029 are approved by the NYSPSC. Actual developments and the timing and amount of funding may differ materially. b. Excludes common equity issued under Con Edison's dividend reinvestment, employee stock purchase and long-term incentive plans. c. Includes $677 million of net proceeds received in March 2025 upon physical settlement of the 7 million shares under an equity forward sale agreement that was entered into in December 2024. d. Includes $500 million and $200 million borrowed under a 364-day Term Loan agreement in November 2024 and January 2025, respectively. Debt Maturities 2025 2026 2027 2028 2029 Con Edison $— $— $— $— $— CECONY 700 (d) 250 700 800 — O&R — — 80 — 44 Total $700 $250 $780 $800 $44 34 • The financing plans do not include the impact, if any, that may result from the evaluation of strategic alternatives with respect to MVP or Honeoye Storage Corporation
Financing Activity in 2025 ($ in millions) Credit Facilities Entity Amount Description CECONY $500 $700 In March, CECONY entered into a $500 million 364-day revolving credit facility which replaced a $500 million 364-day revolving credit facility that was set to expire in March 2025. In January, CECONY borrowed the remaining $200 million from a $700 million 364-day term loan facility due 2025. 35 Equity Financing Entity Amount Description CEI $631 $677 In March, issued 6,300,000 of common shares. In March, issued 7,000,000 of common shares through physical settlement of the December 2024 equity forward sale agreement. Con Edison completed its planned 2025 equity issuance in March
Commercial Paper Borrowings ($ in millions) a. The revolving credit facilities support Con Edison's, CECONY's and O&R's commercial programs. 36
Income Statement - 2025 First Quarter ($ in millions) CECONY O&R CET(a) Other(b) Total Total operating revenues $4,441 $356 $1 $— $4,798 Depreciation and amortization 533 31 — — 564 Other operating expenses 2,841 263 2 3 3,109 Total operating expenses 3,374 294 2 3 3,673 Operating income (loss) 1,067 62 (1) (3) 1,125 Other income (deductions) 198 12 16 (5) 221 Interest expense 293 16 — 4 313 Income before income tax expense (benefit) 972 58 15 (12) 1,033 Income tax expense (benefit) 227 13 5 (3) 242 Net income (loss) for common stock $745 $45 $10 $(9) $791 a. Net income for common stock for CET of $10 million includes pre- tax investment income of $7.4 million from MVP and $9.0 million from New York Transco LLC for the three months ended March 31, 2025. b. Other includes the parent company, Con Edison's tax equity investments, consolidation adjustments and Broken Bow II, the deferred project that was classified as held for sale at December 31, 2024, the sale and transfer of which was completed in January 2025. Con Edison’s consolidated financial statements and the notes thereto are in Part I, Item 1 of the 2025 1st Quarter Form 10-Q. 37
Condensed Statement of Cash Flows – 2025 First Quarter ($ in millions) CECONY O&R CET Other(a)(c) Total Net cash flows from operating activities $763 $47 $13 $14 $837 Net cash flows from (used in) investing activities (1,169) (93) (14) 45 (1,231) Net cash flows from (used in) financing activities (555) 47 (2) (69) (579) Net change for the period (961) 1 (3) (10) (973) Balance at beginning of period 1,254 38 23 18 1,333 Balance at end of period (b) 293 39 20 8 360 a. Other includes the parent company, Con Edison's tax equity investments, consolidation adjustments and Broken Bow II, the deferred project that was classified as held for sale at December 31, 2024, the sale and transfer of which was completed in January 2025. b. See "Reconciliation of Cash, Temporary Cash Investments and Restricted Cash" in Note A of the 2025 1st Quarter Form 10-Q. c. On March 1, 2023, Con Edison completed the sale of all of the stock of the Clean Energy Businesses. Con Edison’s consolidated financial statements and the notes thereto are in Part I, Item 1 of the 2025 1st Quarter Form 10-Q. 38
Condensed Balance Sheet - As of March 31, 2025 ($ in millions) Balance Sheet CECONY O&R CET Other(a) Total ASSETS Current assets $5,852 $410 $23 $(152) $6,133 Investments 684 22 434 (4) 1,136 Net plant 49,573 3,224 16 — 52,813 Other noncurrent assets 9,697 488 8 416 10,609 Total assets $65,806 $4,144 $481 $260 $70,691 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities $4,129 $401 $6 $244 $4,780 Noncurrent liabilities 16,617 1,235 (60) (317) 17,475 Long-term debt 23,411 1,242 — — 24,653 Equity 21,649 1,266 535 333 23,783 Total liabilities and equity $65,806 $4,144 $481 $260 $70,691 a. Other includes the parent company, Con Edison's tax equity investments, consolidation adjustments and Broken Bow II, the deferred project that was classified as held for sale at December 31, 2024, the sale and transfer of which was completed in January 2025. Con Edison’s consolidated financial statements and the notes thereto are in Part I, Item 1 of the 2025 1st Quarter Form 10-Q. 39
40 Organizational Structure a. As of March 31, 2025. b. Con Edison's issuer ratings and the senior unsecured ratings of CECONY and O&R and outlook shown in order of Moody’s / S&P Global Ratings (S&P) / Fitch. Ratings are not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time. c. CECONY delivers electricity to approximately 3.7 million customers, gas to approximately 1.1 million customers and steam to approximately 1,500 customers. d. O&R delivers electricity to approximately 0.3 million customers and gas to over 0.1 million customers. Regulated Energy Delivery Orange and Rockland Utilities, Inc. (O&R)(d) Ratings(b): Baa2 / A- / A- Outlook(b): Positive / Stable / Stable Consolidated Edison Company of New York, Inc. (CECONY)(c) Ratings(b): A3 / A- / A- Outlook(b): Stable / Stable / Stable FERC Regulated Transmission Market Cap(a): $39.0 billion Issuer Ratings(b): Baa1 / A- / BBB+ Outlook(b): Stable / Stable / Stable Con Edison Transmission, Inc. (Con Edison Transmission or CET) Rockland Electric Company (RECO) Percentages of Total Assets by Business 93.0% 5.8% 0.7% 0.5% CECONY O&R CET Other 2025 Total Assets: $71 billion(a) 40
Capital Structure – March 31, 2025 Consolidated Edison, Inc. Baa1 / A- / BBB+ CECONY A3 / A- / A- O&R Baa2 / A- / A- Parent and Other Debt $ 25,353 52% Equity 23,783 48 Total $ 49,136 100% Debt $ 24,111 53% Equity 21,649 47 Total $ 45,760 100% Debt $ 1,242 50% Equity 1,266 50 Total $ 2,508 100% Debt $ — —% Equity 868 100 Total $ 868 100% Amounts shown exclude notes payable and include the current portion of long-term debt and term loan. Con Edison's issuer ratings and the senior unsecured credit ratings of CECONY and O&R shown in order of Moody's / S&P / Fitch. Moody's has a positive outlook for O&R and stable outlooks for Con Edison and CECONY. S&P and Fitch have stable outlooks for each entity. Ratings are not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time. ($ in millions) 41
Dividend Aristocrat and King Focusing on long-term shareholder value has yielded 51 consecutive years of dividend increases with a CAGR of 5.59% 42
Con Edison Sustainability Resources • 2025 Proxy Statement • CECONY Climate Change Vulnerability Study and Climate Change Resilience and Adaptation Plan • O&R Climate Change Vulnerability Study and Climate Change Resilience and Adaptation Plan • 2023 Disadvantaged Communities Report for the NYSPSC • Highlighting how the Company supports our communities through Community Partnerships • Our Standards of Business Conduct guide our Political Engagement • Con Edison’s Clean Energy Vision looking toward a clean energy future • Sustainability Report - Con Edison's Sustainability report • 2024 Consolidated Edison Clean Energy Webinar Our Sustainability reporting standards: • Global Reporting Initiative Content Index • Edison Electric Institute / American Gas Association templates – Industry reporting standards • Sustainability Accounting Standards Board (SASB) – Broad reporting standard • Task Force on Climate-Related Financial Disclosures (TCFD) – Broad reporting standard • Equal Employment Opportunity Component 1 Report (EEO-1) – Federal employer information report • Our environmental impacts including carbon emissions disclosures are filed with the Carbon Disclosure Project (CDP) Link to more resources: https://conedison.gcs-web.com/environmental-social-and-governance-esg-resources 43
INTERNAL 1st Quarter 2025 Earnings Release Presentation May 1, 2025