Financial Performance - The gain on the sale of the Clean Energy Businesses for the year ended December 31, 2023, was (865)millionnetoftax,reflectingalossof(2.49) per share[37]. - Reported net income for common stock on a GAAP basis was 1,820millionin2024,downfrom2,519 million in 2023, representing a decrease of approximately 27.7%[39]. - Adjusted earnings (Non-GAAP) increased to 1,868millionin2024from1,762 million in 2023, reflecting a growth of about 6.0%[39]. - Reported earnings per share on a GAAP basis decreased to 5.26in2024from7.25 in 2023, a decline of approximately 27.5%[39]. - Adjusted earnings per share (Non-GAAP) rose to 5.40in2024,comparedto5.07 in 2023, indicating an increase of about 6.5%[39]. - The company recorded a pre-tax loss of 63millionrelatedtothesaleoftheCleanEnergyBusinessesin2024,comparedtoapre−taxgainof887 million in 2023[39]. - The effective income tax rate for 2024 was 24%, compared to 25% in 2023 and 31% in 2022[40]. - The net mark-to-market effects (net of tax) were 9millionin2024,asignificantimprovementfromalossof125 million in 2023[39]. - The HLBV effects (net of tax) were 3millionin2024,comparedto8 million in 2023, showing a decrease of 62.5%[39]. Capital Expenditures and Financing - Con Edison plans to issue common equity of approximately 1,850millionin2026andupto4,300 million in aggregate during 2027 through 2029[28]. - CECONY's capital expenditures for gas facilities were 11,830millionin2024,upfrom11,226 million in 2023[99]. - CECONY's total capital expenditures for 2024 were 4,728million,anincreasefrom4,509 million in 2023 and 4,465millionin2022,reflectingagrowthofapproximately4.97,778 million in 2025, increasing to 9,223millionby2028[141].−ConEdisonplanstoissueupto1,750 million of long-term debt in 2025 and up to 3,800millionin2026,withatotalofapproximately9,100 million planned for 2027 through 2029[155]. - As of December 31, 2024, CECONY's long-term debt totaled 23,650million,with21,900 million due after five years[145]. - The total long-term debt, including interest, amounted to 47,545million,with40,144 million due after five years[145]. - The NYSPSC authorized CECONY to issue up to 6,050millionofdebtsecuritiesthrough2027,ofwhich2,625 million had been issued as of December 31, 2024[156]. Customer and Market Operations - CECONY provides electric service to approximately 3.7 million customers across New York City and Westchester County, covering an area of about 660 square miles with a population exceeding 9 million[49]. - CECONY delivers gas to approximately 1.1 million customers in Manhattan, the Bronx, parts of Queens, and most of Westchester County[50]. - CECONY operates the largest steam distribution system in the U.S., producing and delivering approximately 15,494 million pounds of steam annually to around 1,520 customers in parts of Manhattan[51]. - O&R provides electric service to approximately 0.3 million customers in southeastern New York and northern New Jersey, covering an area of about 1,300 square miles[53]. - In 2024, 58% of the electricity and 32% of the gas delivered by CECONY was purchased by customers from other suppliers[58]. Regulatory and Compliance - The NYSPSC regulates the Utilities, setting terms of service and rates, with the authority to impose penalties for violations of state utility laws[56]. - The NYSPSC approved CECONY's and O&R's emergency response plans in April 2024, with updated plans submitted for 2025[69]. - The Federal Energy Regulatory Commission (FERC) regulates the transmission and wholesale sales of electricity and natural gas, impacting the Utilities and Con Edison Transmission[72]. - The NYSPSC has mandated a target of 6,000 MW of energy storage deployment by 2030, with additional targets of 12,000 MW by 2040 and 17,000 MW by 2050[179]. Environmental and Sustainability Initiatives - The company emphasizes its mission to provide energy services safely and efficiently while improving community quality of life[23]. - CECONY's estimated Scope 1 GHG emissions for 2024 are 2.7 million metric tons, consistent with previous years[194]. - Con Edison has achieved a more than 55% reduction in direct GHG emissions from a 2005 baseline of 6.0 million metric tons[195]. - The Utilities billed customers clean energy fund surcharges of 277million,224 million, and 216millionin2024,2023,and2022,respectively[197].InfrastructureandTechnologyDevelopment−Thecompanyisfocusingonexpandingitselectricandgasfacilitiestomeetgrowingdemand,withplansfornewinfrastructureinvestments[41].−CECONY′scapitalizedcostsforutilityplant,netofaccumulateddepreciation,fordistributionfacilitiesincreasedto23,770 million in 2024 from 23,238millionin2023[79].−CECONY′selectricgeneratingfacilitieshaveacombinedelectricnameplatecapacityofapproximately634MW,withsufficientgasandfueloilexpectedfor2025[83].−CECONY′stransmissionfacilitiesinclude490milesofoverheadcircuitsand760milesofundergroundcircuits,ensuringrobustinfrastructureforelectricitydelivery[81].−CECONY′stotaldistribution−leveldistributedgeneration(DG)capacityconnectedtotheUtilities′systemsincreasedto1,085MWin2024,upfrom924MWin2023,markinga17.4622 million to 2,432million[205].−CECONY′spotentialliabilityfortheAstoriasitecleanupisestimatedtorangefrom278 million to 929million[206].−AlawsuitfiledinOctober2024estimatestotalcleanupcostsattheGowanusCanalSuperfundSitetoexceed1,000 million[211]. - CECONY is unable to estimate its total exposure to liability for the Gowanus Canal Superfund Site[212].
Con Edison(ED)2025-02-20 21:36