Utility holding company Consolidated Edison (Con Edison) is the night light for the city that never sleeps. Con Edison's main subsidiary, Consolidated Edison Company of New York, distributes electricity to 3.3 million residential and business customers in New York City; it also delivers natural gas to about 1.1 million customers. Subsidiary Orange and Rockland Utilities serves more than 400,000 electric and gas customers in three states. Con Edison's nonutility operations include retail and wholesale energy marketing, independent power production, and infrastructure project development.
Competitive energy businesses include subsidiary Consolidated Edison Solutions, which markets power and gas to retail customers and provides energy procurement and management services, and Consolidated Edison Energy, which markets and trades wholesale energy. Subsidiary Consolidated Edison Development has interests in power generation facilities.
The company seeks to balance growing its competitive operations (with an emphasis on green energy) with improving its regulated infrastructure assets.
In 2008, in order to raise cash to pay down debt and reinvest in its core businesses, the company's Consolidated Edison Development unit sold its merchant generation portfolio (1,706 MW of fossil-fueled power generation projects) to investment group North American Energy Alliance, LLC for $1.5 billion. The move also allowed Consolidated Edison Development to reorient its operations toward developing wholesale renewable power, natural gas, and transmission infrastructure in the US, primarily in the Northeast.
Promoting green power sources, in 2010 Con Edison proposed to develop 25 MW of solar energy resources in New York City by 2015. The solar power would annually offset about 16,000 tons of carbon dioxide.
Higher electric rates and increased power demand helped to lift the company's revenues in 2010, overcoming the drop in gas revenues (as lower gas commodity prices in 2009 were passed on to customers). The increase in overall revenues and a gain on the sales of power plants help to boost net income in 2010.
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