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 3.4 million residential and business customers in a 604-mile service territory centered on New York City. It delivers natural gas to about 1.1 million customers and operates the country’s largest steam distribution service to deliver energy to parts of Manhattan. Subsidiary Orange and Rockland Utilities serves more than 300,000 electric and gas customers in New York and New Jersey. Con Edison also owns or operates renewable energy facilities and advises large clients on energy efficiency programs.


Con Edison owns and operates the following business units: Consolidated Edison Company of New York (CECONY), Clean Energy Businesses, Orange and Rockland Utilities (O&R), and Con Edison Transmission (CET).

CECONY produces more than 80% of Con Edison’s total revenue by distributing electricity, natural gas, and steam in New York City. The unit purchases the majority of its electricity from third parties and delivers it through its extensive distribution network of 39 transmission substations, 62 area substations, and nearly 140,000 miles of distribution lines, which support a transformer capacity of some 30,000-megavolt ampere (MVA). Its gas operations liquify, store, and distribute some 150,000 MDt annually, using over 4,300 miles of mains and 371,000 service lines. The unit operates the largest steam distribution system in the US, producing nearly 20,000 MMlbs of steam annually to primarily provide heat to some 1,700 Manhattan customers through about 100 miles of piping.

The Clean Energy Businesses unit accounts for approximately 10% of revenue. The unit develops, owns, and operates renewable and energy infrastructure projects and provides energy-related products and services to wholesale and retail customers. It has generating capacity of almost 1,100 MW through its solar (75%) and wind (25%) facilities, with plans for expansion that will provide another 430 MW. The business also sells services to manage the energy dispatch, fuel requirements, and risk management for various non-affiliated generating plants. It also engages in energy-efficiency consultancy with government and commercial customers. Prior to 2016 this unit was referred to as the Competitive Energy Businesses.

O&R serves about 300,000 electric customers in southeastern New York and northern New Jersey and serves 100,000 gas customers in southeastern New York. The unit purchases its electricity from outside sources and delivers it through its own distribution network of transmission substations, area substations, and nearly 6,000 miles of distribution lines. Gas requirements and purchase contracts are shared with its affiliate subsidiary, CECONY, which manages the procurement process. O&R gas is delivered through its own mains and service lines.

The Con Edison Transmission segment invests in electric transmission facilities and gas pipeline and storage facilities through its wholly owned subsidiaries, Consolidated Edison Transmission (CET Electric) and Con Edison Gas Pipeline and Storage (CET Gas). CET Electric formed in 2014 and holds equity in a company that owns electric transmission assets in New York. CET Gas formed in 2016 and purchased a 50% equity interest in a joint venture that owns and operates a gas pipeline and storage system (in northern Pennsylvania and southern New York). It also holds a minority interest in a proposed gas transmission project in the Virginias.

Geographic Reach

Con Edison's utility operations serve customers primarily in New York City, greater New York state, and New Jersey. Affiliates provide services to Pennsylvania, West Virginia, and Virginia.

Most of its assets are in the New York City vicinity. It’s non-CECONY business segments have assets throughout the US, including New Jersey, California, Texas, Minnesota, Nevada, and Arizona.

Sales and Marketing

Con Edison's businesses sell electricity purchased in wholesale markets to retail customers, provide energy-related products and services to wholesale and retail customers, and develop, own and operate renewable and energy infrastructure projects.

Con Edison is the sole authorized electricity and gas supplier for its service area. Although niche projects such as fuel-cell or rooftop solar may present negligible third-party competition from time to time, the regulated nature of its business represents a significant barrier to entry to would-be competitors.

Financial Performance

During the past decade, Con Edison’s revenue trended slowly downward within a range of $12.1 billion and $13.6 billion. At the same time, its net income rose incrementally from an $880 million low in 2009 to more recent earnings around $1.2 billion.

In 2016 revenue dropped nearly 4% from the prior year to $12.1 billion. It was the result of decreases in electricity sales to CECONY residential and industrial customers, lower CECONY gas sales across all customer types, a fall in O&R’s steam sales, and lower revenue from the Clean Energy Businesses segment due to the sale of its retail electric supply business.

Despite lower revenue in 2016, Con Edison increased net income with the help of lower fuel costs, decreased purchased power expenses, and a gain on the sale of its retail electric supply business. For the year net income rose to $1.25 billion, a 4% increase from 2015’s earnings.

The utilities’ cash on hand dipped by $170 million in 2016, ending the year with $775 million. Financing activities (mainly debt issuance) contributed $1.3 billion and cash from operations added $3.5 billion. Capital expenditures of nearly $5.0 billion accounted for most of the cash used by investing activities. The utility’s 2016 CAPEX was unusually high due to an additional $1.0 billion investment in its gas transmission operations and a jump in its clean energy businesses.


Con Edison’s corporate strategy involves strengthening is core utility delivery business, pursuing growth opportunities in its regulated businesses, and expanding its clean energy and non-regulated prospects.

To build up its core, regulated utility delivery business, the company looks to ensure sufficient energy supply for the anticipated growth in demand, which is expected to trend upwards due to population growth and increased economic activity in its primary service area, New York City. Managing and pursuing timely recovery of fuel costs via state regulator approvals, as well as upgrading existing electric and gas assets are key objectives.

In 2016, Con Edison’s utility units invested $2.9 billion to upgrade energy delivery systems, its CET unit invested $1.1 billion in electric transmission and gas infrastructure, and the Clean Energy Business put $1.2 billion mainly into renewable projects. The company intends to invest a further $3.2 billion in its utility units and $450 million in renewables in 2017, and similar amounts in 2018 and 2019.

Con Edison’s clean energy capacity has grown from a mere 28 MW in 2011 to 1,100 MW in 2016. It is constructing some 430 MW of additional capacity that is expected to be operational by 2019.

To formalize the company’s pursuit of gas infrastructure opportunities it established the CET Gas unit in 2016, into which it placed investments in the Stagecoach (gas storage & pipelines; 50 ownership) and Mountain Valley (gas pipeline; 12.5% ownership) projects. The CET Electric unit is addressing electric grid congestion between upstate and downstate New York through its nearly 50% owned NY Transco affiliate. CET Electric also sees opportunities to connect large scale renewables to the New York transmission grid.

Mergers and Acquisitions

In 2016, Con Edison purchase whole or partial interests in wind and solar renewable production projects including Panoche Valley & Coram Wind in California, Pilesgrove in New Jersey, and Texas Solar 7. Total investment for all exceeded $500 million.

In that same year CET Electric invested $50 million to gain a minor interest in NY Transco, a company involved in electric transmission projects and CET Gas purchased a minor stake in Mountain Valley Pipeline (a proposed gas transmission project) for about $50 million.

In 2016, Consolidated Edison and Crestwood Equity Partners formed a joint venture named Stagecoach Gas Services to own and develop Crestwood’s existing natural gas pipeline and storage business located in northern Pennsylvania and southern New York. The pipelines and storage facilities provide a critical link between supply sources and Northeast US demand markets. Con Edison purchased a 50% equity interest for approximately $970 million.

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4 Irving Pl
New York, NY 10003-3502
Phone: 1 (212) 460-4600
Fax: 1 (212) 529-7147


  • Employer Type: Public
  • Stock Symbol: ED
  • Stock Exchange: NYSE
  • Chairman and CEO, ConEd and CECONY: John T. McAvoy
  • Chairman and CEO, ConEd and CECONY: John T. McAvoy
  • SVP and General Counsel, Consolidated Edison and CECONY: Elizabeth D. Moore
  • 2016 Employees: 14,960

Major Office Locations

  • New York, NY

Other Locations

  • Overland Park, KS
  • Baltimore, MD
  • Cherry Hill, NJ
  • Mahwah, NJ
  • Pilesgrove, NJ
  • Wyckoff, NJ
  • Astoria, NY
  • Briarcliff Manor, NY
  • Bronx, NY
  • Brooklyn, NY
  • Long Island City, NY
  • Middletown, NY
  • Monroe, NY
  • Port Jervis, NY
  • Rye, NY
  • Staten Island, NY
  • White Plains, NY
  • Reading, PA
  • Falls Church, VA
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