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About Consolidated Edison, Inc.

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 3.5 million residential and business customers in a 660-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 135,000 miles of distribution lines. Its gas operations liquefy, store, and distribute gas via 4,400 miles of mains and 376,000 service lines. CECONY operates the largest steam distribution system in the US.

The Clean Energy Businesses unit generates more than 5% of revenue. The unit develops, owns, and operates renewable and energy infrastructure projects to wholesale and retail customers. It has generating capacity of more than 2,600 MW through its solar (85%) and wind (15%) facilities. The business also sells services to manage the energy dispatch, fuel requirements, and risk management for various non-affiliated generating plants, in addition to energy-efficiency consultancy.

O&R (more than 5% of sales) delivers electricity and gas to customers in southeastern New York and New Jersey. 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).

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. Its non-CECONY business segments have assets throughout the US, including New Jersey, Massachusetts, Nebraska, 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. The CECONY unit counts some 3.5 million customers, while Con Edison's O&R unit boasts 300,000 electric customers in southeastern New York and northern New Jersey and 100,000 gas customers in southeastern New York. The Clean Energy Businesses division serves both wholesale and retail customers and offers consultancy to government and commercial entities. 

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 has trended slowly downward from $13.6 billion in 2012 to $12.0 billion in 2017, before increasing again in 2018. Meanwhile, net income has followed the opposite trajectory, growing during that period before falling in 2018.

In 2018 the company's sales grew 3% to $12.3 billion amid uplift in electric, gas, and steam revenue. Net income dipped 9% to $1.4 billion as increases in operating expenses across the board weighed on margins, partially offset by a lower income tax expense.

Con Edison's cash balance was stable across 2018, increasing a marginal $88 million to $818 million. The company's operating activities generated $2.2 billion and its financing activities bore cash of $1.2 billion, while its investing activities absorbed $3.3 billion. Con Edison's primary cash use was on the purchase of Sempra Solar Holdings ($1.5 billion), higher investments in electric and gas transmission projects, and increased utility construction costs. It also reduced non-utility construction expenditure in the Clean Energy Business.


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 2018, Con Edison's utility units invested $3.2 billion to upgrade energy delivery systems. Its CET unit invested $248 million in electric transmission and gas infrastructure and the Clean Energy Business put $1.8 billion mainly into expanding renewable capacity (most of which related to the Sempra Solar acquisition). The company intends to maintain high levels of investment going forwards. 

Con Edison's investments in clean energy generation have grown capacity from a mere 28 MW in 2011 to 2,600 MW in 2018. Additionally, the company's acquisition of Sempra Energy's solar, wind, and battery storage business in the last few weeks of 2018 added a further 980 MW to Con Edison's clean energy capacity. The efforts help Con Edison on its path to helping fulfill New York City's ambitious target of 100% clean energy by 2040, although that remains a distant prospect.

Mergers and Acquisitions

In December 2018, Con Edison acquired Sempra Solar Holdings, LLC, a subsidiary Sempra Energy holding solar, wind, and battery storage development assets, for $1.6 billion.

Consolidated Edison, Inc.

New York, NY 10003-3502
Phone: 1 (212) 460-4600

Firm Stats

Employer Type: Publicly Owned
Stock Symbol: ED
Stock Exchange: , NYSE
SVP and CFO, Con Edison and CECONY: Robert N. Hoglund
Chairman and CEO, ConEd and CECONY: John T. McAvoy
SVP and General Counsel, Consolidated Edison and CECONY: Elizabeth D. Moore
Employees (This Location): 279
Employees (All Locations): 15,307

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
New York, NY
Port Jervis, NY
Rye, NY
Spring Valley, NY
Staten Island, NY
White Plains, NY
Reading, PA
Falls Church, VA