Consolidated Edison (ED) Investor Update summary

Strategic direction and clean energy transition

• $72 billion in forecasted investments over the next decade to support electrification, grid fortification, and compliance with state and city clean energy mandates.

• Focus on delivering safe, reliable, and affordable energy as New York transitions to cleaner sources, with major investments in grid modernization and resilience against extreme weather events.

• Two decarbonization pathways identified: hybrid (clean electricity and low-carbon fuels) and deep electrification, both aiming for net zero by 2050.

• Expansion of energy efficiency and electrification programs, with over 74,000 projects completed from 2020–2024, shifting focus to heat pumps and commercial participation.

• Major infrastructure projects are underway to support electrification, renewable integration, and grid reliability, such as new substations, transmission lines, and battery storage.

Regulatory, policy, and ESG alignment

• Alignment with New York State’s Climate Leadership and Community Protection Act (CLCPA) and local laws targeting emissions reductions and electrification.

• Ongoing regulatory proceedings may allow utility ownership of large-scale renewables to help meet ambitious state targets, with decisions expected by May 2026.

• Commitment to net zero Scope 1 emissions by 2040 and significant reductions in fugitive methane emissions; ongoing efforts to influence Scope 2 and 3 emissions through customer programs.

• Direct emissions have been reduced by 55% since 2005, with a target of net-zero Scope 1 emissions by 2050.

• Enhanced biodiversity, sustainability, and community investment initiatives, including a five-year plan to reduce SF6 emissions and expanded charitable giving.

Grid reliability, resilience, and customer affordability

• Industry-leading reliability, with a grid nine times more reliable than the national average and major investments in risk-mitigating switches, sensors, and undergrounding.

• Climate studies inform resiliency plans, with $645 million proposed for CECONY and $184 million for O&R over five years to address rising temperatures, flooding, and severe weather.

• Energy affordability programs cap bills at 6% of income for 459,000 customers, with $333 million in assistance provided in 2024 and plans for expanded support.

• Smart meter deployment and non-wires/pipes alternatives drive operational savings and customer empowerment, with $3.2 billion in projected net savings.

• Customer electric bills remain below peer averages, with strong regulatory mechanisms ensuring revenue predictability.