What's Happening?
Consolidated Edison Co. of New York (CECONY) has reported a 10.6% increase in electric revenues for the third quarter of 2025, despite flat sales. The utility, which serves New York City, attributed the revenue growth to an increase in the electric rate
base. The company sold 15,692 million kWh in Q3 2025, slightly down from 15,923 million kWh in the same period of 2024. However, after adjustments for weather and other factors, delivery volumes increased by 0.3%. The utility's parent company, Consolidated Edison, also saw its net income rise to $688 million, up from $588 million in the previous year. The company plans to invest nearly $17 billion in New York City and Westchester County from 2026 to 2028 to enhance its gas and electric systems, with $12 billion allocated for electric system improvements.
Why It's Important?
The increase in revenues for Con Edison highlights the impact of regulatory rate adjustments on utility companies' financial performance. The planned investments in infrastructure are crucial for meeting the growing demand for electricity and ensuring grid reliability, especially as New York state aims to transition to a zero-emission electric grid by 2040. These developments are significant for stakeholders, including consumers who may face higher utility bills, and investors who may see improved financial returns. The investments also align with broader efforts to enhance energy resilience and support the clean energy transition.
What's Next?
Con Edison is awaiting regulatory approval for its proposed spending plan, which aims to fund critical infrastructure investments while maintaining affordability and reliability. The New York Independent System Operator (NYISO) is expected to issue a solicitation for market-based and regulated solutions to address reliability concerns. As the Responsible Transmission Owner, CECONY may propose a regulated backstop solution. The outcome of these regulatory processes will shape the future of New York's energy infrastructure and its ability to meet clean energy goals.
