Consolidated Edison, Inc. is a holding company that owns Consolidated Edison Company of New York, Inc. (CECONY), which provides electric service and gas service in New York City and Westchester County and steam service in parts of Manhattan, and Orange & Rockland Utilities, Inc. (O&R), which along with its New Jersey electric utility subsidiary, Rockland Electric Company, provides electric service in southeastern New York and northern New Jersey and gas service in southeastern New York. The company also owns Con Edison Transmission, Inc., which through its subsidiaries develops and invests in electric transmission projects and owns, through joint ventures, both electric and gas assets. The Utilities are subject to extensive regulation and have approved rate plans that are generally designed to cover each company's cost of service, including capital and other costs of each company's energy delivery systems. The Utilities recover from their full-service customers, generally on a current basis, the cost the Utilities pay for energy and charge all of their customers the cost of delivery service.
Con Edison anticipates that the Utilities, which are subject to extensive regulation, will continue to provide substantially all of its earnings over the next few years. The Utilities have approved rate plans that are generally designed to cover each company's cost of service, including capital and other costs of each company's energy delivery systems.
Con Edison generates revenue through its regulated utilities, CECONY and O&R, which provide electric, gas, and steam delivery services. The Utilities recover from their full-service customers, generally on a current basis, the cost the Utilities pay for energy and charge all of their customers the cost of delivery service. The primary customer segments are residential, commercial, and industrial customers within the service territories of New York City, Westchester County, southeastern New York, and northern New Jersey.
CECONY provides electric service and gas service in New York City and Westchester County and steam service in parts of Manhattan. O&R provides electric service in southeastern New York and northern New Jersey and gas service in southeastern New York. Con Edison Transmission, through its subsidiaries, develops and invests in electric transmission projects and owns, through joint ventures, both electric and gas assets. CECONY forecasts an average annual increase in peak demand in its service area at design conditions over the next five years for electricity and gas to be approximately 0.7 percent and 0.2 percent, respectively, and an average annual decrease in steam peak demand in its service area at design weather conditions over the next five years to be approximately 0.9 percent 1. O&R forecasts an average annual increase in electric peak demand in its service area at design conditions over the next five years to be approximately 4.1 percent 2 and an average annual increase in gas peak demand in its service area over the next five years at design conditions to be approximately 1.2 percent 3.
Pursuant to their electric and gas rate plans, CECONY and O&R recorded $54 million ($40 million after-tax) 4 and $1 million ($.7 million after-tax) 5 of revenues for the year ended December 31, 2025, respectively, of earnings adjustment mechanisms and positive incentives, primarily reflecting the achievement of certain energy efficiency and vehicle electrification measures, as compared with $62 million ($46 million after-tax) 6 and $4 million ($3 million after-tax) 7 for CECONY and O&R, respectively, for the year ended December 31, 2024, and $43 million ($32 million after-tax) 8 and $2 million ($1 million after-tax) 9 for CECONY and O&R, respectively, for the year ended December 31, 2023.
In 2025, the Utilities invested $4,946 million 10 to upgrade and reinforce their energy delivery systems and Con Edison Transmission invested $50 million 11 primarily in electric transmission. For 2026, 2027, 2028, 2029 and 2030, the Utilities expect to invest $6,533 million 12, $6,592 million 13, $6,939 million 14, $8,524 million 15 and $8,571 million 16, respectively, for their energy delivery systems and Con Edison Transmission expects to invest $62 million 17, $167 million 18, $213 million 19, $75 million 20 and $17 million 21, respectively, in electric transmission. In November 2025, CECONY filed a request with the NYSPSC for a steam rate increase of $66 million 22, effective November 1, 2026.
Con Edison reported 2025 net income for common stock of $2,023 million 23 or $5.66 a share 24 compared with $1,820 million 25 or $5.26 a share 26 in 2024. Adjusted earnings (non-GAAP) were $2,038 million 27 or $5.70 a share 28 in 2025 compared with $1,868 million 29 or $5.40 a share 30 in 2024.
Con Edison plans to meet its capital requirements for 2026 through 2030 through internally-generated funds, the issuance of long-term debt through public and private offerings and the issuance of common equity through public offerings, including pursuant to an at-the-market equity program. Con Edison's plans include the issuance of up to $3,200 million 31 of long-term debt in 2026 and up to $3,000 million 32 of long-term debt in 2027, including for maturing securities, at CECONY and O&R (collectively, the Utilities) and approximately $9,900 million 33 in aggregate of long-term debt, including for maturing securities, at the Utilities during 2028 through 2030. Con Edison plans to issue up to $1,100 million 34 of common equity in 2026 in addition to equity issued under its dividend reinvestment, employee stock purchase and long term incentive plans. Con Edison also plans to issue common equity of approximately $1,200 million 35 in 2027 and up to $3,300 million 36 in aggregate during 2028 through 2030, in addition to equity issued under its dividend reinvestment, employee stock purchase and long term incentive plans.
For 2026, 2027, 2028, 2029 and 2030, the Utilities expect to invest $6,533 million 37, $6,592 million 38, $6,939 million 39, $8,524 million 40 and $8,571 million 41, respectively, for their energy delivery systems and Con Edison Transmission expects to invest $62 million 42, $167 million 43, $213 million 44, $75 million 45 and $17 million 46, respectively, in electric transmission.
CECONY forecasts an average annual increase in peak demand in its service area at design conditions over the next five years for electricity and gas to be approximately 0.7 percent 47 and 0.2 percent 48, respectively, and an average annual decrease in steam peak demand in its service area at design weather conditions over the next five years to be approximately 0.9 percent 49. O&R forecasts an average annual increase in electric peak demand in its service area at design conditions over the next five years to be approximately 4.1 percent 50 and an average annual increase in gas peak demand in its service area over the next five years at design conditions to be approximately 1.2 percent 51.
Con Edison plans to meet its capital requirements for 2026 through 2030 through internally-generated funds, the issuance of long-term debt through public and private offerings and the issuance of common equity through public offerings, including pursuant to an at-the-market equity program.
Con Edison's plans include the issuance of up to $3,200 million 52 of long-term debt in 2026 and up to $3,000 million 53 of long-term debt in 2027, including for maturing securities, at the Utilities and approximately $9,900 million 54 in aggregate of long-term debt, including for maturing securities, at the Utilities during 2028 through 2030. Con Edison plans to issue up to $1,100 million 55 of common equity in 2026 in addition to equity issued under its dividend reinvestment, employee stock purchase and long term incentive plans. Con Edison also plans to issue common equity of approximately $1,200 million 56 in 2027 and up to $3,300 million 57 in aggregate during 2028 through 2030, in addition to equity issued under its dividend reinvestment, employee stock purchase and long term incentive plans.
Con Edison's estimates of its capital requirements and related financing plans reflect information available and assumptions at the time the statements are made and include, among other things, the assumption that the Utilities' forecasted capital investments and financing plans through 2030 are approved by the New York State Public Service Commission (NYSPSC). Actual developments and the timing and amount of funding may differ materially.
In November 2025, CECONY filed a request with the NYSPSC for a steam rate increase of $66 million 58, effective November 1, 2026. The filing includes supplemental information regarding steam rate plans for November 2027 through October 2028 and November 2028 through October 2029, which the company is not requesting but would consider through settlement discussions. For purposes of illustration, rate increases of $50 million 59 and $50 million 60 effective November 2027 and 2028, respectively, were calculated.
Management's message emphasizes Con Edison's mission to provide energy services safely, reliably, efficiently and in keeping with its vision for a clean energy future, to provide an inclusive workplace, to provide a fair return to investors, and to improve the quality of life in the communities served. The strategic priorities highlighted include ongoing programs focused on safety, operational excellence and the customer experience. Con Edison reported 2025 net income for common stock of $2,023 million 61 or $5.66 a share 62 compared with $1,820 million 63 or $5.26 a share 64 in 2024. Adjusted earnings (non-GAAP) were $2,038 million 65 or $5.70 a share 66 in 2025 compared with $1,868 million 67 or $5.40 a share 68 in 2024.
Con Edison reported total operating revenues of $15,123 million 69 for the year ended December 31, 2025, compared to $14,764 million 70 for the year ended December 31, 2024. Net income for common stock was $2,023 million 71 or $5.66 per diluted share 72 in 2025, compared to $1,820 million 73 or $5.26 per diluted share 74 in 2024. Adjusted earnings (non-GAAP) were $2,038 million 75 or $5.70 a share 76 in 2025 compared with $1,868 million 77 or $5.40 a share 78 in 2024. CECONY's electric segment operating revenues were $10,088 million 79 in 2025, compared to $9,742 million 80 in 2024. CECONY's gas segment operating revenues were $2,676 million 81 in 2025, compared to $2,724 million 82 in 2024. CECONY's steam segment operating revenues were $660 million 83 in 2025, compared to $649 million 84 in 2024. O&R's electric segment operating revenues were $1,048 million 85 in 2025, compared to $1,023 million 86 in 2024. O&R's gas segment operating revenues were $348 million 87 in 2025, compared to $341 million 88 in 2024.
The Utilities are subject to extensive regulation, and their rate plans are generally designed to cover each company's cost of service, including capital and other costs of each company's energy delivery systems. A material risk is that the NYSPSC may not approve the Utilities' forecasted capital investments and financing plans through 2030, which could impact the company's ability to execute its capital expenditure plans. The company's estimates of capital requirements and related financing plans include the assumption that the Utilities' forecasted capital investments and financing plans through 2030 are approved by the NYSPSC. Actual developments and the timing and amount of funding may differ materially. Additionally, the company faces risks related to the recovery of energy costs, as the Utilities recover from their full-service customers, generally on a current basis, the cost the Utilities pay for energy, and any disallowances could negatively impact financial results.
Analysis on 9/29/2026
