On this page of StockholderLetter.com we present the latest annual shareholder letter from CONSOLIDATED EDISON INC — ticker symbol ED. Reading current and past ED letters to shareholders can bring important insights into the investment thesis.

 •  3/27/2024 Letter Continued (Full PDF)
 •  3/30/2023 ED Stockholder Letter
 •  More "Electric Utilities" Category Stockholder Letters
 •  ED Benford's Law Stock Score = 100

ED Shareholder/Stockholder Letter Transcript:

2023 Annual Report
Con Edison Annual Report 2023

CON EDISON   S CLEAN ENERGY COMMITMENT
Build the Grid of the Future
Build a resilient electric grid capable of
delivering 100% clean energy by 2040.
2050
2040
Empower All of Our Customers
to Meet Their Climate Goals
Accelerate energy e   ciency through deep
retro   ts and the electri   cation of most
building heating systems by 2050. Go all-in
on EV charging support.
Reimagine the Gas System
Reduce carbon emissions and the use of
fossil natural gas, and explore new ways to
use our existing infrastructure to serve
customers' future needs.
Lead by Reducing Our
Company   s Carbon Footprint
Greatly reduce carbon emissions by 2040,
focusing on our steam system and other
company operations.
Partner With Our Stakeholders
Enhance our collaborations to improve
the quality of life in the neighborhoods
we serve, focusing on disadvantaged
communities.
Con Edison Annual Report 2023

Tim Cawley
Chairman, President, and
Chief Executive Officer
Dear Fellow Shareholders,
As the groundswell of public support for clean energy grows, Con Edison is
addressing this urgent societal need. Because we operate one of the world   s largest
and most reliable energy delivery systems, our work is critical to New York   s ability to
deliver on its promise of a cleaner future.
Building on our foundation of safety, operational excellence, and the customer
experience, our company made significant progress toward our clean energy goals
this past year. We continued investing in our energy systems to allow for an influx of
clean energy and growing demand from customers choosing to electrify their
heating and transportation. This work supports the state   s ambitious climate agenda
and New Yorkers as they transition away from fossil fuels.
In 2024, we   re advancing our bold plans while we continue to provide world-class
reliability to our dynamic metropolis. We   re building infrastructure to connect cleaner
sources of electricity to the grid. And we   re reimagining our gas system and working
to deeply reduce carbon in our steam system.
Our recently approved investment plans for electric, gas, and steam, as well as the
sale of our Clean Energy Businesses, give us a solid balance sheet and strong
growth opportunities.
Shareholders continue to gain value from our agile and disciplined management.
Our annualized dividend has increased to $3.32 per share, an 8-cent gain over
2023. That   s 50 years in a row of rising dividends.
As we go forward, New Yorkers, particularly those in disadvantaged communities,
are counting on us to advocate for their interests. Their needs for affordable energy
and a healthier environment remain integral to our work. Now is the time for action
so that we can all share a more sustainable world.
Con Edison Annual Report 2023

USHERING IN THE CLEAN ENERGY FUTURE
There   s no doubt climate change and our region   s legislative policies require us to be
innovative and nimble. We must act swiftly. Our Clean Energy Commitment focuses us
on the areas we need to transform now to meet the state   s carbon-reduction targets.
By thinking wholistically   about everything from electric vehicle chargers to transmission
lines   we   ll be ready. We are designing and building a next-generation electric grid that
can deliver 100% clean energy by 2040 in support of New York State   s goal.
We envision investing $29 billion in our systems from 2024 to 2028.
CLEAN
ENERGY
$2B
$2B
CLIMATE
RESILIENCE
$9B
$1B
$3B
$12B
CORE
SERVICE
Clean Energy
An electric grid capable
of delivering 100% clean
energy by 2040.
Core Service
World-class reliability,
safety, and security.
Climate Resilience
Increased resilience of our
energy infrastructure to
adapt to climate change.
Build the Grid of the Future
Customer adoption of electric heating and EVs will drastically increase electricity use.
Indeed, we anticipate our peak electric demand to increase 45 to 85% by 2050 and
we   ll need to invest in the grid to provide the resilient, reliable service our customers
expect and deserve.
Con Edison Annual Report 2023


Adoption of electric heating and EVs
will drastically increase electricity use.
We   ll make about $29 billion worth of capital investments from 2024 through 2028 in
our Con Edison and O&R territories. This past year, we broke ground on a project for
continued reliability in Brooklyn and Queens that will serve as a future interconnection
point for offshore wind. We also celebrated the completion of a transmission line in
Queens that will help us connect renewable resources to the grid and allow the closure
of fossil fuel-burning plants. Another project will see us invest in the area near John F.
Kennedy International Airport to support reliability for homes, businesses, and major
transportation hubs.
Ensuring clean energy can be dispatched when needed is paramount for reliability;
the value of battery storage will only increase. In 2023, we brought online a 7.5-MW
energy-storage system on Staten Island, the largest such project in New York City. Our
recently approved investment plan authorizes more utility-owned battery storage in
support of New York State   s climate goals.
THE MOST RELIABLE SERVICE IN THE U.S.
Customer Interruption Rate 2022
1200
1000
Customers Interrupted per 1,000 Customers Served
990
1,030
800
600
400
133
200
0
National
New York State
without
Con Edison of
New York
Con Edison of
New York
Sources:
PA Consulting, the New York
State Public Service
Commission   s Annual Electric
Reliability Report
2023 - 2025 Forecasted Capital Investment: $14.6 billion
Con Edison Annual Report 2023



 3/27/2024 Letter Continued (Full PDF)