Thu, Aug 1, 8:49 PM (88 days ago)
**Summary:** Consolidated Edison, Inc. (Con Edison) and its subsidiary Consolidated Edison Company of New York, Inc. (CECONY) reported their financial results for the quarter ended June 30, 2024. Key highlights include: 1. **Revenue and Earnings:** - Operating revenues for Con Edison increased to $3,220 million from $2,944 million in the same quarter last year. - Net income for common stock was $202 million, down from $226 million, with earnings per share (EPS) of $0.58 compared to $0.65. - For the six months, operating revenues were $7,495 million, up from $7,347 million, with net income for common stock at $922 million, down from $1,658 million, and EPS of $2.67 compared to $4.74. 2. **Segment Performance:** - CECONY's electric segment saw an increase in operating revenues to $2,370 million, driven by higher rates and purchased power expenses. - Gas segment revenues were $538 million, with a decrease in gas purchased for resale costs. - Steam segment revenues increased to $88 million due to the new steam rate plan and higher fuel expenses. 3. **Expenses:** - Purchased power, fuel, and gas purchased for resale costs were managed effectively, with notable decreases in fuel expenses for the steam segment. - Other operations and maintenance expenses rose due to regulatory orders impacting capitalized costs and higher health care costs. 4. **Regulatory and Legislative Impacts:** - CECONY and O&R's revenue decoupling mechanisms and weather normalization clauses mitigated the impact of changes in delivery volumes. - New York State legislation extended the increased corporate franchise tax rate and business capital tax through 2026. 5. **Future Outlook:** - The company is focused on meeting clean energy goals, managing aged accounts receivable balances, and growing its electric transmission portfolio through Con Edison Transmission. - The Inflation Reduction Act's Corporate Alternative Minimum Tax impacts are being assessed for future financial statements. Overall, Con Edison's financial performance reflects effective management of operating expenses and strategic focus on regulatory compliance and clean energy initiatives, despite a decrease in net income and EPS compared to the previous year.