Con Edison is investing in innovative energy infrastructure to support a transition away from carbon-emitting fossil fuels while maintaining its reliable service and preparing for the accelerating threat of climate change.
The company is marking Earth Week with the release of its annual Sustainability Report in which it outlines its strategy for these and other goals.
"This report reaffirms Con Edison's commitment to making critical investments that ensure New York has a resilient and reliable grid ready for the future, whether it's transitioning away from fossil fuels or taking on the urgent threat of climate change and extreme weather," said Tim Cawley, the chairman and CEO of Con Edison. "We are proud of the work we do to ensure that Con Edison continues to deliver for our customers as part of the clean energy transition, by investing in our system, in our people, and in our customers."
"Increasingly, our customers are choosing to electrify their homes, businesses, and vehicles. Through investments in our customer service system, EV charging infrastructure, expansion of our grid, and interconnection points for offshore wind, we are making sure they have the power they need when and where they need it," Cawley added.
Con Edison makes clear in its Clean Energy Commitment that it supports the state's climate and clean energy law, which is among the most ambitious in the country. The Climate Leadership & Community Protection Act calls for reducing greenhouse gas emissions 40 percent from 1990 emissions levels by 2030.
By the end of 2023, customers of the company's utilities, Con Edison Co. of New York (CECONY) and Orange and Rockland Utilities (O&R), had installed 822 megawatts - or 822 million watts - of clean, renewable power capacity.
During the year, the companies' energy efficiency programs provided customers with more than $304 million for making upgrades to their homes and businesses that will save them money and reduce emissions. Those upgrades are the equivalent of taking more than 93,000 cars off the road.
CECONY customers installed 92.1 megawatts of solar in 2023, a company record. O&R customers installed 30.1 megawatts, the second most in O&R history.
Battery energy storage systems will play an important role in a clean energy future. At the end of 2023, the utilities had connected 1,125 customer battery systems with a capacity of 82 megawatts.
The Clean Energy Transition
Last year added to the mounting proof that climate change is bringing harsh consequences. The Canadian wildfires affected life in New York by sending ash and smoke to the region, forcing the cancellation of outdoor work and recreational events.
Con Edison is committed to confronting climate change by leading a transition to a low-carbon future with ample green jobs and equal opportunity for all to benefit.
The company is building transmission lines to carry power from offshore wind turbines to customers. In 2023, Con Edison put into service a new transmission line that connects two substations in Queens and enabled the retirement of an inefficient, fossil fuel power plant.
The company is building similar projects in Brooklyn and Staten Island.
The company also began construction of the Brooklyn Clean Energy Hub in the Vinegar Hill neighborhood. The hub is a transmission substation that will strengthen New York's power grid, help meet the region's growing demand for electricity, and serve as a gateway for offshore wind power.
Utilizing renewable energy sources, the hub will serve as a critical plug-in point for future offshore wind infrastructure. The hub will be able to accommodate up to 1,500 megawatts or enough electricity to power 750,000 homes.
And in January, Con Edison got state approval for its Reliable Clean City - Idlewild project, a substation complex in southeast Queens. That infrastructure will help meet the growing demand for power as buildings become electrified, more electric vehicles hit the road and John F. Kennedy International Airport undergoes a major redevelopment.
Protecting Infrastructure from Climate Change
Con Edison recognizes that the harsh reality of climate change requires bold steps to protect energy equipment from severe weather and prevent and shorten outages.
The utilities last November each completed a Climate Change Resiliency Plan, proposing $1.3 billion in investments in the first five years to fortify equipment against severe heat waves, storms and flooding.
The plans rely on the latest science from Columbia University, which indicates that a rise in the number of extreme heat events will occur faster than prior research predicted. (See the CECONY plan and the O&R plan.)
Safe, Reliable Energy Service
Con Edison's utilities have long-standing records of providing safe, reliable electric, gas and steam service.
CECONY, which serves 3.6 million customers in New York City and Westchester County, N.Y., consistently wins reliability awards. Its underground network, which serves more than 2.7 million customers, is one of the most reliable in the world, with only 17.4 of every 1,000 customers experiencing an outage last year.
Both companies have programs to replace older gas main with new modern piping to minimize leaks and protect public safety.
Executing on its mission enables the company to continue its long tradition of providing steady earnings, keeping its balance sheet stable and paying attractive dividends for investors. The company has raised its annualized dividend for 50 straight years.
Consolidated Edison, Inc. is one of the nation's largest investor-owned energy-delivery companies, with approximately $15 billion in annual revenues and $66 billion in assets. The company provides a wide range of energy-related products and services to its customers through the following subsidiaries: Consolidated Edison Company of New York, Inc. (CECONY), a regulated utility providing electric service in New York City and New York's Westchester County, gas service in Manhattan, the Bronx, parts of Queens and parts of Westchester, and steam service in Manhattan; Orange and Rockland Utilities, Inc. (O&R), a regulated utility serving customers in a 1,300-square-mile area in southeastern New York State and northern New Jersey; and Con Edison Transmission, Inc., which falls primarily under the oversight of the Federal Energy Regulatory Commission and manages, through joint ventures, both electric and gas assets while seeking to develop electric transmission projects that will bring clean, renewable electricity to customers, focusing on New York and the Northeast.
