Consolidated Edison

Consolidated Edison, Inc.
Company type	Public
Industry	Energy
Founded	1823
Headquarters	New York City, United States
Area served	New York City, Westchester County, southeastern New York, northern New Jersey
Key people	Tim Cawley (Chairman, President, and CEO)
Products	Electric, gas, steam services; energy transmission infrastructure
Website	conedison.com

Consolidated Edison, Inc. (commonly known as Con Edison and branded as conEdison or ConEd) ranks among the largest investor-owned energy firms in the United States, reporting $15.26 billion in revenue and holding assets valued at $70.56 billion as of 2024. Based in New York City, its operations are primarily conducted through several subsidiaries:

Consolidated Edison Company of New York, Inc. (CECONY), a regulated utility delivering electric, gas, and steam services within New York City and Westchester County;
Orange and Rockland Utilities, Inc., which serves a territory spanning 1,300 square miles across southeastern New York and northern New Jersey;
Con Edison Transmission, Inc., dedicated to investments in electric and natural gas transmission infrastructure.

In 2015, electricity sales made up more than 70% of the company's total revenue, with natural gas accounting for 13.6%, steam services contributing 5%, and non-utility operations representing roughly 11%. The firm’s business strategy revolves around regulated utility services augmented by targeted investments in transmission assets, reinforcing its competitive position and financial strength within the energy sector. Leadership is spearheaded by CEO Tim Cawley, who oversees strategic direction and growth initiatives.

History

The origins of Con Edison trace back to March 1823 with the founding of the New York Gas Light Company by investors from New York City; it was listed on the New York Stock Exchange a year later. Expansion efforts required navigating municipal franchise regulations heavily influenced by Tammany Hall. By 1871, influential figures such as William M. Tweed were involved with predecessor entities. On November 10, 1884, the New York Gas Light Company merged with five other gas providers to establish the Consolidated Gas Company of New York.

In 1901, Consolidated Gas acquired the Edison Illuminating Company, originally founded by Thomas Edison in 1880. Following the resolution of the "war of currents", Consolidated Gas’s electricity division—renamed New York Edison Company—emerged as the dominant player by 1920. By 1936, electricity revenues constituted approximately 75% of Consolidated Gas’s total income, prompting a corporate rebranding to Consolidated Edison Company of New York.

The New York Steam Company commenced operations in Lower Manhattan in 1882; Con Edison purchased it in 1954. Presently, it manages the world’s largest commercial steam system, serving nearly 1,600 buildings from Battery Park up to 96th Street in Manhattan.

Between 1936 and 1960, Consolidated Edison grew through acquisitions and mergers involving over 170 electric, gas, and steam enterprises. In 1954, it acquired land along the Hudson River for constructing the Indian Point nuclear power facility. Indian Point Unit 1 operated from 1962 until its closure in 1974 due to regulatory challenges. Subsequent units Indian Point 2 and Indian Point 3 followed; Indian Point 3 was transferred to the New York Power Authority in 1975. In 2000, Entergy purchased Indian Point 2 after a steam generator leak incident. This divestiture marked Con Edison’s transition toward focusing predominantly on energy distribution.

On January 1, 1998, in response to deregulation within New York State’s energy industry, Consolidated Edison, Inc. was established as a holding company. At that time, it generated approximately $13 billion annually and held $47 billion in assets while operating through two regulated utilities alongside three competitive energy ventures. Its largest subsidiary serves over three million customers throughout an area encompassing New York City and Westchester County. That same year saw Con Edison acquire Orange & Rockland Utilities.

The company committed $3 billion toward solar and wind energy projects and announced plans to invest $1.25 billion over three years starting in 2017 on renewable energy facilities. Its renewable portfolio surpassed 1.5 gigawatts of operational capacity, with solar power representing about three-quarters of that total. As of late 2017, clean energy contributed close to eight percent of overall earnings. In 2023, Con Edison divested its clean energy business to RWE.

Clean energy

In collaboration with FleetCarma, Con Edison has introduced a $500 incentive for electric vehicle owners residing in New York City and Westchester County. This initiative encourages customers to charge their EVs during periods of low electricity demand, supporting the company's commitment to advancing clean energy solutions.

Electrical

Con Edison’s electric transmission network functions at voltage levels of 138 kV, 345 kV, and 500 kV. It features two 345 kV interconnections linking to upstate New York, allowing power imports from Hydro-Québec, along with one 345 kV connection each to Public Service Electric and Gas (PSE&G) in New Jersey and Long Island. Anticipated by 2025 is the Champlain Hudson Power Express, an HVDC line that will further increase cross-border energy imports.

Additionally, the company maintains a 500 kV connection with PSE&G through the Branchburg-Ramapo line. Distribution voltages within the system include 33 kV, 27 kV, 13 kV, and 4 kV.

The electric infrastructure encompasses around 93,000 miles of underground cable—sufficient to circle the globe approximately 3.6 times—and nearly 36,000 miles of overhead wiring, which would stretch between New York and Los Angeles about 13 times. This vast network underpins Con Edison’s strong reputation for reliability and significant presence in the energy market.

Gas

Con Edison operates a natural gas distribution system extending nearly 7,200 miles of pipelines across Westchester County, the Bronx, Manhattan, and parts of Queens. Serving roughly 1.1 million customers, it ranks among the largest gas distributors in the United States. Other sections of New York City receive service from National Grid USA. The volume of gas transported annually could fill the Empire State Building close to 6,100 times, illustrating the magnitude of Con Edison’s gas operations.

Steam

Annually producing around 30 billion pounds of steam through seven power plants, Con Edison heats water to supply the New York City steam system, recognized as the world’s largest district steam network. This steam system serves hundreds of buildings including prominent landmarks such as the United Nations complex, Empire State Building, and Metropolitan Museum of Art. The infrastructure consists of roughly 105 miles of mains and service pipes, with steam generated at five plants in Manhattan, one in Queens, one in Brooklyn, as well as contracted steam from the Brooklyn Navy Yard facility.

Metering

Through its Smart Meter Project implemented alongside Aclara Smart Grid Solutions, Con Edison replaced over five million electric and gas meters by 2022; some installations continued into 2023 due to access limitations. The project employed Aclara’s metering technology, identifiable by lime green seals on upgraded electric meters.

Programs and resources

Con Edison offers specialized programs and support tailored to various customer groups including renters, homeowners, small and medium enterprises, commercial and industrial clients, business partners, investors, community organizations, and local governments. Notable programs include:

CONCERN Program: provides dedicated representatives who assist qualifying customers with government assistance programs, safety information, and energy efficiency tips.
Quarterly Billing Plan: allows senior citizens with annual bills under $420 to receive billing statements quarterly instead of monthly.
SPOTLIGHT: a customer newsletter from Con Edison delivering updates on services and company initiatives.

Community collaborations

Con Edison plays an active role in supporting numerous non-profit organizations and educational institutions through both financial contributions and volunteer efforts. Notable beneficiaries include the New York Botanical Garden, Hudson Valley Groundworks' Science Barge, Teatown Reservation, Jay Heritage Center, and the Intrepid Sea, Air & Space Museum.

Executive leadership and affiliations

Timothy P. Cawley serves as Chairman, President, and CEO of Consolidated Edison, Inc.
Matt Ketschke holds the position of President at Con Edison of New York
Michele O'Connell is President and CEO of Orange and Rockland Utilities, Inc.
Stuart Nachmias functions as President and CEO of Con Edison Transmission
Robert Sanchez acts as President of Shared Services
Kirkland Andrews is Senior Vice President and Chief Financial Officer
Mary E. Kelly occupies the role of Senior Vice President and Chief Information Officer
Jennifer Hensley serves as Senior Vice President of Corporate Affairs
Yukari Saegusa is Vice President overseeing Treasury and Investor Relations
Edlyn Misquita holds the title of Vice President and General Auditor
Sylvia Dooley operates as Vice President and Corporate Secretary
Joseph Miller is Vice President, Controller, and Chief Accounting Officer
Deneen L. Donnley serves as Senior Vice President and General Counsel
Scott Sanders functions as Vice President of Business Finance
Edward L. Conway fulfills the role of Ombudsman

ConEd Solutions maintains membership with the Real Estate Board of New York.

Significant accidents and events

1977: A widespread blackout impacted nearly all of New York City except for the Rockaways, triggered by lightning strikes hitting substations that disrupted the electrical grid.
1989: An explosion of a steam pipe in Gramercy Park caused three fatalities and injured 24 individuals; following a guilty plea regarding asbestos contamination concealment, the company incurred a $2 million penalty.
2001: The Con Edison substation at 7 World Trade Center was destroyed during the terrorist attacks on September 11.
2004: The death of East Village resident Jodie Lane was attributed to stray voltage; subsequent investigations uncovered over 1,200 locations with stray voltage issues.
2006: The blackout in Queens drew criticism due to delays in restoring power service.
2007: A steam pipe rupture near Grand Central Terminal resulted in one death and more than 40 injuries; additionally, an 80-year-old gas main burst in Queens caused a fatality, culminating in a $3.75 million settlement.
2009: A gas explosion in Queens led to one fatality while Con Edison staff were present onsite; this incident prompted revisions to protocols for responding to external gas leaks.
2012: Flooding from Hurricane Sandy caused a transformer explosion on Manhattan’s East Side; Con Edison utilized social media platforms to communicate outage updates. Its subsidiary Orange & Rockland Utilities faced scrutiny over extended power outages lasting up to 11 days.
2014: A gas leak originating from Con Edison infrastructure triggered explosions in two East Harlem apartment buildings, resulting in eight deaths.
2018: A short circuit in a transformer at an Astoria power facility temporarily closed La Guardia Airport and disrupted subway operations; intense blue arc flashes illuminated the skyline without causing injuries.
2019: Approximately 73,000 customers in Manhattan experienced a three-hour blackout caused by a cable burnout within a transformer located on West End Avenue.
2020: Amid the COVID-19 pandemic, 170 Con Edison employees tested positive for the virus, with three fatalities reported. In response, the company halted service disconnections for non-payment and waived late fees during this period.

Bribery prosecution

On January 14, 2009, federal authorities arrested eleven supervisors from Con Edison on charges of soliciting more than $1 million in kickbacks tied to repair work following the 2007 Midtown steam pipe explosion. Investigations revealed that these employees authorized payments for unnecessary or incomplete repairs and offered expedited processing in return for illicit payments. The FBI gathered evidence through concealed recording devices worn by two retired workers and a construction company president, documenting bribe demands ranging between $1,000 and $5,000. Later that year, Con Edison initiated legal action against Brendan Maher, a construction supervisor who confessed to accepting bribes totaling $10,000.

In April 2016, Con Edison agreed to disburse over $171 million—approximately 1.5% of its yearly revenue—to compensate customers affected by the bribery incident. The New York State Public Service Commission determined that the company had inadequately overseen its workforce. Nevertheless, Con Edison did not admit to any misconduct.

Honors and criticism

In March 2002, Fortune magazine recognized Con Edison as one of "America's Most Admired Companies," placing it second among electric and gas utility providers in 2003.

In December 2011, the non-partisan group Public Campaign criticized Con Edison for expending $1.8 million on lobbying efforts while avoiding federal income taxes from 2008 through 2010. Despite earning $4.2 billion in profits and increasing executive compensation by 82% to $17.4 million for its top five executives, the company received $127 million in tax rebates.

In 2014, Con Edison was ranked as the top utility and 16th overall in Newsweek’s Green Rankings. It was also named among the 50 best companies for Latinas by Latina Style Magazine. Additionally, it earned recognition as a leading employer in the energy, gas, and oil industries by Hispanic Network Magazine in 2015 and was acknowledged as a premier regional utility by DiversityInc magazine in 2014. By 2016, it appeared on Forbes’ list of America's best large employers.

In February 2021, the Energy and Policy Institute criticized Con Edison for advocating clean energy initiatives while continuing investments in infrastructure reliant on fracked gas. Their report highlighted that executive bonuses are tied to renewable energy expansion targets but do not incentivize reductions in greenhouse gas emissions.

Stop tags

When a contractor in New York City is unable to fix a malfunctioning streetlight, traffic signal, or pedestrian light due to power issues, Con Ed issues a stop tag for the repair. Individuals who contact NYC's 311 receive this stop tag number and are instructed to call Con Ed at 800-752-6633 for status updates.

According to reports from The New York Times, some repairs can extend beyond two years. These fixes may require removing entire fixtures or replacing underground wiring, sometimes necessitating street excavation. Temporary solutions involving overhead extension cords ("Shunts") have occasionally remained in place for prolonged periods. In 2017, Con Ed committed to completing "at least 90% ... within 90 days."

Adaptive re-use of former Con Ed buildings

A former Con Edison facility located on West 53rd Street in Manhattan was transformed into the studio for the television game show Let's Make a Deal before becoming the famous recording studio known as "Power Station," reflecting its connection to Edison’s legacy. It was renamed Avatar Studios in 1996 and later reverted to "Power Station" in 2017.

In 1978, Con Edison sold the Excelsior Power Company Building—a former substation situated in Manhattan’s Financial District. The structure was converted into residential apartments and was designated a New York City landmark in 2016.

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