Consolidated Edison Inc (NYSE: ED) is a regulated utility company that delivers electric, gas, and steam service to customers in New York City and Westchester County. It earns revenue primarily through regulated rates set by the New York Public Service Commission, collecting tariff-based charges for the delivery of electricity, natural gas, and steam through its principal subsidiary, Consolidated Edison Company of New York Inc (CECONY). The regulated utility structure means revenue is largely determined by approved rate cases rather than commodity prices or competitive market dynamics. Con Edison filed its 10-K for the fiscal year ended 2025 on February 19, 2026. The company operates as a holding company with CECONY as its primary operating subsidiary, serving one of the most densely populated service territories in the United States. Capital intensity is high, as the business requires continuous investment in transmission, distribution, and steam infrastructure to maintain regulatory compliance and service reliability.

Revenue model

Regulated tariff-based delivery charges for electricity, natural gas, and steam, with rates approved by the New York Public Service Commission through periodic rate cases. Revenue reflects allowed returns on rate base rather than commodity market pricing.

Products and services

Electric delivery service, natural gas delivery service, steam delivery service.

Customers and end markets

Residential, commercial, and industrial customers in New York City and Westchester County.

Value-chain role

Regulated transmission and distribution utility; energy delivery infrastructure owner and operator.

Geographic exposure

New York City and Westchester County, New York, as of FY2025 10-K filed 2026-02-19.

Source: SEC 10-K, filed 2026-02-19

Industry: Electric & Other Services Combined Peers: Ameren Corp CenterPoint Energy Inc CMS Energy Corp Dominion Energy Inc DTE Energy Co Sempra NiSource Inc PUBLIC SERVICE ENTERPRISE GROUP INC WEC Energy Group Inc