Con Edison reports increased revenues and net income for 2021. In a filing with the U.S. Securities and Exchange Commission, the utility reports 2021 net income of $1.346 billion or $3.86 a share compared with $1,.01 billion or $3.29 a share in 2020. On the profit side of the ledger, adjusted earnings were $1.528 billion or $4.39 a share in 2021 compared with $1.399 billion or $4.18 a share in 2020. Con Ed reported having $63 billion in assets.
Con Ed said that the business slowdown due to Covid “has resulted in a slower recovery of cash from outstanding customer accounts receivable balances, material increases in customer accounts receivable balances, increases to the allowance for uncollectible accounts, and may result in increases to write-offs and recoveries of customer accounts.”
The company said that it has started trying to collect from residential and commercial customers late payment fees and other fees that it had waived during the worst of the Covid pandemic.
Con Edison is a holding company that owns a variety of companies, including:
- Consolidated Edison Company of New York, Inc., which provides electric service and gas service in New York City and Westchester County and steam service in parts of Manhattan;
- Orange & Rockland Utilities, Inc., which along with its utility subsidiary Rockland Electric Company provides electric service in southeastern New York state and northern New Jersey and gas service in southeastern N.Y.;
- Con Edison Clean Energy Businesses, Inc., which through its subsidiaries serves wholesale and retail customers with sustainable energy-related products and services;
- Con Edison Transmission, Inc., which through its subsidiaries invests in electric transmission and other areas.
Con Edison said that at the end of 2021 it had 13,871 employees, all located in the U.S.
“Once again in 2021, our employees continued to provide safe, reliable service to our customers throughout the unprecedented challenges of the pandemic, and our focus on delivering investor value remains strong,” said Timothy P. Cawley, the company”™s chairman and CEO. “Our expanded Clean Energy Commitment reflects our dedication to lead the transition to renewables, give our customers greater control over their energy use, and build a more resilient grid.”
Con Ed said its Consolidated Edison Company of New York has set a target of owning 1,000 megawatts in solar generation capacity. A megawatt is one million watts of electricity, enough to light approximately 10,000 100-watt bulbs. It said its clean energy businesses plan involves a $1.2 billion investment over the period of 2022 through 2024 in a renewable energy portfolio focused on solar and battery storage. It said that it plans to have its electric grid deliver 100% clean energy by 2040.
Con Ed also reported it plans to reimagine its gas systems reduce the use of fossil natural gas, while reducing the carbon footprints of all of its businesses with a target of having zero carbon emissions by 2040.
Consolidate Edison Company of New York submitted to the state Public Service Commission on Jan. 28 of this year a request to increase electric and gas rates in 2023, 2024 and 2025. For 2023, it wants to collect an extra $1.2 billion for electricity and $503 million more for gas. The average annual increases over the three years would be $985 million for electricity and $366 million for gas.
Con Ed reported that the market price of its common stock increased by 18.1% in 2021. A Con Ed share had cost $72.27 at the end of 2020 and at the end of 2021 was trading at $85.32. The company noted that the S&P 500 Utilities Index had increased 14% for the same period.
