CON EDISON CEO TIM CAWLEY OUTLINES CLEAN ENERGY GROWTH STRATEGY

News provided by

May 20, 2024, 12:00 ET

Company Sees Opportunities to Expand Electric Business While Maintaining World-Class Reliable Service

NEW YORK, May 20, 2024 /PRNewswire/ -- Con Edison Chairman and CEO Tim Cawley addressed the company's shareholders today, outlining plans to support New York's transition to clean energy and execute on investments that will enable the company to grow its business.

"Never have the effects of climate change been more evident," Cawley said in a virtual presentation. "And never has the need for solutions been more urgent. To meet this moment, Con Edison is moving forward with bold plans to enable clean energy in our region."

Cawley, speaking at the annual shareholders meeting, said Con Edison's utilities support New York State's ambitious climate law by providing incentives for customers to shift to clean technologies. The utilities are also investing in their energy delivery infrastructure to withstand extreme weather and deliver the increasing amount of renewable energy the state is adding to its portfolio.

Driving Customer Adoption of Electrification
The utilities, Con Edison Company of New York and Orange and Rockland Utilities, offer incentives to customers who install geothermal or air-source heat pumps to move off fossil fuel heating.

In addition, the utilities provide incentives for the installation of EV chargers to make it easier for drivers to transition to vehicles that have no tailpipe emissions.

"Demand from our thriving region, driven by electrification of transportation and heating, positions us for strong growth," Cawley said, with more than a 50 percent increase in power demand expected in the coming decades.

The company is helping customers use less natural gas by enrolling them in gas energy efficiency programs and supporting policies that promote a transition to electric heating and appliances.

Investing for Renewables
To support this drive to electrification, Con Edison is making the infrastructure investments to connect increasing amounts of solar and offshore wind power to its grid in New York City and the northern suburbs.

The clean energy investments also include battery storage, comprehensive energy efficiency programs and transmission lines to carry renewable energy to customers. These and other investments will help customers move away from fossil fuels to address climate change, as the company maintains its world-class reliable electric service.

The utilities are helping New York State meet its goal of 6,000 megawatts of battery energy storage by 2030, Cawley said. Energy stored in batteries can be dispatched to customers to take pressure off electric delivery equipment during peak periods.

Con Edison Transmission and partners are developing a project that will strengthen the grid by adding more than 3,000 megawatts of transmission capacity by 2030.

Con Edison, which is striving to build a grid capable of carrying 100 percent clean energy by 2040, envisions an energy transition that will benefit all customers, regardless of income group.

"Now is the time to act swiftly, to innovate and be nimble," Cawley said. "Now is the time for energy equity and for developing the next generation of our workforce to ensure everyone shares the benefits of clean energy. Now is the time to create a more sustainable world."

Cawley mentioned the Brooklyn Clean Energy Hub, a transmission substation in the Vinegar Hill neighborhood that can be an interconnection point for offshore wind, as an example of the company's clean energy initiatives.

Cawley cited the company's Clean Energy Commitment, which he called "a roadmap for tackling our biggest challenges."

Prioritizing Energy Security
Cawley added that the company has strong cyber protections and is investing to fortify its energy delivery systems against the extreme weather resulting from climate change.

"I'm confident we have the expertise, partnerships and grit to usher in the clean energy future equitably and efficiently so all New Yorkers can share the cleaner world they deserve," Cawley said in closing.

Con Edison is the longest continuously listed company on the New York Stock Exchange. Its annual dividend has grown 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 $67 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., 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., 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.