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Chief Executive Officer’s Letter

Chief Executive Officer’s Letter

Chief Executive Officer’s Letter

Con Edison has been resolute and focused on our mission to remain an industry leader in providing safe and reliable energy for the more than 10 million people we serve.

I am proud of the resourcefulness and resilience our employees have shown throughout this pandemic — working to keep our great city and surrounding region energized. So, it was a truly special moment this past July when New York City invited our employees to march with other essential workers and first responders in the Hometown Heroes Parade. It is an honor we will always cherish.

We are moving forward with bold and ambitious plans that will protect and preserve the environment while making our company more sustainable. Guided by our three priorities — safety, operational excellence, and the customer experience — we are determined to fulfill every provision of our Clean Energy Commitment. Providing our customers with cleaner energy that is accessible to all, delivered by a more resilient system is the right plan for these times. It is the right response to those who seek alternative forms of energy. And it is the right solution to the challenges posed by climate change.

In keeping with our commitment, all Con Edison facilities will be powered by 100 percent clean energy by 2030. Our Reliable Clean City Project will create new underground electric transmission lines that will allow us to phase out peaking power plants that burn fossil fuels and instead deliver solar- and wind-generated electricity throughout our service area. In the meantime, we continue to launch battery storage projects that are enhancing reliability and supporting renewable generation on Staten Island, City Island in the Bronx, and Ozone Park in Queens.

We have long been an industry leader in energy efficiency. Since 2009, we have helped more than 2.5 million customers upgrade to energy-efficient equipment. That is vital for our customers and the environment.

Equally important is our ongoing effort to mitigate the effects of extreme weather. Across the nation and around the globe, these events are becoming more frequent and more severe. Last September provided a vivid example of what we face when Tropical Storm Ida battered our area with a month’s worth of rain in a single day.

Our climate change resiliency plan includes investing $2 billion by 2030 on projects such as acquiring submersible equipment and moving overhead power lines underground to deal more effectively with weather challenges. Our plan also includes preparing for more extreme heat and fortifying the infrastructure in low-income neighborhoods where residents are most vulnerable.

The New York Times asked experts to review our plan. Those experts called it “the gold standard” in our industry. And you can read all about our plan in this Sustainability Report.

We have also moved to the forefront on electric vehicles. Next year, for the first time, there will be an electric bucket truck on New York City streets. It will be ours. All our new light-duty vehicle purchases are EVs. And we expect 80 percent of our light-duty vehicle fleet to be EVs by 2030, and 100 percent by 2035.

In addition, we are making it easier for our customers to go electric. We are providing incentives to install and operate electric-vehicle chargers and offering reduced rates for charging EVs during off-peak periods. Thanks to those incentives, North America’s largest EV charging hub has opened in Brooklyn’s Bedford-Stuyvesant neighborhood.

By 2025, we will help to increase the number of charging stations tenfold across the five boroughs and Westchester, Orange, and Rockland counties. And because more electric vehicles mean fewer gas emissions, this initiative aligns with our clean energy vision.

Our role as a guardian of the environment is one that we take very seriously. Since 2005, we have reduced our greenhouse gas emissions by 53 percent. We will continue to lower emissions through such actions as reducing the use of fossil fuels and replacing thousands of miles of older pipes to reduce gas leaks. We are also building new transmission lines and establishing facilities to house hundreds of megawatts of energy storage to support the use of renewables. Plans for offshore wind farms are also in the works. We will create clean energy hubs that connect into our system to deliver wind energy directly to our customers.

Between 2021 and 2023, we will have invested more than $1 billion in renewable energy. Our commitment to alternative energy sources has made Con Edison the second-largest producer of solar power in North America.

Proud as we are of our work to protect the environment, we are also aware of the need to enhance the quality of life for our customers and keep their communities sustainable. Therefore, we launched a program that has empowered low- and moderate-income residents by training them to install solar panels on about 40 city-owned apartment buildings so far. Teaching in-demand skills to residents who will also reap the benefits of lower energy costs is a win-win.

Safety is, and always will be, the foundation of everything we do. So, I’m pleased to note that in 2021 Con Edison of New York had the second-lowest number of injuries and illnesses in our history. At Orange & Rockland, an increased emphasis on peer coaching and hands-on training has led to significantly fewer injuries and the company’s lowest rate of vehicle collisions ever. And we continue to install gas detectors in homes to help keep customers safe.

Everything we accomplish as a company is the result of our extraordinary team —one that we are committed to making more diverse and inclusive. We have implemented a diversity, equity, and inclusion strategy and action plan that strive to create a workplace where all our employees can be their authentic selves, feel valued, and reach their full potential. The action plan’s focus is on increasing the number of people of color and women at all levels of the company and transforming our culture. A 2021 companywide employee survey was conducted to gain further insights into our diversity, equity, and inclusion efforts. The survey provided valuable information about how employees from all groups experience the Company’s culture, areas of strength, and areas where the Company can make even greater progress.

As a company, we are also holding ourselves accountable by tying executive compensation to our diversity goals. People are noticing our efforts. In 2021, a social-justice group named Con Edison one of America’s 10 best companies at incorporating diversity and inclusion into our policies and practices.

Such national recognition is greatly appreciated. But we know there is more to be done. We want to always ensure that Con Edison is a great place for people to work, learn, and grow. This is the kind of growth that will sustain us. And we want to continue to be a company that gets big things done — a company that leads, that sets big goals and works smartly and safely to achieve them, for the benefit of our customers, our communities, and the environment.

— Tim Cawley,
Chairman and Chief Executive Officer, Consolidated Edison, Inc.

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