Chairman & Chief Executive
Officer’s Letter

In our more than 200 years in operation, Con Edison has been an industry leader, building and maintaining the energy delivery infrastructure needed to provide safe, reliable, resilient, and affordable energy while now helping our customers equitably access the clean energy transition.

We have helped power New York City’s rise to becoming one of the world’s great and essential cities, a dynamic economic and cultural powerhouse. Our dependability, innovation, and adaptability have enabled us to evolve to meet the changing needs of countless generations throughout the bustling metropolitan region we serve — from New York City’s iconic skyscrapers to small businesses in Rockland County.

This is why we’re helping to meet our customers’ clean energy demands. As the largest energy provider in a state with the nation’s most ambitious climate laws, we remain a steadfast partner as New York tackles the impacts of extreme weather events that will continue to increase in frequency and severity. We are helping meet state mandates while providing the safe, resilient, and reliable electric service that our customers expect and require. This means expanding and modernizing our grid to make it more resilient and able to accommodate new sources of renewable energy and support increased demand as more of our customers choose electricity to heat their homes and power their vehicles.

We’re proud of our record as the most reliable electric service provider in the United States — more than nine times better than the national average in 2023, the most recent year for which data available. To maintain and build upon that standard, we have broken ground on major infrastructure projects such as our Idlewild substation in Queens, the largest of our Reliable Clean City projects, as well as completing the Blooming Grove and Lovett substations in Orange and Rockland counties, respectively. Additionally, we are continuing to make significant climate resiliency investments to fortify our electric system from extreme weather events.

We are reimagining our gas system, while remaining keenly focused on providing safe and reliable service for our existing 1.2 million gas customers. We provide our customers with clean energy education and incentives and avail them of clean energy alternatives. We are also investing in infrastructure to meet our customers’ energy demands from continued building and transportation electrification. Moreover, we are piloting programs for utility-thermal energy networks across our service territory to deliver clean energy equitably and efficiently.

Our projects and initiatives reflect the substantial investment we are making in our service territory. They, along with our future planned work, reflect Con Edison’s commitment to our customers—enabling us to meet current energy needs while ensuring we’ll have the capacity to adapt to future changes in demand.

Con Edison also continues to progress on its own sustainability journey. Specifically, with regard to decarbonization, we are undertaking several pilots to reduce carbon emissions from steam generation. We also remain committed to having all our new buildings use only electric energy. And we are minimizing waste by developing a tracking system that will enable us to reduce the amount of waste produced by the work we do. Sustainability has long been a core tenet of our company and continues to inform our operations.

Our investments enable us to better serve our customers, including those in New York’s Disadvantaged Communities, a majority of which are in New York City. This includes providing equitable access to clean energy and reliable and resilient service. In 2024, more than 466,000 customers were enrolled in our Energy Affordability Program, resulting in over $332 million in total discounts on electric and gas bills. Of the more than 4,900 electric vehicle charging plugs we have installed in our service territory, nearly 40% are located in Disadvantaged Communities.

Our company has given millions of dollars in grants to community organizations and programs that help provide a means for marginalized and Disadvantaged Communities to participate in the clean energy transition. We’re committed to providing opportunities for development and training programs for students so they can become the future generations of clean energy and tech workers. We also work with vendors and contractors with diverse experience, skills, and expertise—helping to ensure a resilient and responsible supply chain.

Building the grid of the future also requires a talented workforce. Con Edison’s employees are the foundation on which our company is built. Our more than 15,000 employees come from all walks of life. Each of their life experiences and backgrounds, ideas and views, skills and attributes, are valued within our organization. They are also representative of our service territory, and this blend of people and their talents and abilities is why we are confident that we can deliver on our mission to help build a sustainable future.

Each year, this report reflects the progress and achievements Con Edison has made in our commitment to sustainability. The clean energy transition requires institutional alignment. Across all our commodities and operations, we’re working together to help achieve a clean energy future that is reliable, resilient, and sustainable. This all-in approach will enable us to meet our obligations to our customers, provide opportunities to our employees, advance clean energy goals, and deliver value for our shareholders. We accomplished a lot in 2024, and I am even more optimistic about what’s ahead in 2025 and beyond.

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