Consolidated Edison Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Consolidated Edison, Inc. has filed its 2023 annual 10-K report detailing its financial performance and operations.</b>

AI Summary

CONSOLIDATED EDISON INC (ED) filed a Annual Report (10-K) with the SEC on February 15, 2024. Consolidated Edison, Inc. (CEG) filed its annual report for the fiscal year ending December 31, 2023. The filing includes data for Consolidated Edison Co. of New York, Inc. The report is filed under the Securities Exchange Act of 1934. The company's principal executive offices are located at 4 Irving Place, New York, NY. The fiscal year end for the company is December 31.

Why It Matters

For investors and stakeholders tracking CONSOLIDATED EDISON INC, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Consolidated Edison's financial health and operational status for the fiscal year 2023, crucial for investors to assess performance and future outlook. As a major utility provider, the details within this report are vital for understanding regulatory compliance, infrastructure investments, and the company's ability to meet energy demands in its service territories.

Risk Assessment

Risk Level: medium — CONSOLIDATED EDISON INC shows moderate risk based on this filing. The company operates in a highly regulated industry, which can impact its revenue, costs, and ability to implement strategic changes, as evidenced by the numerous references to US GAAP and specific financial statement line items.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to understand Consolidated Edison's operational performance and regulatory environment for 2023.

Key Numbers

• 20231231 — Fiscal Year End (Reporting Period)
• 20240215 — Filing Date (Submission Date)

Key Players & Entities

• CONSOLIDATED EDISON INC (company) — Filer
• CONSOLIDATED EDISON CO OF NEW YORK INC (company) — Filer
• 4 IRVING PLACE (location) — Business Address
• NEW YORK (location) — City
• NY (location) — State
• 10003 (location) — ZIP

FAQ

Industry Context

Consolidated Edison operates in the electric and other services sector, providing essential utility services within its regulated territories.

Regulatory Implications

The company is subject to extensive regulation by state and federal bodies, which govern its rates, operations, and service standards.

What Investors Should Do

1. Analyze the revenue and net income figures for FY 2023.
2. Review the company's debt-to-equity ratio and cash position.
3. Examine the risk factors section for potential operational and regulatory challenges.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K filing.
• 2024-02-15: Filing Date — Date the 10-K report was officially submitted to the SEC.

Year-Over-Year Comparison

This filing represents the annual report for the fiscal year 2023, providing updated financial and operational data compared to previous filings.

Key Financial Figures

• $2,519 million — Con Edison reported 2023 net income of $2,519 million or $7.25 a share compared with $1,660 m
• $7.25 — ed 2023 net income of $2,519 million or $7.25 a share compared with $1,660 million or
• $1,660 million — million or $7.25 a share compared with $1,660 million or $4.68 a share in 2022. Adjusted earn
• $4.68 — a share compared with $1,660 million or $4.68 a share in 2022. Adjusted earnings were
• $1,762 million — a share in 2022. Adjusted earnings were $1,762 million or $5.07 a share in 2023 compared with
• $5.07 — djusted earnings were $1,762 million or $5.07 a share in 2023 compared with $1,620 mi
• $1,620 million — or $5.07 a share in 2023 compared with $1,620 million or $4.57 a share in 2022. See "Results
• $4.57 — in 2023 compared with $1,620 million or $4.57 a share in 2022. See "Results of Operat
• $4,379 million — below. In 2023, the Utilities invested $4,379 million to upgrade and reinforce their energy d
• $49 million — ms and Con Edison Transmission invested $49 million primarily in electric transmission. For
• $4,822 m — nd 2028, the Utilities expect to invest $4,822 million, $5,212 million, $5,879 million,
• $5,212 m — lities expect to invest $4,822 million, $5,212 million, $5,879 million, $5,874 million a
• $5,879 m — invest $4,822 million, $5,212 million, $5,879 million, $5,874 million and $5,867 millio
• $5,874 million — illion, $5,212 million, $5,879 million, $5,874 million and $5,867 million, respectively, for t
• $5,867 m — ion, $5,879 million, $5,874 million and $5,867 million, respectively, for their energy d

Filing Documents

• ed-20231231.htm (10-K) — 6201KB
• exhibit101102-202310k.htm (EX-10.1 10 2) — 67KB
• exhibit101103-202310k.htm (EX-10.1 10 3) — 31KB
• exhibit211-202310k.htm (EX-21.1) — 2KB
• exhibit231-202310xk.htm (EX-23.1) — 3KB
• exhibit232-202310k.htm (EX-23.2) — 3KB
• exhibit3111-202310k.htm (EX-31.1 1) — 10KB
• exhibit3112-202310k.htm (EX-31.1 2) — 10KB
• exhibit3121-202310k.htm (EX-31.2 1) — 10KB
• exhibit3122-202310k.htm (EX-31.2 2) — 10KB
• exhibit3211-202310k.htm (EX-32.1 1) — 3KB
• exhibit3212-202310k.htm (EX-32.1 2) — 3KB
• exhibit3221-202310k.htm (EX-32.2 1) — 3KB
• exhibit3222-202310k.htm (EX-32.2 2) — 3KB
• exhibit971-202310k.htm (EX-97.1) — 43KB
• ed-20231231_g1.jpg (GRAPHIC) — 36KB
• image_0.jpg (GRAPHIC) — 0KB
• image_01a.jpg (GRAPHIC) — 0KB
• image_1.jpg (GRAPHIC) — 0KB
• image_11a.jpg (GRAPHIC) — 0KB
• image_2.jpg (GRAPHIC) — 0KB
• 0001047862-24-000012.txt (&nbsp;) — 32194KB
• ed-20231231.xsd (EX-101.SCH) — 215KB
• ed-20231231_cal.xml (EX-101.CAL) — 211KB
• ed-20231231_def.xml (EX-101.DEF) — 1704KB
• ed-20231231_lab.xml (EX-101.LAB) — 2064KB
• ed-20231231_pre.xml (EX-101.PRE) — 1937KB
• ed-20231231_htm.xml (XML) — 5535KB

Forward-Looking Statements

Forward-Looking Statements 9 Non-GAAP Financial Measures 9 Part I

: Business

Item 1: Business 14

: Risk Factors

Item 1A: Risk Factors 40

: Unresolved Staff Comments

Item 1B: Unresolved Staff Comments 44

: Cybersecurity

Item 1C: Cybersecurity 44

: Properties

Item 2: Properties 46

: Legal Proceedings

Item 3: Legal Proceedings 46

: Mine Safety Disclosures

Item 4: Mine Safety Disclosures 46 Information about our Executive Officers 47 Part II

: Market for the Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5: Market for the Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 48

: [Reserved]

Item 6: [Reserved] 49

: Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7: Management's Discussion and Analysis of Financial Condition and Results of Operations 50

: Quantitative and Qualitative Disclosures about Market Risk

Item 7A: Quantitative and Qualitative Disclosures about Market Risk 79

: Financial Statements and Supplementary Data

Item 8: Financial Statements and Supplementary Data 80

: Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9: Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 176

: Controls and Procedures

Item 9A: Controls and Procedures 176

: Other Information

Item 9B: Other Information 176

: Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C: Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 176 Part III

: Directors, Executive Officers and Corporate Governance

Item 10: Directors, Executive Officers and Corporate Governance 177

: Executive Compensation

Item 11: Executive Compensation 177

: Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12: Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 177

: Certain Relationships and Related Transactions, and Director Independence

Item 13: Certain Relationships and Related Transactions, and Director Independence 177

: Principal Accounting Fees and Services

Item 14: Principal Accounting Fees and Services 177 Part IV

: Exhibits and Financial Statement Schedules

Item 15: Exhibits and Financial Statement Schedules 179

: Form 10-K Summary

Item 16: Form 10-K Summary 184

Signatures

Signatures 186 6 CON EDISON ANNUAL REPORT 2023 Introduction This introduction contains certain information about Con Edison and its subsidiaries, including CECONY. This introduction is not a summary and should be read together with, and is qualified in its entirety by reference to, the more detailed information appearing elsewhere or incorporated by reference in this report. Con Edison's mission is to provide energy services to our customers safely, reliably, efficiently and in keeping with our vision for a clean energy future; to provide a workplace that embraces diversity and inclusion and allows employees to realize their full potential; to provide a fair return to our investors; and to improve the quality of life in the communities we serve. The company has ongoing programs designed to support each component of its mission, including initiatives focused on safety, operational excellence and the customer experience. Con Edison is a holding company that owns: Consolidated Edison Company of New York, Inc. (CECONY), 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 New Jersey electric utility subsidiary, Rockland Electric Company (together referred to herein as O&R), provides electric service in southeastern New York and northern New Jersey and gas service in southeastern New York (O&R, together with CECONY referred to as the Utilities); and Con Edison Transmission, Inc., which through its subsidiaries, invests in electric transmission projects supporting Con Edison's effort to transition to clean, renewable energy and through joint ventures manages both electric and gas assets while seeking to develop electric transmission projects (Con Edison Transmission, Inc., together with its subsidiaries referred to as Con Edison Transmission). Con Edison anticipates that the Utilities, which are subject to extensive regulation,

Forward-Looking Statements

Forward-Looking Statements This report contains forward-looking statements that are intended to qualify for the safe-harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are statements of future expectation and not facts. Words such as "forecasts," "expects," "estimates," "anticipates," "intends," "believes," "plans," "will," "target," "guidance," "potential," "consider" and similar expressions identify forward-looking statements. The forward-looking statements reflect information available and assumptions at the time the statements are made, and accordingly, speak only as of that time. Actual results or developments might differ materially from those included in the forward-looking statements because of various factors including, but not limited to, those discussed under "Risk Factors," in Item 1A. Non-GAAP Financial Measures Adjusted earnings and adjusted earnings per share are financial measures that are not determined in accordance with generally accepted accounting principles in the United States of America (GAAP). These non-GAAP financial measures should not be considered as an alternative to net income for common stock or net income per share, respectively, each of which is an indicator of financial performance determined in accordance with GAAP. Adjusted earnings and adjusted earnings per share exclude from net income for common stock and net income per share, respectively, certain other items that the company does not consider indicative of its ongoing financial performance. Management uses these non-GAAP financial measures to facilitate the analysis of the company's financial performance as compared to its internal budgets and previous financial results and to communicate to investors and others the company's expectations regarding its future earnings and dividends on its common stock. Management believes that these non-GAAP financial m

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View this 10-K filing on SEC EDGAR