Sector: Utilities|Industry: Utilities - Regulated Electric|Market Cap: $30.79B|Employees: N/A
Consolidated Edison, Inc. is a holding company that, through its subsidiaries, provides electricity, gas, and steam services. The company's primary revenue streams are derived from its regulated utility operations in New York City and surrounding areas. Con Edison holds a strong market position within its service territories, benefiting from its established infrastructure and customer base.
The company's net income for the three months ended September 30, 2024, was $588 million, compared to $526 million in the same period last year. This increase is driven by improved operating income and effective cost management.
Total operating revenues increased to $4.092 billion, up from $3.872 billion year-over-year, primarily driven by higher electric revenues. However, this increase was partially offset by a decrease in non-utility revenues.
Total operating expenses increased to $3.230 billion from $3.149 billion YoY. This increase in expenses, including purchased power, fuel, and other operations and maintenance, impacted the overall operating income, although operating income still increased YoY.