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.
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SOURCE Con Edison Inc.