Slides
Page 1
1 Con Edison Webinar: Delivering Reliable and Resilient Energy for the Future October 7, 2025 Consolidated Edison, Inc.
Page 2
2 Investor Relations Available Information On August 7, 2025, Consolidated Edison, Inc. (Con Edison) issued a press release reporting its second quarter 2025 earnings and filed with the Securities and Exchange Commission the company’s second quarter 2025 Form 10-Q. This presentation should be read together with, and is qualified in its entirety by reference to, the earnings press release and the Form 10-Q. Copies of the earnings press release and the Form 10-Q are available at: www.conedison.com/en/. (Select “For Investors” and then select “Press Releases” and “SEC Filings,” respectively.) Forward-Looking Statements This presentation contains forward-looking statements on Con Edison’s strategy to achieve goals set forth in clean energy and climate-related laws and regulations and strengthen and modernize its energy delivery systems 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 expectations and not facts. Words such as “forecasts,” “expects,” “estimates,” “anticipates,” “intends,” “believes,” “plans,” “will,” “target,” “guidance,” “potential,” “goal,” “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 such as those identified in reports Con Edison has filed with the Securities and Exchange Commission, including that Con Edison's subsidiaries are extensively regulated and may be subject to substantial penalties; its utility subsidiaries' rate plans may not provide a reasonable return; it may be adversely affected by changes to the utility subsidiaries' rate plans; the failure of, or damage to, its subsidiaries' facilities could adversely affect it; a cyber attack could adversely affect it; the failure of processes and systems, the failure to retain and attract employees and contractors, and their negative performance could adversely affect it; it is exposed to risks from the environmental consequences of its subsidiaries' operations, including increased costs related to climate change; changes in clean energy and climate-related laws and policies could adversely affect it; failure to receive regulatory approval for anticipated clean energy and climate-related investments could adversely affect it; its ability to pay dividends or interest depends on dividends from its subsidiaries; changes to tax laws could adversely affect it; it requires access to capital markets to satisfy funding requirements; a disruption in the wholesale energy markets, increased commodity costs or failure by an energy supplier or customer could adversely affect it; it faces risks related to health epidemics and other outbreaks; its strategies may not be effective to address changes in the external business environment; it faces risks related to supply chain disruptions, inflation and the imposition of tariffs (or subsequent changes to tariffs once announced or implemented); and it also faces other risks that are beyond its control. This list of factors is not all-inclusive because it is not possible to predict all factors that could cause actual results or developments to differ from the forward-looking statements. Con Edison assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. For more information, contact: Jan Childress, Director, Investor Relations Caroline Elsasser, Section Manager, Investor Relations Allison Duignan, Sr. Analyst, Investor Relations Tel: 212-460-6611 Tel: 212-460-4431 Tel: 212-460-6912 Email: childressj@coned.com Email: elsasserc@coned.com Email: duignana@coned.com conEdison.com
Page 3
3 Introduction Chairman, President & Chief Executive Officer Consolidated Edison, Inc. Tim Cawley Chairman & Chief Executive Officer Consolidated Edison Company of New York, Inc.
Page 4
4 We Deliver Electricity, Gas, and Steam to Millions of People • Consolidated Edison Company of New York, Inc. (CECONY) delivers electricity to approximately 3.7 million customers, gas to about 1.1 million customers, and steam to approximately 1,500 customers. • Orange and Rockland Utilities, Inc. (O&R) delivers electricity to approximately 0.3 million electric customers and more than 0.1 million gas customers. • Con Edison Transmission, Inc. (CET) develops and invests in electric transmission projects and owns, through joint ventures, both electric and gas assets.
Page 5
5 • Unique geography • High building density • Diverse housing stock • Complex infrastructure New York City's composition and location create distinct hurdles: Rising to the Challenge
Page 6
6 Our Principles Drive Everything We Do Our Mission • Provide energy to our customers safely, reliably, sustainably, and affordably. • Cultivate a workplace that allows employees to realize their full potential. • Provide a fair return to our investors. • Help improve the quality of life in the communities we serve.
Page 7
7 CECONY Operates the Most Reliable Electric System in the U.S. • CECONY’s electric delivery system is nine times more reliable than the national average. • Maintaining our best-in-class reliability is crucial as we move to electrifying transportation and heating. Sources: Con Edison Customer Interruption Analysis System NYSPDS Electric Service Reliability Reports PA Consulting National Reliability Award
Page 8
8 Leading Through Periods of Change Our electric, gas, and steam systems continue to evolve to meet shifting demands and needs. Mid-2040s: Expected shift back from summer to winter peaking utility. 1880s: New York Gas Light Co. is founded. Impacts of the Great Blizzard of 1888 drive push to underground utility lines. 1928: Transition from direct current to alternating current. 1950s: Rapid adoption of air conditioning results in the shift from winter to summer peaking utility. 1960s-1970s: Northeast Blackout of 1965 prompts establishment of New York Power Pool to address grid reliability. 1997: Deregulation: We divest our generation assets. 2011-2012: Superstorm Sandy and Hurricane Irene put renewed focus on storm resiliency.
Page 9
9 Economic Impact and Partnerships With City & State Senior Vice President, Corporate Affairs Consolidated Edison Company of New York, Inc. Jen Hensley
Page 10
10 CECONY and O&R Power New York’s Vibrant Economy • We support 40,600 jobs in New York State, including 15,100 directly employed workers. • For each of our employees, the company’s economic activity supports another 1.7 jobs in New York State. • During 2024, the utilities’ $2.1 billion in contract spending reached companies big and small in New York State, including $540 million toward diverse and small businesses. • We contributed $4.8 billion of taxes and fees in New York State in 2024, of which $3.3 billion went to New York City. Sources: HR&A Analysis; Con Edison; IMPLAN 2025 Photo credit: New York City Economic Development Council
Page 11
11 City and State Laws Driving Change We are a policy-aligned partner with New York State and New York City. Investments in our system are essential to meeting their clean energy goals, and we are working with a range of players to support this effort. • New York State Energy Research & Development Authority • New York State Public Service Commission • New York Independent System Operator • Climate Action Council
Page 12
12 Aligning With City and State Laws • NYC Local Law 97: Mandates GHG emission reductions in buildings greater than 25,000 square feet since 2024. • NYC Local Law 154: Bans use of fossil fuels in new construction for most small buildings* beginning in 2024 and for new large buildings beginning in 2027. • Bill S4006C/A3006C (Signed in 2023): State ban of fossil fuel use in new small buildings starting in 2026, and in new large buildings starting in 2029. • Repeal of the 100-Foot Rule (Bill S8417/A8888 – Passed in 2025, not yet signed): Ends the requirement for utility companies to cover the cost of new gas service connections within 100 feet of an existing main. • Utility Thermal Energy Network and Jobs Act: Removes legal barriers and creates a regulatory framework for development of utility thermal energy networks in New York State. • Accelerated Renewable Energy Growth and Community Benefit Act: Streamlines permitting process for renewable energy projects equal to or larger than 25 megawatts in New York State. We are committed to helping the city and state achieve their climate and renewable energy goals. * Both New York City LL154 and New York State law define “small buildings” as less than seven stories in height, and “large buildings” as seven stories or more
Page 13
13 Building Out the Grid to Support Electrification President Consolidated Edison Company of New York, Inc. Matt Ketschke
Page 14
14 Electric Power Industry in New York • The public electricity sector was deregulated in the 1990s to promote competition of supply resources. • Today, Con Edison procures power for its customers from the New York Independent System Operator (NYISO) energy markets. • Transmission lines that cross service territories are planned by the NYISO, and solutions are competitively solicited. • Con Edison’s electric distribution system is regulated by the New York State Public Service Commission.
Page 15
15 Market Transformations Are Shifting Our Peak Demand From Summer to Winter 0% 50% 100% 150% 200% 250% 2022 2050 Electric Gas Steam Hybrid Pathway Transition to Winter Peak 2030 2030 2040 2040 50% 100% 150% 200% 250% 0% 2022 2050 Electric Gas Steam Annual Projected Peak Demand for Combined CECONY and O&R Pathways Transition to Winter Peak Deep Electrification Pathway
Page 16
16 2025 Reliable Clean City Goethals to Fox Hills New Transmission 2025 Reliable Clean City Gowanus to Greenwood New Transmission 2026 Astoria Annex 100 MW of Battery Storage 2026 Champlain Hudson Power Express 1250 MW of renewable, hydroelectric power from Canada to Queens 2026 Astoria Rainey Cable 2027 Empire Wind 810 MW of offshore wind into Gowanus Substation 2026 Vernon to Newtown Substation New Transmission 2029 Proactive expansion for Hunts Point electrification 2028 Brooklyn Clean Energy Hub Interconnection for renewable energy Serves several new area substation 2028 New Substation Gateway Park Substation 2028 Reliable Clean City Eastern Queens/Idlewild Substation New substation and new network 2029 Parkchester Substation Preparation for new electric vehicle chargers 2029 New transmission from Mott Haven to Parkview Substations 2030 Propel NY Energy Project Substation Upgrades 3 new transmission lines from Long Island into CECONY’s grid Projects to Meet Growing Demand 2033 Hillside Substation 2032 Nevins Substation Legend: ▪ CECONY Project ▪ CET Project ▪ CECONY work supporting developers 2034 Sunset Park & Industry City New substation and new network 2034 Atlantic Substation
Page 17
17 ` 2029 New Otisville Substation 2028 New Goshen Substation 2027 New Forest Avenue Substation 2028 New Franklin Lakes Substation 2027 Sloatsburg Substation Upgrades 2025 Monsey Substation Upgrades 2025 Burns Substation Upgrades 2031 West Nyack Substation Upgrades 2025/2027 Corporate Drive Substation Upgrades2031 Harings Corner Substation Upgrade 2029 New Bullville Substation 2026 New underground transmission line from West Nyack to Burns Substations 2029 New Clean Energy Hub at Shoemaker Substation 2028 New transmission lines from Monroe to Blooming Grove Substations 2035 Upgraded transmission lines from Shoemaker to Monguap Substations 2033 Upgraded transmission lines from Shoemaker, Bullville, and Bloomingburg to Wurtsboro Substations 2027 Upgraded transmission lines from Harriman and Dean to New West Point Substations 2026 New underground transmission lines from Franklin Lake to Darlington and Allendale Substations 2028 New West Point/Highland Falls Substation O&R Projects to Meet Growing Demand
Page 18
18 Network Reliability Primary High-Voltage Feeders Secondary Network
Page 19
19 Enhancing Reliability to Address Load Growth in Jamaica, Queens Project Scope • Construct new, storm-hardened Eastern Queens transmission substation (138 kV), expandable for additional points of interconnection. • Construct new, storm-hardened Idlewild distribution area station (27 kV). • Reroute two existing transmission feeders. • Establish new Springfield Network to relieve electric load in Jamaica. Anticipated Timeline Start: 2025 Target completion: 2028 Anticipated Total Cost $1.2 billion A new 138 kV transmission substation – Eastern Queens – is needed to enhance reliability in the overall Jamaica load area; JFK Airport is one of the many stakeholders this project will serve. Reliable Clean City - Idlewild
Page 20
20 CECONY Historical and Forecasted Major Substation Construction Based on 2024 10-Year Forecast 0 1 2 3 4 5 6 7 8 9 1950 1952 1954 1956 1958 1960 1962 1964 1966 1968 1970 1972 1974 1976 1978 1980 1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024 2026 2028 2030 2032 2034 Transmission Substation Distribution Substation Planned Construction
Page 21
21 Our Climate Studies and Resiliency Strategy President and Chief Executive Officer Orange and Rockland Utilities, Inc. Michele O’Connell
Page 22
22 O&R Investments to Meet Increasing Demand in 2025 • Upgrades to meet increasing residential electricity demand and growing EV use: – Monsey Project – Spring Valley Project • Increasing substation capacity to support reliability and to keep up with growing data center demand: – Orangetown project 22
Page 23
23 O&R Historical and Forecasted Major Substation Construction Based on 2025 Long Term Forecast 0 1 2 3 4 5 6 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 Transmission Substation Distribution Substation Planned Construction
Page 24
24 O&R Is Building Today to Be Ready for the Future In 2024, O&R brought two new substations online to continue to provide reliable and resilient electric service. 24 Lovett Substation Stony Point, NY Blooming Grove Substation Washingtonville, NY
Page 25
25 What Our Climate Studies Are Telling Us Sources: CECONY Climate Change Vulnerability Study – September 2023, and CECONY Climate Change Resilience Plan O&R Climate Change Vulnerability Study – September 2023, and O&R Climate Change Resilience Plan Our extreme weather vulnerability studies estimate that heat impacts may occur sooner than previously anticipated. That means more heat waves and more frequent, more intense storms. Climate variables Historical (CECONY/O&R) 2030 Projections (CECONY) 2050 Projections (CECONY) 2030 Projections (O&R) 2050 Projections (O&R) Maximum temperature (Days per year with maximum temperature >95ºF) 4 17 32 17 35 Heat waves (Number of 3-day heat waves with daily maximum temperature >90ºF) 2 6 9 5 9 Precipitation (Days with precipitation >2 inches) 3 4 5 4 5 Sea level rise (Sea level by 2050) - 9 in. 16 in. 9 in. 16 in.
Page 26
26 CECONY’s Climate Resilience Investment Plans From 2025 – 2029, CECONY has proposed roughly $645 million in resiliency project investments to prevent and mitigate the impact of extreme weather. Source: Our Climate Change Resiliency Plan | Con Edison *Rounded to the nearest $100 thousand **Subject to approval by the NYSPSC in regular rate case proceedings $401,000 $144,800 $99,600 Prevent Mitigate Prevent/Mitigate CECONY Resilience Investment Proposals 2025-2029 Total (in $000s)**Projects/Programs Strategy 2025 – 2029 Total (in $000s)* Selective Undergrounding Prevent $333,000 Submersible Equipment Prevent 37,000 Substation Operations Storm Hardening Prevent 25,300 Substation Enclosure Upgrades Prevent 5,700 Primary Feeder Resiliency Mitigate 113,000 Erosion Protection and Drainage Upgrade Mitigate 21,800 Non-Network Resiliency Cutout Upgrade Mitigate 10,000 Non-Network Resiliency Prevent / Mitigate 60,600 Critical Facilities Prevent / Mitigate 39,000 Total Proposed Investments $645,400
Page 27
27 O&R’s Climate Resilience Investment Plans $126,200 $44,000 $13,900 Prevent Mitigate Prevent/Mitigate O&R Resilience Investment Plan 2025 – 2029 Total (in $000s)** Source: Our Climate Change Resiliency Plan | Orange & Rockland (oru.com) Projects/Programs Strategy 2025 – 2029 Total (in $000s)* Strategic Undergrounding (Transmission & Distribution) Prevent $89,900 Overhead Line Reinforcement Prevent 30,400 Shoreline Erosion Protection Prevent 5,900 Distribution Automation / Smart Grid Mitigate 44,000 Substation Flood Protection Prevent / Mitigate 13,900 Total Planned Investments $184,100 From 2025 – 2029, O&R plans to invest roughly $184 million in resiliency project investments to prevent and mitigate extreme weather impacts. *Rounded to the nearest $100 thousand. **$110.3 Million in investments for 2025 through 2027 was approved by the NYSPSC in March 2025. Funding for 2028 and 2029 to be requested in the subsequent O&R rate case proceeding.
Page 28
28 Meeting Customers’ Demand Senior Vice President, Customer Energy Solutions Consolidated Edison Company of New York, Inc. Vicki Kuo
Page 29
29 New York City’s First All- Electric Skyscraper First Tower • Mixed use, 44-story tower with 441 apartment units Adjacent buildings include • Additional 580+ apartment units • 60,000 sq. ft. of office space • 50,000 sq. ft. of retail space • 500 parking spaces for bikes • 2 schools that will serve the Downtown Brooklyn community 100% electric and carbon neutral • Fully electric boiler for hot water production • All electric heating and cooling systems • 3.4MW of power acquired through community solar 505 State Street Downtown Brooklyn Source: 505 State Street, Brooklyn Scores With the First All-Electric Building in New York City Photo credit: Alloy Development
Page 30
30 Former Headquarters d The new JPMorganChase headquarters is expected to shift from a summer peaking customer to a winter peaking customer. d Moving to a Winter Peaking Utility Through Building Electrification JPMorganChase global headquarters at 270 Park Avenue is scheduled to open Fall 2025. It is 100% electric for lighting, cooling, and heating. Source and photo credit: JPMorganChase • Built in early 1960s • ~50 floors • 1.5M gross square feet • Steam heat • Gas service • SUMMER peaking customer New Headquarters 30 • New construction • ~60 floors • 2.4M gross square feet • All-electric • WINTER peaking customer
Page 31
31 Source: NYC Economic Development Corporation – Willets Point 880 AFFORDABLE HOMES 220 SENIOR AFFORDABLE HOMES FUTURE SCHOOL 375 AFFORDABLE HOMES HOTEL ETIHAD PARK FUTURE AFFORDABLE HOMES FUTURE AFFORDABLE HOMES Note: Preliminary and subject to change. Numbers provided for illustrative purposes only. Willets Point Project Queens • Expected to generate over 16,000 jobs • Produce $6.1 billion in economic impact over the next 30 years • Create 2,500 new affordable homes • Introduce NYC’s first soccer- specific all-electric stadium Electrifying the World’s Borough: Infrastructure for Willets Point, Queens’ Historic Transformation
Page 32
32 • All-electric • Geothermal • 53% reduction in annual emissions from heating and cooling compared to typical residential systems • Anticipated completion: 2026 Source: Lendlease unveils brand name, renderings for The Riverie Photo credit: The Boundary and Lendlease 1 Java Street Greenpoint, Brooklyn New York State’s Largest Residential Geothermal Building
Page 33
33 All-Electric Affordable Housing Project Uses State-of- the-Art Wastewater Heat Technology Alafia – Mixed-Use Development East New York, Brooklyn *Wastewater is a heat source for domestic hot water production. Photo credit: Ensystainc.com Exceeds New York State Clean Heat Program performance criteria • Geothermal heat pumps • Energy recovery ventilator • Sealed building envelope • Wastewater heat pump water heater* Phase 1 • Estimated energy savings: 15,540 MMBtu • Dwelling units: 576
Page 34
34 Proactive Investment Supports Future EV Charging Note: Building comparisons are estimates based on a typical customer. Exact electricity and infrastructure needed depends on a range of factors including size of building and usage at each site. For example, the electricity needed to power one 50-unit apartment building (100 kw) = the electricity needed to power either 10 Level 2 (L2) Chargers (10 kW x 10 chargers = 100 kW) or 1 Small DCFC (100 kW x 1 charger = 100 kW). For Level 2 (L2) charger equivalencies, multiply the DCFC plug count by 10 (i.e., the power needed for 1 DCFC = need for 10 L2 chargers at 10kW each). Construction is faster for EV sites than buildings despite equivalent power needs. The new approach builds out infrastructure where heavy electrification is planned ahead of EV load request, to meet customers’ timeframes. Infrastructure required varies for each customer, but complexity increases with size of load. Building Power Need DC Fast Charger (DCFC) Equivalent (Charger Count, 100 kW ea.) 50-Unit Apartment Building Office Tower Stadium 6,000 kW1,000 kW100 kW 1 6010 Infrastructure Needed: Cable Only Dedicated Transformer Multiple Dedicated Transformers Construction time: vs.
Page 35
35 CECONY and O&R Are Investing in EV Programs to Accelerate an Electric Future For light-duty vehicles For medium- and heavy-duty vehicles For micromobility (e-bikes) EV Infrastructure Incentives Managed Charging Incentives PowerReady programs encourage widespread access to EVs and reduce cost of connecting to grid. For EV drivers For commercial charging station operators For charging stations installing load management technology Smartcharge programs encourage grid-beneficial practices that reduce demand at peak times. Innovation and Customer Support CECONY demonstration projects for insights into new technology (e.g., vehicle-to-grid solutions) Advisory services for customer planning pre-application Cost calculator for understanding EV load’s impact on rates Guidance for the e-mobility transition. Note: For CECONY and O&R EV Program Incentive Budgets and RECO E-Mobility Programs and Incentives Overview, please see Appendix
Page 36
36 Partnering With Customers to Expand EV Charging • 24/7 public charging station at waiting area of JFK Airport, one of the highest utilization charging sites in the country • 24 DCFC plugs totaling 2.4 MW of connected load • Charging site requires nearly as much electricity as an extra- large commercial mall JFK West Lot Fast Charging Hub JFK Airport, Queens Port Authority and Revel Open New Electric Charging Station at JFK Airport, More Than Doubling Airport’s EV Fast Charging Capacity Flushing Commons Garage Queens • Multi-use high-rise with 148 apartments, office space, and 92 stores and restaurants • 424 L2 plugs with load management software, totaling nearly 600kW of connected load • Largest public EV charging site in New York, as of July 2025 • Charging site requires nearly as much electricity as a small office tower Queens Welcomes NYs Largest Public EV Installation | Con Edison CECONY has installed more than 650 DCFC and more than 14,000 Level 2 plugs through the PowerReady program.
Page 37
37 • O&R launched its largest single electric vehicle charging project at The Gardens at Palisades condominium complex in Pomona, NY. • Installed 120 Level 2 chargers, equal to ~1.4 MW. • Part of the PowerReady program and in partnership with Powerup EV solutions. Press Release: O&R Unveils Largest Single Electric Vehicle Charging Project in Company History O&R Continues to Grow Electric Vehicle Charging Infrastructure
Page 38
38 Gas Long-Term Plan Senior Vice President, Gas Operations Consolidated Edison Company of New York, Inc. Mary Kelly
Page 39
39 Developing a Long-Term Gas Strategy We are strategically planning for the clean energy transition while maintaining the safety and reliability of our gas system. • Maintain the safety and reliability of gas system. • Prepare customers for the clean energy transition. • Facilitate supply transformation. • Focus on economic viability. • Advocate for practical policy changes.
Page 40
40 Customer-side Solutions and Non-pipe Alternatives Help Customers Shift From Gas to Electric Abandon: ~60 feet of gas main & 1 gas service Cost: ~ $60K includes: • Air source heat pump • Heat pump water heater • Induction stove/convection oven • Air sealing & insulation • Electric panels & wiring upgrades • Gas piping and equipment removal By helping customers convert their fossil-fueled equipment and appliances to electric, and promoting building weatherization for energy efficiency, we can avoid certain main and service replacements. Conversion Example: Single Family Home in WestchesterElectric Advantage Program Benefits: • All-inclusive turnkey package offered at no cost to the customer • Improved efficiency & appliance responsiveness • No carbon monoxide or on-site emissions
Page 41
41 Maintaining a Safe and Reliable Gas System 41 Leak Response Time 98.2% 99.8% 99.9% 88.0% 99.0% 99.9% ≤ 30 minutes ≤ 45 minutes ≤ 60 minutes CECONY O&R Note: Data is from year-end 2024 85% of ALL Leaks repaired • CECONY < 50 days • O&R < 25 days 2024 Emergency Leak Calls • CECONY: 34,000+ • O&R: 6,000+ Installing smart-meter enabled natural gas detectors: • CECONY – Voluntary adoption expected to be complete in 2025; seeking approval for mandatory installation • O&R – Expect to install 30,000 natural gas detectors over the next three years We use advanced technology and proactive measures to maintain high standards of safety and efficiency in gas leak response and repair. *New York PSC requires local distribution companies to respond to 75% of leak, odor and emergency reports within 30 minutes, 90% within 45 minutes and 95% withing 60 minutes. Regulatory requirement*
Page 42
42 Zeroing in on Our Operations Senior Vice President, Central Operations Consolidated Edison Company of New York, Inc. Steve Parisi
Page 43
43 Direct Emissions Goals Sources: GHG & Non-GHG Emissions | Sustainability Report 2024; 2025 Integrated Long Range Plan • We have reduced our greenhouse gas emissions by 55% since 2005. • In support of New York State’s climate goals, we are aiming for: – Zero direct greenhouse gas emissions (Scope 1) for company-owned electric-generating units on our steam system by 2040 – Overall net-zero Scope 1 emissions from our operations by 2050 • All newly constructed company-owned buildings will be 100% electric.
Page 44
44 Load Growth ForecastsTaking Steps Towards Steam Decarbonization Source: CECONY Steam Early Deployment Decarbonization Projects Petition a. To achieve the 33% reduction from current levels, this assumes the recognition of Renewable Natural Gas as zero emissions, Local Law 97 emissions factor (coefficient) for electricity is zero, and unit dispatch optimizes for emissions. Proposed Capital Projects 74th Street Generating Station – Electric Boiler • Estimated cost: $50 million • Proposed in-service date: 2028 74th Street Generating Station – Thermal Energy Storage • Estimated cost: $128 million • Proposed in-service date: 2030 East River Generating Station – Industrial Heat Pump • Estimated cost: $146 million • Proposed in-service date: 2030 Steam Digital Optimization Solution • Estimated cost: $7.96 million • Aim to facilitate the integration of new decarbonized production assets into the current system CECONY filed a $332 million petition with the NYSPSC for four steam decarbonization projects; together with the proposed low carbon fuels pilot program, we expect to reduce carbon emissions from steam generation activities by 33%(a) by 2040.
Page 45
45 Load Growth Forecasts • We’re committed to electrifying 100% of our fleet of light-duty vehicles by 2035, with an interim goal of 80% by 2030. • As of June 2025, ~49% of our light-duty fleet is electric. • We’re installing charging infrastructure at our facilities to support our growing electric fleet. – In June 2025, we had 274 company- owned chargers for fleet and personal vehicles. – We plan to install over 100 more chargers by the end of 2025. Electrifying Our Light-duty Fleet & Installing EV Chargers at Our Facilities
Page 46
46 Partnering With Our Stakeholders President, Shared Services Consolidated Edison Company of New York, Inc. Bob Sanchez
Page 47
47 We’re helping customers better manage their energy bills by saving energy. Load Growth Forecasts • Provided customers $1.5 billion in incentives between 2020 – 2024 and an additional $423 million in customer incentives planned for 2025.(a) • In 2025, the New York State Public Service Commission approved aggregate budgets of approximately $2.14 billion for CECONY and $110 million for O&R for Energy Efficiency and Building Electrification for 2026 – 2030.(b) Affordability Through Energy Efficiency (a) Energy Efficiency, Renewables, & Storage | Sustainability Report 2024 (b) NYSPSC docket number 18-M-0084: Order Authorizing Low- To Moderate-Income Energy Efficiency and Building Electrification Portfolios for 2026-2030; Order Authorizing Non-Low- To Moderate-Income Energy Efficiency and Building Electrification Portfolios for 2026-2030
Page 48
48 Driving Energy Savings Through Advanced Meter Infrastructure • $1.2 billion+ project delivered on time and under budget. • Smart meters are projected to result in $3.2 billion in net savings over the life of the equipment. • Smart meter system creates value for our customers and our operations: – Operational awareness and efficiency – Public safety – Customer-specific solutions – Cost savings – Energy efficiency
Page 49
49 Load Growth Forecasts We are focusing on key strategies and initiatives to further strengthen our supply chain resiliency. • Expanding supplier base • Securing long-term supplier agreements • Growing engineering partner network • Enhancing warehouse capabilities • Expanding emergency contracts and staffing • Maintaining third-party risk management program • Supporting localized supply networks and smaller suppliers Our Approach Toward Supply Chain Resilience
Page 50
50 Partnering With Our Stakeholders Vice President, Environment, Health & Safety Consolidated Edison Company of New York, Inc. Venetia Lannon
Page 51
51 Improving Quality of Life and Preserving Biodiversity • We continue to explore new, innovative opportunities and design practices that provide substantial environmental improvement with a low impact to a project’s bottom line. • Our rewilding initiative helps promote net-positive impacts in urban and right-of-way areas using native seed mixes that improve pollinator habitat. Source: Our Properties & Supply Chain | Sustainability Report 2024
Page 52
52 Load Growth ForecastsReducing Our SF6 Emissions SF6 Free Breakers Pilot ProjectCECONY SF6 Leakage Rate History % Nameplate Capacity 44.2 2.6 0 10 20 30 40 50 60 1999 2004 2009 2014 2019 2024 • We’re testing three new SF6 Free Breakers through current research participation with the Electric Power Research Institute. • Research focuses on accelerated aging to test the reliability of new breakers under varying system conditions and operating temperatures. We’re exploring alternatives through a research partnership with the Electric Power Research Institute.
Page 53
53 Load Growth ForecastsEngaging Our Communities, Stakeholders, and the Next Generation Through Strategic Partnerships • Our community investments are focused on nonprofit organizations dedicated to making New York’s energy transition more accessible to all. • In 2025, we expect to provide more than $23 million in grants to nonprofit partners across our service area to support programs addressing: – Adaptation and mitigation to increases in extreme weather – Clean energy and tech careers – Social justice and community resilience • Through community service and the company’s matching gift program, our employees power the communities where they live and work.
Page 54
54 Strong Financial Underpinnings Senior Vice President & Chief Financial Officer Consolidated Edison, Inc. Consolidated Edison Company of New York, Inc. Kirk Andrews
Page 55
55 Major Components of the Customer Electric Bill $35.31 , 31% $46.58 , 40% $33.79 , 29% Supply Delivery Taxes & Fees Composition of a CECONY Service Class 1 NYC Residential Electric Bill (280 kWh/month(a)) 12 Months Ended December 31, 2024 (a) The 280-kWh consumption used for Typical Bills is based on the median of annualized monthly consumption for New York City residential customers, i.e., approximately 50% of New York City residential customers use 280 kWh or less on an annualized monthly basis. (b) Total Taxes and Fees are made up of Delivery Taxes & Fees, which total $31.26 and make up 27% of the Total Bill, and Supply Gross Receipts Tax and Sales Tax, which total $2.53 and make up 2% of the Total Bill. The customer bill is comprised of three major components: delivery, commodity, and taxes. (b)
Page 56
56 Our Rates Don't Tell the Full Story CECONY customers’ electric bills have been lower than our proxy peer average on both a total-bill and share-of-wallet basis. Source: S&P Market Intelligence, EIA. Three-year (2021 - 2023) average customer bills are annualized full-service residential bills. Share of wallet calculated as annual bill over median household income. 56
Page 57
57 As of June 2025, approximately 459,000 CECONY and O&R customers, or 14% of the customer base, are enrolled in our Energy Affordability Programs (EAPs). 57 • Customers enrolled in our EAPs receive bill discounts aimed at reducing energy burden to 6% of wallet. • In 2024, our EAPs provided $333 million in discounts to help make bills more affordable for our most vulnerable customers. • In July 2025, the New York State Public Service Commission issued an order to expand the EAPs to provide bill discounts to income-qualified low- and moderate-income residential customers who were not otherwise previously eligible. Helping Our Most Vulnerable Customers
Page 58
58 Utility Regulation in New York State Revenue predictability • Revenue decoupling mechanism in place for CECONY and O&R New York electric and gas • Weather normalization clause in place for CECONY gas and steam and O&R New York gas Formulaic approach to return on equity • 2/3 Discounted Cash Flow Model • 1/3 Capital Asset Pricing Model Reduced regulatory lag • Fully-forecasted rate year reflecting a historical test year • Timely recovery of fuel and commodity costs • True-ups (reconciliations) for major costs including pensions, environmental costs, property taxes, and variable rate debt
Page 59
59 Con Edison Transmission Pursuing Regional Opportunities NY Transco Partnership • New York Energy Solution: Selected by New York Independent System Operator (NYISO) and constructed to relieve congestion between upstate sources of energy and downstate customers. • Propel NY Energy (NY Transco and New York Power Authority): NYISO selected this project to improve the reliability and resilience of the bulk power grid on Long Island and improve power flow between Long Island and the rest of New York State. Future Opportunities • Transmission partnerships to support grid reliability and resilience resulting from new sources of generation and growing demand across the Northeast The focus is on electric transmission development in the Northeast.
Page 60
60 A Legacy of Dividend Growth Focusing on long-term shareholder value has yielded 51 consecutive years of dividend increases with a CAGR of 5.59%. 60
Page 61
61 Strong Financials Set the Foundation as We Continue to Electrify • Scale: Approximately $36 billion* equity market cap provides scale as we transition. • Growing asset base: Targeted 8.2% five-year rate base compound annual growth rate reflects infrastructure investment needed for reliability, and to meet customer’s energy demand. • Solid credit ratings: Strong balance sheet and deliberate financial management provide access to credit markets. • Simplified balance sheet: No long-term holding company debt. • Consistent dividend growth: 51 consecutive years of dividend increases for common shareholders is top among S&P 500 utilities. *As of June 30, 2025
Page 62
62 Closing Chairman, President & Chief Executive Officer Consolidated Edison, Inc. Tim Cawley Chairman & Chief Executive Officer Consolidated Edison Company of New York, Inc.
Page 63
63 Leadership & Strategy • Strategic planning • Chief executive officer • Executive at public company • Human capital management Governance & Compliance • Corporate governance • Risk management • Ethics and compliance • Legal • Regulated company Our Board Has a Broad Set of Skills and Experience Source: Consolidated Edison, Inc. 2025 Proxy Statement Finance & Markets • Investor relations • Mergers & acquisitions • Capital markets / financial services • Financial expert • Chief financial officer / accounting Operations, Technology & Sustainability • Utility / energy industry • Customer services • Technology • Tech / engineering • Cybersecurity • Electric / gas operations • Sustainability / environment / climate change • Communications / public relations The group brings a wide range of strategic insight to the table.
Page 64
64 Load Growth ForecastsOur Employees: Our People Power Our Success
Page 65
65 Investment Thesis • Sound governance and management practices • Steady investments in grid resiliency and reliability • Science-based approach to extreme weather vulnerabilities • In step with New York State and City’s energy goals • Revenue certainty through revenue decoupling and weather normalization at our New York utilities • Transparent New York regulatory environment • Deliberate financial management We are a bellwether holding for investors seeking a steady and reliable investment that can endure our changing and challenging times.
Page 66
66 As we move towards an electric future, we will remain focused on reliability, resiliency, and safety: • Investing prudently and strategically in our systems • Protecting our must vulnerable customers • Innovating to support the city and state in achieving clean energy goals • Fostering a workplace where everyone can thrive Looking to the Future
Page 67
67 Consolidated Edison, Inc. Con Edison Webinar: Delivering Reliable and Resilient Energy for the Future October 7, 2025
Page 68
68 Appendix
Page 69
69 How Electricity is Produced CECONY’s andO&R’s fuel mix is allocated by New York Independent System Operator * *CECONY and O&R Fuel Mix accounts for both in-state generation and net imports from external systems delivered to NY Source: https://www.eia.gov/electricity/data/eia923/archive/xls/f923_2023.zip (released in Q4 2024); Fuel Mix calculation based on EIA 923 data T o achieve state clean energy goals of 100% zero- emission electricity by 2040, there needs to be a fundamental change in how energy is produced and delivered in our service territories. Solar, 1.0% Oil, 0.3% Hydro, 10.7% Natural Gas, 70.9% Nuclear, 13.9% Other, 1.4% Wind, 1.8%
Page 70
70 RECO E-Mobility Programs & Initiatives Overview ChargerReady Home & ChargerReady Commercial $7.1M for program incentives and administration for at-home chargers and commercial chargers EV Time-of-Day Rate For EV drivers Advisory Services Providing guidance in the pre- application period for understanding grid capacity and how to plan for upgrades ChargerReady EV Infrastructure Incentives + Admin For Widespread Access to EVs EV Charging EV Charging and Operational Support Integrating Charging with the Grid Customer Education and Support Guiding the E-Mobility Transition DCFC Per Plug Incentive For commercial charging stations
Page 71
71 Meeting Electric Vehicle Charging Load We are: • Supporting widespread and visible access to EV charging • Offering programs and advisory services to thoughtfully integrate EV charging with the grid • Providing incentives to make EV ownership more affordable for drivers who charge off-peak • Proactively preparing the grid for fast-charging hubs, EV fleets, and requests to connect new charging stations Light-duty PowerReady Medium- & Heavy- Duty Vehicle Make Ready Pilot Micromobility SmartCharge New York SmartCharge Commercial SmartCharge Tech Demonstrations ~$632 million in incentives (established 2020)2 $21 million pilot funding (established 2020)3 $20 million in incentives for both CECONY and O&R (established 2023)2 $100 million from 2023 – 2025 $272 million from 2024 – 20264 $5.4 million in incentives (established 2024) ~$23 million in incentives (established 2015)5 $43 million in incentives (established 2020)2 $5 million pilot funding (established 2020)3 $8.2 million from 2022 – 2025 $13.8 million from 2024 – 20264 $1.3 million in incentives (established 2024) N/A5 EV PROGRAM INCENTIVE BUDGETS1 1 All end dates are until end of budget unless specified. 2 Case 18-E-0138, Budget updated in the NYSPSC Order Approving Midpoint Review Whitepaper’s Recommendations with Modifications (November 16, 2023). 3 Pilot funding through authorized through Case 18-E-0138. Full program regulatory proceeding began April 2023 in Case 23-E-0070. 4 Represents estimated budget for both managed charging incentives and Demand Charge Rebate (DCR) incentives, Nov. 20, 2024. Case 22-E-0236. 5 Case 14-M-0101, CECONY amount represents estimated budget allocated to EV demonstrations to date. O&R currently has no EV demonstrations from this type of funding source. 6 Does not include Rockland Electric Company (RECO). O&R6 CECONY