NEW
YORK, Feb. 15, 2024 /PRNewswire/ -- Consolidated
Edison, Inc. (Con Edison) (NYSE: ED) today reported 2023 net income
for common stock of $2,519 million or
$7.25 a share compared with
$1,660 million or $4.68 a share in 2022. Adjusted earnings
(non-GAAP) were $1,762 million or
$5.07 a share in the 2023 period
compared with $1,620 million or
$4.57 a share in 2022. Adjusted
earnings and adjusted earnings per share in the 2023 and 2022
periods exclude the effects of hypothetical liquidation at book
value (HLBV) accounting for tax equity investments, the gain and
other impacts related to the sale of its former subsidiary, Con
Edison Clean Energy Businesses, Inc. (the Clean Energy Businesses),
the net mark-to-market effects of the Clean Energy Businesses and
the related tax impacts on the parent company. Adjusted earnings
and adjusted earnings per share in the 2022 period exclude the
impact on the remeasurement of deferred state income taxes related
to dispositions prior to 2022.
For the fourth quarter of 2023, net income for common stock
was $335 million or $0.97 a share compared with $190 million or $0.53 a share in the 2022 period. Adjusted
earnings were $346 million or
$1.00 a share in the 2023 period
compared with $288 million or
$0.81 a share in the 2022 period.
Adjusted earnings and adjusted earnings per share in the 2023 and
2022 periods exclude the gain and other impacts related to the
sale of the Clean Energy Businesses and the effects of HLBV
accounting for tax equity investments. Adjusted earnings and
adjusted earnings per share in the 2022 period also exclude the net
mark-to-market effects of the Clean Energy Businesses, and the
related tax impacts on the parent company, and the impact on the
remeasurement of deferred state income taxes related to
dispositions prior to 2022.
"We built tremendous momentum in 2023 toward a low-carbon
future, a vibrant economy driven by green jobs and equal
opportunity for everyone to benefit from this historic transition,"
said Tim Cawley, the chairman and
CEO of Con Edison. "The unmatched skill of our employees and the
commitment of our customers enabled us to complete our Reliable
Clean City transmission line in Queens, begin construction of our Brooklyn
Clean Energy Hub, and make progress on other projects throughout
our system. Clean energy is the future of our industry and we are
making strategic investments to build a grid capable of
carrying that clean energy and protecting our infrastructure
from climate change while maintaining our world-class
reliability."
"Con Edison closed the year with no long-term debt at the parent
company, due to the strategic sale of our former subsidiary, the
Clean Energy Businesses. We have a simplified holding company
balance sheet and are in a great position to continue producing
strong, stable earnings and returns, as we have for decades," said
Robert Hoglund, senior vice
president and CFO of Con Edison. "We are planning significant
infrastructure projects to support our customers and maintain our
reliable service as our region transitions to electrification and
climate change accelerates. Our company's long history of
successfully building and operating large electric projects gives
us confidence that we will meet these coming challenges on behalf
of our shareholders and customers."
For the year of 2024, Con Edison expects its adjusted earnings
per share to be in the range of $5.20
to $5.40 per share. Adjusted earnings
per share exclude the effects of HLBV accounting for tax equity
investments (approximately $(0.01) a
share after-tax). The company also forecasts a five-year compounded
annual adjusted earnings per share growth rate of 5% to 7% based on
its 2024 adjusted earnings per share guidance.
In 2024 and 2025, Con Edison expects to make capital investments
of $4,849 million and $5,243 million, respectively. For 2026 through
2028, Con Edison expects to make capital investments of
$17,960 million in aggregate. Con
Edison plans to meet its capital requirements for 2024 through 2028
through internally-generated funds and the issuance of long-term
debt and common equity. Con Edison's plans include the issuance of
up to $3,250 million of long-term
debt in 2024 and up to $1,000 million
of long-term debt in 2025, including for maturing securities, at
Consolidated Edison Company of New
York, Inc. and Orange and
Rockland Utilities, Inc. (collectively, the Utilities) and
approximately $6,000 million in
aggregate of long-term debt, including for maturing securities, at
the Utilities during 2026 through 2028. Except for equity issued
under its dividend reinvestment, employee stock purchase and
long-term incentive plans, Con Edison does not plan to issue common
equity in 2024 and plans to issue common equity of approximately
$1,300 million in 2025 and up to
$2,800 million in aggregate during
2026 through 2028. Con Edison's estimates of its capital
requirements and related financing plans reflect information
available and assumptions at the time the statements are made and
include, among other things, the assumptions that Con Edison's
non-utility gas transmission investments remain unchanged through
2028 and the Utilities' forecasted capital investments and
financing plans through 2028 are approved by the New York State Public Service Commission.
Actual developments and the timing and amount of funding may differ
materially.
See Attachment A to this press release for a reconciliation of
Con Edison's reported earnings per share to adjusted earnings per
share and reported net income for common stock to adjusted earnings
for the three months and years ended December 31, 2023 and
2022. See Attachment B for the company's consolidated income
statements for the three months and years ended 2023 and 2022. See
Attachments C and D for the estimated effect of major factors
resulting in variations in earnings per share and net income for
common stock for the three months and year ended December 31,
2023 compared to the 2022 periods.
The company's 2023 Annual Report on Form 10-K is being filed
with the Securities and Exchange Commission. A 2023 earnings
release presentation will be available at conedison.com. (Select
"For Investors" and then select "Press Releases.")
This press release 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 expectations 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 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 are 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; 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 and inflation;
and it also faces other risks that are beyond its control. 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.
This press release also contains financial measures, adjusted
earnings and adjusted earnings per share, 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 items that
Con Edison does not consider indicative of its ongoing financial
performance such as the gain and other impacts related to the sale
of the Clean Energy Businesses, the effects of HLBV accounting for
tax equity investments and mark-to-market accounting and the
related tax impacts on the parent company. Management uses these
non-GAAP financial measures to facilitate the analysis of Con
Edison's financial performance as compared to its internal budgets
and previous financial results and to communicate to investors and
others Con Edison's expectations regarding its future earnings and
dividends on its common stock. Management believes that these
non-GAAP financial measures are also useful and meaningful to
investors to facilitate their analysis of Con Edison's financial
performance.
Consolidated Edison, Inc. is one of the nation's largest
investor-owned energy-delivery companies, with approximately
$15 billion in annual revenues and
$66 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.
Attachment
A
|
|
|
For the Three Months
Ended
|
|
For the Years
Ended
|
|
December 31,
|
|
December 31,
|
|
Earnings
per Share
|
Net Income for
Common Stock
(Millions of
Dollars)
|
|
Earnings
per Share
|
Net Income for
Common Stock
(Millions of
Dollars)
|
|
2023
|
2022
|
2023
|
2022
|
|
2023
|
2022
|
2023
|
2022
|
Reported earnings
per share
(basic) and net income for
common stock (GAAP basis)
|
$0.97
|
$0.53
|
$335
|
$190
|
|
$7.25
|
$4.68
|
$2,519
|
$1,660
|
Gain and other impacts
related to
sale of the Clean Energy
Businesses (pre-tax) (a)
|
—
|
(0.05)
|
1
|
(17)
|
|
(2.55)
|
(0.03)
|
(887)
|
(13)
|
Income taxes
(a)(b)
|
0.01
|
0.36
|
6
|
128
|
|
0.33
|
0.35
|
113
|
127
|
Gain and other impacts
related to sale
of the Clean Energy Businesses (net
of tax)
|
0.01
|
0.31
|
7
|
111
|
|
(2.22)
|
0.32
|
(774)
|
114
|
Remeasurement of
deferred state
taxes related to dispositions prior to
2022 (net of federal taxes)
|
—
|
0.04
|
—
|
13
|
|
—
|
0.04
|
—
|
13
|
Remeasurement of
deferred state
taxes related to dispositions prior to
2022 (net of federal taxes)
|
—
|
0.04
|
—
|
13
|
|
—
|
0.04
|
—
|
13
|
HLBV effects
(pre-tax)
|
0.02
|
(0.05)
|
5
|
(18)
|
|
0.02
|
(0.17)
|
11
|
(61)
|
Income taxes
(c)
|
—
|
0.02
|
(1)
|
5
|
|
(0.01)
|
0.05
|
(3)
|
19
|
HLBV effects (net of
tax)
|
0.02
|
(0.03)
|
4
|
(13)
|
|
0.01
|
(0.12)
|
8
|
(42)
|
Net mark-to-market
effects (pre-
tax)
|
—
|
(0.06)
|
—
|
(19)
|
|
0.04
|
(0.51)
|
13
|
(181)
|
Income taxes
(d)
|
—
|
0.02
|
—
|
6
|
|
(0.01)
|
0.16
|
(4)
|
56
|
Net mark-to-market
effects (net of tax)
|
—
|
(0.04)
|
—
|
(13)
|
|
0.03
|
(0.35)
|
9
|
(125)
|
Adjusted earnings
per share and
adjusted earnings (non-GAAP
basis)
|
$1.00
|
$0.81
|
$346
|
$288
|
|
$5.07
|
$4.57
|
$1,762
|
$1,620
|
(a)
|
The gain and other
impacts related to the sale of the Clean Energy Businesses were
adjusted during the three months ended December 31, 2023 ($0.05 a
share net of tax or $1 million and $17 million net of tax). The
gain and other impacts related to the sale of the Clean Energy
Businesses for the year ended December 31, 2023 is comprised of the
gain on the sale of the Clean Energy Businesses ($(2.49) a share
and $(2.21) a share net of tax or $(865) million and $(767) million
net of tax), transaction costs and other accruals ($0.05 a share
and $0.04 a share net of tax or $19 million and $14 million net of
tax) and the effects of ceasing to record depreciation and
amortization expenses on the Clean Energy Businesses' assets
($(0.11) a share and $(0.07) a share net of tax or $(41) million
and $(28) million net of tax). The impacts related to the sale of
the Clean Energy Businesses for the three months and year ended
December 31, 2022 is comprised of transaction costs and other
accruals ($0.12 a share and $0.09 a share net of tax or $44 million
and $32 million net of tax for the three months ended December 31,
2022 and $0.14 a share and $0.10 a share net of tax or $48 million
and $35 million net of tax for the year ended December 31, 2022)
and the effects of ceasing to record depreciation and amortization
expenses on the Clean Energy Businesses' assets ($(0.17) a share
and $(0.12) a share net of tax or $(61) million and $(42) million
net of tax for the three months and year ended December 31,
2022.
|
(b)
|
Amounts shown include
changes in state unitary tax apportionments ($(0.04) a share net of
federal taxes or $(10) million net of federal taxes) for the three
months ended December 31, 2023. The amount of income taxes for
other accruals had an effective tax rate of 48% for the three
months ended December 31, 2023. Amounts shown include the impact of
the changes in state unitary tax apportionments ($0.02 a share net
of federal taxes or $7 million net of federal taxes) for the year
ended December 31, 2023. The amount of income taxes for transaction
costs and other accruals and the effects of ceasing to record
depreciation and amortization expenses were calculated using a
combined federal and state income tax rate of 27% and 32%,
respectively, for the year ended December 31, 2023. The amount of
income taxes for the gain on the sale of the Clean Energy
Businesses had an effective tax rate of 11% for the year ended
December 31, 2023. Amounts shown include the impact on the
remeasurement of deferred state taxes and the valuation allowance
for deferred tax assets ($0.34 a share net of federal taxes or $121
million net of federal taxes) for the three months and year ended
December 31, 2022. The amount of income taxes for transaction costs
and the effects of ceasing to record depreciation and amortization
expenses was calculated using a combined federal and state income
tax rate of 27% and 31% for the three months and year ended
December 31, 2022, respectively.
|
(c)
|
The amount of income
taxes was calculated using a combined federal and state income tax
rate of 29% and 25% for the three months and year ended December
31, 2023, respectively, and a combined federal and state income tax
rate of 31% for the three months and year ended December 31,
2022.
|
(d)
|
The amount of income
taxes was calculated using a combined federal and state income tax
rate of 32% for the year ended December 31, 2023, and a combined
federal and state income tax rate of 30% and 31% for the three
months and year ended December 31, 2022, respectively.
|
Attachment
B
|
|
|
|
|
|
|
|
For the Three Months
Ended
|
For the Years
Ended
|
|
December 31,
|
December 31,
|
|
2023
|
2022
|
2023
|
2022
|
OPERATING
REVENUES
|
|
|
|
|
Electric
|
$2,527
|
$2,528
|
$10,835
|
$10,522
|
Gas
|
772
|
892
|
3,127
|
3,237
|
Steam
|
144
|
149
|
569
|
593
|
Non-utility
|
1
|
462
|
132
|
1,318
|
TOTAL OPERATING
REVENUES
|
3,444
|
4,031
|
14,663
|
15,670
|
OPERATING
EXPENSES
|
|
|
|
|
Purchased
power
|
548
|
628
|
2,541
|
2,479
|
Fuel
|
41
|
101
|
282
|
356
|
Gas purchased for
resale
|
188
|
411
|
829
|
1,245
|
Other operations and
maintenance
|
929
|
1,121
|
3,606
|
3,905
|
Depreciation and
amortization
|
524
|
463
|
2,031
|
2,056
|
Taxes, other than
income taxes
|
761
|
757
|
3,043
|
3,005
|
TOTAL OPERATING
EXPENSES
|
2,992
|
3,481
|
12,332
|
13,046
|
Gain (Loss) on sale of
the Clean Energy Businesses
|
(1)
|
—
|
865
|
—
|
OPERATING
INCOME
|
451
|
550
|
3,196
|
2,624
|
OTHER INCOME
(DEDUCTIONS)
|
|
|
|
|
Investment
income
|
39
|
5
|
62
|
20
|
Other
income
|
209
|
106
|
834
|
402
|
Allowance for equity
funds used during construction
|
6
|
4
|
26
|
19
|
Other
deductions
|
(35)
|
(58)
|
(92)
|
(115)
|
TOTAL OTHER
INCOME
|
219
|
57
|
830
|
326
|
INCOME BEFORE INTEREST
AND INCOME TAX
EXPENSE
|
670
|
607
|
4,026
|
2,950
|
INTEREST EXPENSE
(INCOME)
|
|
|
|
|
Interest on long-term
debt
|
243
|
259
|
962
|
987
|
Other interest expense
(income)
|
34
|
20
|
113
|
(99)
|
Allowance for borrowed
funds used during
construction
|
(13)
|
(13)
|
(52)
|
(36)
|
NET INTEREST
EXPENSE
|
264
|
266
|
1,023
|
852
|
INCOME BEFORE INCOME
TAX EXPENSE
|
406
|
341
|
3,003
|
2,098
|
INCOME TAX
EXPENSE
|
71
|
168
|
487
|
498
|
NET INCOME
|
335
|
173
|
2,516
|
1,600
|
Loss attributable to
non-controlling interest
|
—
|
(17)
|
(3)
|
(60)
|
NET INCOME FOR COMMON
STOCK
|
$335
|
$190
|
$2,519
|
$1,660
|
Net income per common
share — basic
|
$0.97
|
$0.53
|
$7.25
|
$4.68
|
Net income per common
share — diluted
|
$0.96
|
$0.53
|
$7.21
|
$4.66
|
AVERAGE NUMBER OF
SHARES OUTSTANDING —
BASIC (IN MILLIONS)
|
345.3
|
354.9
|
347.7
|
354.5
|
AVERAGE NUMBER OF
SHARES OUTSTANDING —
DILUTED (IN MILLIONS)
|
346.9
|
356.2
|
349.3
|
355.8
|
Attachment
C
|
|
Variation for the Three
Months Ended December 31, 2023 vs. 2022
|
|
Net Income for
Common Stock
(Net of Tax)
(Millions of
Dollars)
|
Earnings
per Share
|
CECONY
(a)
|
|
|
Electric base rate
increase
|
$83
|
$0.23
|
Lower operation and
maintenance expense from stock-based compensation, injuries and
damages
offset, in part, by higher health care costs
|
15
|
0.04
|
Benefit from the new
steam rate plan effective November 2023
|
13
|
0.04
|
Gas base rate
increase
|
11
|
0.03
|
Higher operation and
maintenance activities
|
(27)
|
(0.08)
|
Higher interest
expense
|
(23)
|
(0.06)
|
Regulatory commission
expenses
|
(10)
|
(0.03)
|
Change in incentives
earned under the electric and gas earnings adjustment mechanisms
(EAMs)
|
(5)
|
(0.02)
|
Higher payroll
taxes
|
(3)
|
—
|
Accretive effect of
share repurchase
|
—
|
0.02
|
Other
|
(8)
|
(0.01)
|
Total
CECONY
|
46
|
0.16
|
O&R
(a)
|
|
|
Electric base rate
increase
|
2
|
0.01
|
Gas base rate
increase
|
1
|
—
|
Other
|
2
|
—
|
Total
O&R
|
5
|
0.01
|
Clean Energy
Businesses (b)
|
|
|
Total Clean Energy
Businesses
|
(89)
|
(0.25)
|
Con Edison
Transmission
|
|
|
Higher investment
income, primarily due to the recognition of allowance for funds
used during
construction from Mountain Valley Pipeline, LLC for 2023
|
25
|
0.07
|
Remeasurement of
deferred state taxes to dispositions prior to 2022
|
4
|
0.01
|
Other
|
1
|
0.01
|
Total Con Edison
Transmission
|
30
|
0.09
|
Other, including
parent company expenses
|
|
|
Gain and other impacts
related to the sale of the Clean Energy Businesses
|
148
|
0.42
|
Remeasurement of
deferred state taxes to dispositions prior to 2022
|
9
|
0.03
|
Lower interest
expense
|
5
|
0.01
|
Higher interest income
primarily related to the proceeds from sale of the Clean Energy
Businesses
|
3
|
0.01
|
Net mark-to-market
effects
|
1
|
—
|
Accrued commitment to
Consolidated Edison Foundation, Inc.
|
(9)
|
(0.03)
|
HLBV effects
|
(4)
|
(0.01)
|
Total Other, including
parent company expenses
|
153
|
0.43
|
Total Reported (GAAP
basis)
|
$145
|
$0.44
|
HLBV effects
|
17
|
0.05
|
Net mark-to-market
effects
|
13
|
0.04
|
Gain and other impacts
related to the sale of the Clean Energy Businesses
|
(104)
|
(0.30)
|
Remeasurement of
deferred state taxes to dispositions prior to 2022
|
(13)
|
(0.04)
|
Total Adjusted
(Non-GAAP basis)
|
$58
|
$0.19
|
a.
|
Under the revenue
decoupling mechanisms in the Utilities' New York electric and gas
rate plans and the weather-normalization clause applicable to their
gas businesses, revenues are generally not affected by changes in
delivery volumes from levels assumed when rates were approved.
Effective November 1, 2023, revenues from CECONY's steam sales are
also subject to a weather normalization clause, as a result of
which, delivery revenues reflect normal weather conditions during
the heating season. In general, the Utilities recover on a current
basis the fuel, gas purchased for resale and purchased power costs
they incur in supplying energy to their full-service customers.
Accordingly, such costs do not generally affect Con Edison's
results of operations.
|
b.
|
On March 1, 2023, Con
Edison completed the sale of all of the stock of the Clean Energy
Businesses and therefore 2023 reflects the financial results for
the two months ended February 2023.
|
Attachment
D
|
|
Variation for the Year
Ended December 31, 2023 vs. 2022
|
|
Net Income for
Common Stock
(Net of Tax)
(Millions of
Dollars)
|
Earnings
per Share
|
CECONY
(a)
|
|
|
Electric base rate
increase
|
$277
|
$0.78
|
Gas base rate
increase
|
66
|
0.19
|
Lower operation and
maintenance expense from stock-based compensation, injuries and
damages offset, in part, by higher health care costs
|
17
|
0.05
|
Higher interest
income
|
10
|
0.03
|
Higher income from
allowance for equity funds used during construction
|
3
|
0.01
|
Higher interest
expense
|
(91)
|
(0.26)
|
Higher electric and gas
operations maintenance activities
|
(46)
|
(0.13)
|
Weather impact on steam
revenues offset, in part, by the benefit from the new steam rate
plan
effective November 2023
|
(12)
|
(0.03)
|
Change in incentives
earned under the electric and gas earnings adjustment
mechanisms
(EAMs)
|
(8)
|
(0.02)
|
Accretive effect of
share repurchase
|
—
|
0.09
|
Other
|
—
|
(0.01)
|
Total
CECONY
|
216
|
0.70
|
O&R
(a)
|
|
|
Electric base rate
increase
|
7
|
0.02
|
Gas base rate
increase
|
4
|
0.01
|
Other
|
(3)
|
—
|
Total
O&R
|
8
|
0.03
|
Clean Energy
Businesses (b)
|
|
|
Total Clean Energy
Businesses
|
(360)
|
(1.01)
|
Con Edison
Transmission
|
|
|
Higher investment
income, primarily due to the recognition of allowance of funds used
during
construction from Mountain Valley Pipeline, LLC for 2023
|
31
|
0.09
|
Remeasurement of
deferred state taxes related to dispositions prior to
2022
|
4
|
0.01
|
Other
|
3
|
0.01
|
Total Con Edison
Transmission
|
38
|
0.11
|
Other, including
parent company expenses
|
|
|
Gain and other impacts
related to the sale of the Clean Energy Businesses
|
903
|
2.58
|
Higher interest income
primarily related to proceeds from sale of the Clean Energy
Businesses
|
18
|
0.05
|
Lower interest
expense
|
17
|
0.05
|
Net mark-to-market
effects
|
10
|
0.03
|
Remeasurement of
deferred state tax related to dispositions prior to 2022
|
9
|
0.03
|
Production tax credit
from deferred project
|
7
|
0.01
|
Lower New York state
capital taxes
|
5
|
0.01
|
Accrued commitment to
Consolidated Edison Foundation, Inc.
|
(9)
|
(0.03)
|
HLBV effects
|
(7)
|
(0.01)
|
Accretive effect of
share repurchase
|
—
|
0.03
|
Other
|
4
|
(0.01)
|
Total Other, including
parent company expenses
|
957
|
2.74
|
Total Reported (GAAP
basis)
|
$859
|
$2.57
|
Net mark-to-market
effects
|
134
|
0.38
|
HLBV effects
|
50
|
0.13
|
Gain and other impacts
related to the sale of the Clean Energy Businesses
|
(888)
|
(2.54)
|
Remeasurement of
deferred state tax related to dispositions prior to 2022
|
(13)
|
(0.04)
|
Total Adjusted
(Non-GAAP basis)
|
$142
|
$0.50
|
a.
|
Under the revenue
decoupling mechanisms in the Utilities' New York electric and gas
rate plans and the weather-normalization clause applicable to their
gas businesses, revenues are generally not affected by changes in
delivery volumes from levels assumed when rates were approved.
Effective November 1, 2023, revenues from CECONY's steam sales are
also subject to a weather normalization clause, as a result of
which, delivery revenues reflect normal weather conditions during
the heating season. In general, the Utilities recover on a current
basis the fuel, gas purchased for resale and purchased power costs
they incur in supplying energy to their full-service customers.
Accordingly, such costs do not generally affect Con Edison's
results of operations.
|
b.
|
On March 1, 2023, Con
Edison completed the sale of all of the stock of the Clean Energy
Businesses.
|
View original content to download
multimedia:https://www.prnewswire.com/news-releases/con-edison-reports-2023-earnings-302063587.html
SOURCE Consolidated Edison, Inc.