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AFTER HRS · 17:25 ET
Market ClerkRecap
Wed Oct 21 · after hours2 signals today106 insider buys this week · $305.5MCIRO short report next: Oct 31The week ahead

ED

CONSOLIDATED EDISON INC
NYSE · UTILITIES · ELECTRIC & OTHER SERVICES COMBINED
111.82
−0.16 −0.14%
USD · close Oct 21
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Work order
50
WATCH · shorts 50
Insiders, 90 days
0
no open-market filings in 90 days
Congress, 90 days
0 / 0
no disclosures naming it
Big money
4 / 15
tracked funds hold it
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0
nobody we score has called it yet
MKT CAP $41.2BP/E 18.9DIV YIELD —FCF YIELD —REV TTM $17.2B +9.1%NET INCOME $2.2B +14.0%NET DEBT $25.7B52W 95.41 – 115.46SEC XBRL · TTM TO Invalid Date

How ED rewrote its risk factors

10-K ITEM 1A · FY2024 → FY2025
Text kept
63%
of sentences unchanged
Added
34
new sentences
Dropped
25
sentences removed
Length
+277
words, now 3,592

New in FY2025

  • The FERC has the authority to impose penalties on the Utilities and the projects that Con Edison Transmission invests in, which could be substantial, for violations of the Federal Power Act, the Natural Gas Act or related rules, including reliability and cybersecurity rules.
  • The Companies may be subject to new laws, regulations or other requirements or the revision or reinterpretation of such laws, regulations or requirements, which could adversely affect them.
  • State utility regulators can initiate proceedings to prohibit the Utilities from recovering from their customers the cost of service (including energy costs and storm restoration costs) that the regulators determine to have been imprudently incurred.
  • CON EDISON ANNUAL REPORT 2025 The Companies May Be Adversely Affected By Changes To The Utilities’ Rate Plans.
  • The need to recov er from customers increasing commodity or other costs, taxes or state-mandated assessments or surcharges could adversely affect the Utilities’ opportunity to obtain new rate plans that provide a reasonable rate of return and continue important provisions of current rate plans, while maintaining affordability of services for the Utilities' customers.
  • The Utilities’ current rate plans generally include reconciliation of write-offs of customer accounts receivable bal ances for specified periods to amounts reflected in rates, with recovery/refund from or to customers via surcharge/sur-credit.
  • In addition, a continued slow recovery of accounts receivable balances has impacted and is expected to continue to impact the Companies’ liquidity.
  • The Utilities’ New York electric and gas rate plans also include revenue decoupling mechanisms, CECONY’s steam rate plan includes a weather normalization adjustment and the Utilities' New York electric, gas and steam rate plans include provisions for the recovery of energy costs and reconciliation of the actual amount of pension and other postretirement, environmental and certain other costs to amounts reflected in rates.
  • The Utilities provide electricity, gas and steam services using energy facilities, many of which are located either in, or close to, densely populated public places.
  • Cyber threats in general, and in particular, to critical infrastructure, are increasing in sophistication, magnitude and frequency and the techniques used in cyber attacks change rapidly, including from emerging technologies, such as artificial intelligence (AI), and from nation-state and state-sponsored adversaries as well as criminal actors.
  • Although none of these incidents has had a material impact on the Companies, the scope and impact of any future incident cannot be predicted.
  • In the event of a significant cybersecurity incident or attack, the Companies’ business strategy, results of o perations or financial condition could be materially affected.
  • CON EDISON ANNUAL REPORT 2025 AI is an emerging area of technology that has the potential to impact various aspects of the Companies’ business operations and customer interactions.
  • Generative AI technologies are still in their early stages of development and deployment.
  • Ineffective or inadequate AI development or deployment practices by the Companies or third-party vendors could result in unintended consequences.
  • While the Companies seek contractual protections with third-party vendors regarding the use of AI technology, the Companies may not have full awareness of, or control or visibility over, the quality, performance, security or compliance of the products and services that incorporate AI-related technology used by such vendors.
  • AI algorithms that the Companies or their third-party vendors use may be flawed or may be based on datasets that are biased or insufficient.
  • These limitations or failures, or inaccurate results generated as a result of the Companies’ employees’, contractors’ or vendors’ use or misuse of AI technologies could lead to operational interruptions or otherwise adversely affect the Companies’ businesses, reputation or financial results.
  • Developing, testing, and deploying resource-intensive AI systems may require additional investment and increase the Companies’ costs.
  • In addition, the rapidly evolving nature of AI technologies may cause new laws and regulations to be enacted which could dramatically affect business practices, including the costs to comply with such new laws and regulations.
  • The future development of AI technologies and the nature of any related new laws and regulations, and their costs and consequences, cannot be reasonably predicted at this time.
  • In addition, the Companies are unable to predict changes in regulations, regulatory guidance, legal interpretations, policy positions and implementation actions (including executive orders, memoranda and proclamations from the federal administration) relating to climate change that may result from the change in presidential administrations.
  • Depending on the extent of these CON EDISON ANNUAL REPORT 2025 changes, the changes could also adversely impact the Companies’ credit ratings and liquidity.
  • The Utilities estimate that their capital expenditures will exceed $37,100 million over the next five years.
  • A Disruption In The Wholesale Energy Markets, Increased Commodity Costs Or Failure By An Energy Supplier or Customer Could Adversely Affect The Companies.
  • Extreme cold weather has negatively impacted, and may in the future negatively impact, energy infrastructure in the northeastern United States, including the interstate natural gas system.
  • See "Aged Accounts Receivable Balances" and “Financial and Commodity Market Risks – Commodity Price Risk” in Item 7.
  • Changes to the competitive landscape, public policy, laws or regulations (or interpretations thereof), customer behavior or technology could significantly impact the value of the Utilities’ energy delivery facilities and Con Edison Transmission's investment in electric transmission projects.
  • The Companies Face Risks Related To Supply Chain Disruptions, Inflation and the Imposition of Tariffs (or Subsequent Changes to the Tariffs once Announced or Implemented).
  • Long lead times for replacement parts could restrict the availability and delay the construction, maintenance or repair of items that are CON EDISON ANNUAL REPORT 2025 needed to support the Utilities' normal operations and may result in prolonged customer outages, which could in turn lead to unrecovered costs for such service interruptions.
  • Demand for electric equipment is increasing due to the anticipated demand growth, in part driven by data centers, efforts to meet clean energy goals and in order to prepare for more frequent extreme weather events at a time when manufacturing capacity and supply are decreasing.
  • Geopolitical conflicts have also caused supply chain disruptions and shortages.
  • Prices of materials, equipment, transportation and other resources have increased as a result of these supply chain disruptions and shortages and may continue to increase as a result of inflation and the imposition of tariffs (or subsequent changes to the tariffs once announced or implemented).
  • Terrorist or other physical attacks or acts of war could damage the Companies' facilities.

Gone since FY2024

  • FERC has the authority to impose penalties on the Utilities and the projects that Con Edison Transmission invests in, which could be substantial, for violations of the Federal Power Act, the Natural Gas Act or related rules, including reliability and cybersecurity rules.
  • The Companies may be subject to new laws, regulations or other requirements or the revision or reinterpretation of such requirements, which could adversely affect them.
  • State utility regulators can initiate proceedings to prohibit the Utilities from recovering from their customers the cost of service (including energy costs and storm restoration costs) that the regulators determine to CON EDISON ANNUAL REPORT 2024 45 have been imprudently incurred.
  • The Companies May Be Adversely Affected By Changes To The Utilities’ Rate Plans.
  • The need to recover from customers increasing commodity or other costs, taxes or state-mandated assessments or surcharges could adversely affect the Utilities’ opportunity to obtain new rate plans that provide a reasonable rate of return and continue important provisions of current rate plans.
  • The Utilities’ current rate plans generally include reconciliation of write-offs of customer accounts receivable balances for specified periods to amounts reflected in rates, with recovery/refund from or to customers via surcharge/sur-credit.
  • In addition, a continued increase in accounts receivable balances has impacted and is expected to continue to impact the Companies’ liquidity.
  • The Utilities’ current New York electric and gas rate plans also include revenue decoupling mechanisms, CECONY’s current steam rate plan includes a weather normalization adjustment and the Utilities' New York electric, gas and steam rate plans include provisions for the recovery of energy costs and reconciliation of the actual amount of pension and other postretirement, environmental and certain other costs to amounts reflected in rates.
  • The Utilities provide electricity, gas and steam service using energy facilities, many of which are located either in, or close to, densely populated public places.
  • Cyber threats in general, and in particular, to critical infrastructure, are increasing in sophistication, magnitude and frequency and the techniques used in cyber attacks change rapidly, including from emerging technologies, such as artificial intelligence, and from nation-state and state-sponsored adversaries as well as criminal actors.
  • Although none of these incidents has had a material impact on the Companies, the scope and impact of any future incident cannot be CON EDISON ANNUAL REPORT 2024 predicted.
  • In the event of a significant cybersecurity incident or attack, the Companies’ business strategy, results of operations or financial condition could be materially affected.
  • In addition, the Companies are unable to predict changes in regulations, regulatory guidance, legal interpretations, policy positions and implementation actions (including executive orders from the federal administration) relating to climate change that may result from the change in Presidential administrations.
  • Depending on the extent of these changes, the changes could also adversely impact the Companies’ credit ratings and liquidity.
  • The Utilities estimate that their capital expenditures will exceed $37,200 million over the next five years.
  • CON EDISON ANNUAL REPORT 2024 47 A Disruption In The Wholesale Energy Markets, Increased Commodity Costs Or Failure By An Energy Supplier or Customer Could Adversely Affect The Companies.
  • Extreme cold weather, including events such as the Winter Storm Elliott that occurred in December 2022, has negatively impacted, and may in the future negatively impact, energy infrastructure in the northeastern United States, including the interstate natural gas system.
  • See “Financial and Commodity Market Risks – Commodity Price Risk” in Item 7.
  • Changes to the competitive landscape, public policy, laws or regulations (or interpretations thereof), customer behavior or technology could significantly impact the value of the Utilities’ energy delivery facilities and Con Edison Transmission's investment in electric and gas transmission projects.
  • The Companies Face Risks Related To Supply Chain Disruptions, Inflation and the Imposition of Tariffs.
  • Long lead times for replacement parts could restrict the availability and delay the construction, maintenance or repair of items that are needed to support the Utilities' normal operations and may result in prolonged customer outages, which could in turn lead to unrecovered costs for such service interruptions.
  • Demand for electric equipment is increasing due to the anticipated demand growth, in part driven by data centers, utilities’ efforts to meet clean energy goals and in order to prepare for more frequent extreme weather events at a time when manufacturing capacity and supply are decreasing.
  • Geopolitical conflicts have also caused supply chain distributions and shortages.
  • Prices of materials, equipment, transportation and other resources have increased as a result of these supply chain disruptions and shortages and may continue to increase as a result of inflation and the imposition of tariffs.
  • CON EDISON ANNUAL REPORT 2024 Terrorist or other physical attacks or acts of war could damage the Companies' facilities.

Sentence-level comparison of Item 1A in the two most recent 10-Ks (FY2024 ↗, FY2025 ↗). A reworded sentence counts as one dropped and one added, so heavy edits read as low “kept”. Headings and page furniture are stripped; nothing is summarised by a model.

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