Trystan Casey
Con Edison, or Consolidated Edison, is one of the largest investor-owned energy companies in the US, providing electric and gas services to over 3 million customers in New York City and Westchester County. The company traces its origins back to 1823 when the New York Gas Light Company was founded, and electricity supply began in 1882 with the Edison Illuminating Company. Con Edison has since grown through acquisitions, dissolutions, and mergers, and today operates a complex and reliable electric power system. The company is committed to transitioning to clean energy, investing in renewable sources, and supporting electric vehicle adoption. While Con Edison continues to innovate and adapt to new challenges, some of its equipment has been described as old, with the company facing challenges in maintaining and updating its infrastructure.
| Characteristics | Values |
|---|---|
| Age | 200 years |
| Area served | New York City and Westchester County, New York |
| Number of customers | 3 million |
| Service area | 660 square miles |
| Population in service area | 9 million |
| Annual revenue | $13 billion |
| Total assets | $47 billion |
| Electricity voltages | 138 kV, 345 kV, and 500 kV |
| Number of interconnections with upstate New York | 2 |
| Number of interconnections with Public Service Electric and Gas in New Jersey | 1 |
| Number of interconnections with Long Island | 1 |
| Number of charge points supported | 3,000 |
| Goal for number of charge points by 2025 | 19,000 |
| Goal for number of charge points by 2050 | 1 million |
| Number of buildings to be converted to electric heating systems by 2030 | 150,000 |
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What You'll Learn
Con Edison's 200-year history
Consolidated Edison Company of New York, Inc. (CECONY): A 200-Year History
Consolidated Edison Company of New York, Inc. (CECONY), commonly known as Con Edison, has a long and fascinating history dating back to the early 19th century. The company has played a crucial role in shaping New York City's energy landscape and has undergone numerous transformations over the past 200 years.
The Early Years: 1823 - 1900
Con Edison's earliest predecessor, the New York Gas Light Company, was founded in March 1823 by a group of New York City investors. The company focused on street lighting in Lower Manhattan, aiming to provide brilliant and intense light comparable to the gas lamps in London. Over the next few decades, the company expanded its influence, and by the mid-19th century, it interacted with Tammany Hall to facilitate its business growth.
Expansion and Consolidation: 1901 - 1935
In 1901, the Consolidated Gas Company, which had been formed by the merger of six gas companies in 1884, acquired the Edison Illuminating Company founded by Thomas Edison in 1880. This marked a significant expansion of electricity provision in Lower Manhattan. However, by 1920, the landscape changed, and Consolidated Gas's electricity arm, the New York Edison Company, emerged as the leader among the numerous electricity providers in New York City and Westchester County.
The Birth of Consolidated Edison: 1936 Onwards
In 1936, with electric sales far surpassing gas sales, the company underwent a significant transformation. It was incorporated as the Consolidated Edison Company of New York, Inc. This new entity also acquired the New York Steam Company, which had been providing steam service in Lower Manhattan since 1882. Between 1936 and 1960, Con Edison continued to grow through acquisitions, mergers, and dissolutions of various electric, gas, and steam companies, solidifying its position as a leading energy provider.
Modern Innovations and Clean Energy Transition: 1970s - Present
In the 1970s, Con Edison ventured into nuclear power with the construction of the Indian Point reactors. However, the company later sold these power plants and shifted its focus to cleaner energy sources. In recent years, Con Edison has demonstrated a strong commitment to leading New York's clean energy transition. The company has invested in solar and wind projects, electric vehicle incentives, and renewable energy production facilities. It aims to deliver 100% clean energy by 2040, solidifying its position as a forward-thinking and innovative energy leader in the 21st century.
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The company's renewable energy plans
Consolidated Edison Company of New York, Inc. (CECONY) is one of the largest investor-owned energy companies in the United States, with over $13 billion in annual revenue and assets worth $47 billion. The company has been in operation for over 200 years, providing reliable energy to millions of New Yorkers and playing a pivotal role in developing the New York metro area.
Con Edison's renewable energy plans are focused on transitioning to a clean energy future. The company is committed to building a climate-resilient grid that will deliver 100% clean energy by 2040, supporting New York State's ambitious climate law and goals. To achieve this, Con Edison has proposed several investments to maintain world-class reliability and fortify its energy systems against the increasing impacts of climate change and extreme weather events.
One of the key initiatives is to expand distributed energy resources (DER) on the electric grid by enabling interconnections and increasing small-scale renewable energy generation through grid-edge technology. Con Edison is also seeking governmental authorization to generate medium and large-scale renewable energy, such as solar and wind power. The company has expanded into the wind business with wind farms in Nebraska and South Dakota. Additionally, Con Edison supports customers who generate their own energy through solar installations, helping them transition to renewable energy resources.
Furthermore, Con Edison Transmission plans to invest at least $1 billion from 2020 to 2030 to develop electric transmission infrastructure. This "transmission first" approach aims to bring clean, renewable energy from its source to customers, serving them with renewable energy where they are. Con Edison is also working to increase electrification and energy efficiency for customers, promoting deep retrofits and supporting New York City's goal of electrifying most building heating systems by 2050.
Con Edison is committed to strengthening the renewable jobs pipeline and improving the quality of life in the communities it serves, focusing on neighbourhoods disproportionately impacted by climate change. The company also intends to maintain its reliable gas service by replacing cast-iron and unprotected steel mains with durable plastic piping, reducing methane emissions and enhancing safety.
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Con Edison's acquisitions and mergers
The history of Con Edison, or Consolidated Edison, can be traced back to 1823 with the founding of the New York Gas Light Company, which was listed on the NYSE a year later. In 1884, six gas companies combined to form the Consolidated Gas Company. In 1901, the Consolidated Gas Company bought the Edison Illuminating Company, which had been founded by Thomas Edison in 1880. The company's electricity arm, the New York Edison Company, became the leader in electricity generation and distribution in New York City and Westchester County by 1920. In 1936, the company was incorporated and renamed the Consolidated Edison Company of New York, Inc. (CECONY).
Between 1936 and 1960, Consolidated Edison acquired or merged with more than a dozen companies, and today, it is the result of the acquisitions, dissolutions, and mergers of over 170 individual electric, gas, and steam companies. One notable acquisition was the purchase of the New York Steam Company in 1954, which now operates the largest commercial steam system in the world. Consolidated Edison also acquired land in Buchanan, NY, in 1954, for the construction of the Indian Point nuclear power plant, which began generating power in 1962.
In 1998, Consolidated Edison, Inc. was formed as a holding company following the deregulation of the utility industry in New York State. That same year, it acquired Orange & Rockland Utilities, which is operated separately. Consolidated Edison's largest subsidiary, CECONY, provides electric, gas, and steam services to over 3 million customers in New York City and Westchester County.
Consolidated Edison has continued to evolve and adapt to the changing energy landscape. In 2017, clean energy accounted for around 8% of the company's earnings, and they had invested $3 billion in solar and wind projects. In 2022, Consolidated Edison announced the sale of its clean energy business to RWE, allowing them to focus on their core utility businesses and New York's clean energy transition.
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The War of Currents
Edison, a genius in improving on others' technologies and making them more practical for the general public, championed the direct-current system, in which electrical current flows steadily in one direction, similar to that in a battery or a fuel cell. On the other hand, Tesla and Westinghouse promoted the alternating-current system, in which the current's flow constantly alternates.
In February 1888, Edison Electric president Edward Johnson published an 84-page pamphlet titled "A Warning from the Edison Electric Light Company". It was sent to newspapers and companies that had purchased or were planning to purchase electrical equipment from Edison competitors, including Westinghouse and Thomson-Houston. The pamphlet warned that the competitors were infringing on Edison's incandescent light and other electrical patents and that purchasers could find themselves on the losing side of a court case if those patents were upheld. It also emphasized the safety and efficiency of direct current, claiming that DC had not caused a single death, and included newspaper stories of accidental electrocutions caused by alternating current.
Feeling threatened by the rise of AC, which could be distributed over long distances much more economically than DC, Edison launched a propaganda campaign to discredit AC and convince the public it was dangerous. As part of this campaign, animals were publicly electrocuted with AC, and when New York State sought a more humane alternative to hanging its death-penalty prisoners, Edison, despite once being an opponent of capital punishment, recommended alternating current-powered electrocution as the fastest, deadliest option. In 1890, convicted murderer William Kemmler became the first person to die in the electric chair. The apparatus, designed by an electricity salesman secretly on Edison’s payroll, was powered by a Westinghouse AC generator.
In 1893, at the height of the Current War, General Electric bid to electrify the Chicago World's Fair using Edison's direct current for $554,000, but lost to Westinghouse, who said he could power the fair for only $399,000 using Tesla's alternating current. That same year, Westinghouse won the major part of the contract to build the Niagara Falls hydroelectric project. In 1896, the plant started delivering electricity all the way to Buffalo, New York, 26 miles away. The achievement was regarded as the unofficial end to the War of Currents, and AC became dominant in the electric power industry.
Today, electricity is still predominantly powered by alternating current. However, computers, LEDs, solar cells, and electric vehicles all run on DC power. Methods are now available for converting direct current to higher and lower voltages. Since direct current is more stable, companies are finding ways of using high-voltage direct current (HVDC) to transport electricity long distances with less electricity loss. So it appears the War of Currents may not be over yet, with the two currents working in parallel in a sort of hybrid armistice.
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Con Edison's electricity delivery charges
The history of Consolidated Edison, Inc. (Con Edison) dates back to 1823 with the founding of the New York Gas Light Company, which was listed on the New York Stock Exchange (NYSE) a year later. Over the years, Con Edison has acquired, merged with, or been a part of numerous other companies, leading to the diverse energy services it provides today.
Con Edison provides electricity, gas, and steam services to its customers, with electric revenues accounting for a significant portion of its consolidated sales. The company's electricity transmission system utilizes voltages of 138 kilovolts (kV), 345 kV, and 500 kV, enabling power transmission across different regions.
Con Edison offers different rate options for its customers, providing some flexibility in managing their energy costs. The standard residential and non-residential rates are based on the total amount of electricity used, measured in kilowatt-hours (kWh). Alternatively, customers can choose time-of-use rates, which offer lower prices during off-peak hours and non-summer months. The company also provides a demand rate option, where charges are based on consistent energy usage throughout the billing cycle, measured in kilowatts (kW).
While Con Edison's rates are regulated by entities like the New York PSC, there have been concerns about the impact of rate hikes agreed upon by politicians. These hikes can directly affect delivery and supply charges, leading to increased costs for customers. However, customers who are concerned about high delivery charges can explore options like dual-billing with an ESCO supplier, which may offer potential savings on certain billing fees.
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Frequently asked questions
Con Ed has been powering New York for nearly two centuries, founded in 1823.
Con Ed operates one of the world's largest energy delivery systems, providing electric, gas, and steam services to over 3 million customers in New York City and Westchester County.
Con Ed's electrical transmission system utilizes voltages of 138 kilovolts (kV), 345 kV, and 500 kV. The company has two 345 kV interconnections with upstate New York and one each with New Jersey and Long Island.
