Beatrice Lang
Con Edison, or Consolidated Edison, is an energy company that has been powering New York for 200 years. It is one of the largest investor-owned energy companies in the nation, providing electric, gas, and steam service to more than 3 million customers in New York City and Westchester County. However, New York has a deregulated energy market, which means that consumers are not limited to buying energy from Con Edison and can choose from other providers known as energy service companies (ESCOs).
| Characteristics | Values |
|---|---|
| Is Con Edison the only electric company in NYC? | No, there are other energy service companies (ESCOs) in NYC. |
| Date of founding | 1823 (New York Gas Light Company, Con Edison's earliest predecessor) |
| Area served | New York City and Westchester County, New York |
| Number of customers | 3.6 million |
| Services provided | Electric, gas, and steam service |
| Innovations | Country's first true power grid, transmission lines for renewable power, expansion of electric vehicle ownership |
| Criticism | Touted clean energy while investing in unclean fracked gas |
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![[First-]Second annual report of the Commission of gas and electricity of the state of New York Volume 1907 1907 [Leather Bound]](https://m.media-amazon.com/images/I/71FOopB+ikL._AC_UY218_.jpg)
![Annual report of the Commission of Gas and Electricity of the State of New York. Volume 2nd 1907 1907 [Leather Bound]](https://m.media-amazon.com/images/I/61kelb6mFML._AC_UY218_.jpg)
What You'll Learn
Con Edison's history and acquisitions
Consolidated Edison, Inc. (commonly known as Con Edison or ConEd), is one of the largest investor-owned energy companies in the United States. The company has a long history dating back to the early days of the gas and electric industries in New York City.
The earliest predecessor of Con Edison was the New York Gas Light Company, founded in March 1823 by a group of New York City investors. Over the next few decades, several other gas companies were established in the city, leading to intense competition and even physical confrontations between work crews, a phenomenon that gave rise to the term "gas house gangs."
On November 11, 1884, six of these rival gas companies (New York, Manhattan, Metropolitan, Municipal, Knickerbocker, and Harlem) merged to form the Consolidated Gas Company. This new company soon began acquiring other gas and electric ventures, including the Edison Illuminating Company, founded by Thomas Edison in 1880, which first supplied electricity to 59 customers in a 1-square-mile area in lower Manhattan.
By the 1920s, Consolidated Gas's electricity arm, now called the New York Edison Company, had become the leader in the city's electric market. In 1936, with electric sales far outpacing gas sales, the company changed its name to the Consolidated Edison Company of New York, Inc. (CECONY).
Between 1936 and 1960, Con Edison acquired, merged, or dissolved with more than a dozen companies, and today it is the result of the consolidation of over 170 individual electric, gas, and steam companies. The company has continued to expand and diversify its business, investing in electric and natural gas transmission projects and operating the world's largest commercial steam system in Manhattan.
Con Edison currently provides electric, gas, and steam services to millions of customers in New York City and Westchester County, as well as parts of southeastern New York, northern New Jersey, and beyond.
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![Annual Report of the Commission of Gas and Electricity of the State of New York 1906 [Leather Bound]](https://m.media-amazon.com/images/I/81nNKsF6dYL._AC_UY218_.jpg)
Con Edison's current reach and customer base
Consolidated Edison Company of New York, Inc. (CECONY) is a regulated utility providing electric, gas, and steam services in New York City and Westchester County, New York. It is one of the nation's largest investor-owned energy companies, with approximately $13 billion in annual revenues and $47 billion in assets.
Con Edison's electric services reach approximately 3.6 million customers, while its gas services cater to around 1.1 million customers within its service area. The company also operates the world's largest commercial steam system, providing steam service to nearly 1,600 commercial and residential establishments in Manhattan, from Battery Park to 96th Street.
Con Edison's history dates back to 1880 when Thomas Edison founded the Edison Illuminating Company, initially supplying electricity to 59 customers in a 1-square-mile area in lower Manhattan. Over the years, through acquisitions, mergers, and dissolutions, Con Edison has evolved into the entity it is today, comprising over 170 individual electric, gas, and steam companies.
In addition to its core utility services, Con Edison, through its subsidiaries and competitive energy businesses, provides a diverse range of energy-related products and services to its customers. One of its subsidiaries, Orange & Rockland Utilities (O&R), serves more than 300,000 electric customers and 130,000 gas customers in southeastern New York and northern New Jersey.
Con Edison is committed to advancing environmental justice and supporting the clean energy transition in New York. The company has invested significantly in disadvantaged communities, offering incentives for energy efficiency improvements and financial assistance initiatives. With a focus on serving customers during extreme weather events, Con Edison's impact on the state's economy and clean energy goals is expected to grow.
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Con Edison's competitors in NYC
Consolidated Edison Company of New York, Inc. (CECONY), commonly known as Con Edison, is not the only electric company in New York City. In fact, Con Edison has 54 competitors, of which 47 are active, 4 are funded, and 7 have exited.
Con Edison's competitors in the energy sector include:
- PSEG, which serves customers in New York City and has higher customer satisfaction scores than Con Edison.
- National Grid, which also serves customers in New York City and has a higher overall culture score than Con Edison.
- Direct Energy, which has higher pricing and product quality scores than Con Edison.
- DTE Energy, which has higher employee satisfaction than Con Edison.
- Dominion Energy, which provides renewable energy solutions.
- Southern Company, which operates in the generation, transmission, and distribution of electricity and natural gas distribution.
- FirstEnergy.
- Entergy, which is engaged in electric power production and retail distribution operations.
- NextEra Energy, which generates clean, emissions-free electricity.
- Clearway Energy Group, which develops and operates renewable power plants and offers community solar and distributed solar services.
- C2 Energy Capital, a New York-based company that develops, owns, and operates utility-scale solar power plants.
- NJR Clean Energy Ventures, which develops, owns, operates, and invests in renewable energy projects.
- PIG Solar 1, Roadrunner Energy Farm, and Camalo Energy, which are newer competitors in the energy sector.
Con Edison and its competitors provide a wide range of energy-related products and services to customers, with a focus on renewable and clean energy solutions.
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Con Edison's clean energy initiatives
Consolidated Edison, Inc. (Con Edison) is one of the largest investor-owned energy companies in the United States, serving over 3 million customers in New York City and Westchester County. The company has committed to helping achieve New York's climate and renewable energy goals by outlining a Clean Energy Commitment blueprint. This blueprint includes various initiatives to promote a more sustainable future, with a focus on equitable access to clean energy and improving the quality of life in the communities they serve.
One of Con Edison's key initiatives is to build a resilient and clean-energy-ready electric grid. This involves planning for new substations and local transmission projects, such as the Reliable Clean City projects, to support clean energy sources and meet the growing electrification needs of its customers. Con Edison is also working to facilitate offshore wind projects and expand distributed energy resources on the electric grid. The company has invested over $1 billion in storm fortification efforts, with plans for additional investments to protect its electric system from extreme weather events, which are expected to increase in frequency according to their industry-leading climate study.
Con Edison is committed to helping its customers transition to clean energy and reduce their carbon footprint. The company offers various incentives and financing options for those who want to install solar systems on their homes or businesses. Additionally, Con Edison provides incentives for upgrading to energy-efficient appliances, such as heat pumps, insulation, and smart heating systems, with potential savings of up to $10,000. The company also encourages the use of electric vehicles by offering cash incentives for charging at off-peak times and providing access to electric vehicle charging stations.
Con Edison is also focused on enhancing its renewable energy resources. In addition to solar energy, the company has expanded into wind energy with wind farms in Nebraska and South Dakota. Con Edison recognizes the potential of water as a source of electricity, utilizing running or falling water in rivers and streams to drive turbines. The company offers customers a range of green power purchasing options, providing diverse choices for those seeking more sustainable energy solutions.
While Con Edison has been criticized for investing in gas infrastructure while promoting clean energy, the company continues to strive toward a more sustainable future. Their Clean Energy Commitment includes plans to transition away from fossil fuels, strengthen the renewable jobs pipeline, and address the impacts of climate change. Con Edison aims to ensure that all New Yorkers can benefit from a more sustainable and resilient energy grid.
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Con Edison's response to crises
Consolidated Edison Company of New York, Inc. (CECONY), commonly known as Con Edison, is one of the largest investor-owned energy companies in the United States, serving over 3 million customers in New York City and Westchester County. The company has a long history dating back to the early days of the US energy industry and has evolved through numerous acquisitions, mergers, and dissolutions.
Climate Change Resilience Plan (CCRP)
Con Edison released its Climate Change Resilience Plan in November 2023. This comprehensive roadmap outlines adaptation measures and steps to address climate vulnerabilities. The plan builds on the 2019 Climate Change Vulnerability Study conducted in collaboration with Columbia University's Lamont-Doherty Earth Observatory. By understanding projected climate changes, the company can identify vulnerabilities, prioritize investments, and strengthen its infrastructure.
Storm Hardening and Emergency Response
Con Edison has invested heavily in storm hardening since 2012, spending over $1 billion to enhance system resilience. These investments have helped avoid nearly 1.2 million customer interruptions. The company utilizes smart meters to gain near-real-time visibility into customer outages, enabling a more efficient response during storms. During Isaias, smart meters helped avoid nearly 4,000 truck dispatches, optimizing resource allocation to the most affected areas.
Infrastructure Upgrades and Emergency Preparedness
Con Edison has adopted forward-thinking strategies to upgrade its infrastructure and make its energy grid more resilient to climate change. They have invested in new technology to help customers stay informed during emergencies and report service problems. The company has also secured additional resources, including contractors and heavy equipment, to restore power quickly after major events.
Environmental, Health, and Safety (EH&S) Commitment
Con Edison has a strong EH&S policy, committing to protect the environment and ensure the health and safety of its employees and the public. They aim to improve safety and environmental performance, strengthen compliance, enhance relationships with stakeholders, reduce risks, and promote the wise use of natural resources.
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Frequently asked questions
No, Con Edison is not the only electric company in NYC. New York's deregulated energy market means that consumers can choose to buy energy from other providers, known as energy service companies (ESCOs).
Con Edison provides electric service to approximately 3.6 million customers and gas service to about 1.1 million customers in New York City and Westchester County.
Con Edison was formed in 1998 as a holding company following the deregulation of the utility industry in New York State. Its earliest corporate predecessor, the New York Gas Light Company, was founded in March 1823 and was listed on the NYSE a year later. The company took its current name in 1936.
Con Edison is investing in clean energy technologies to help New York meet its climate goals and deliver 100% clean energy by 2040. The company is also preparing its grid for offshore wind and facilitating the buildout of customer-owned renewable resources, such as rooftop solar and battery energy storage.
