Mission Statement, Vision, & Core Values (2024) of Consolidated Edison, Inc. (ED).

An Overview of Consolidated Edison, Inc. (ED)

General Summary of Consolidated Edison, Inc. (ED)

Consolidated Edison, Inc. (Con Edison) is a leading energy company based in New York, primarily engaged in the regulated electric, gas, and steam utility sectors. Founded in 1824, Con Edison has grown to serve over 3.8 million customers across New York City and surrounding areas. The company operates through several subsidiaries, including Consolidated Edison Company of New York, Inc. (CECONY), which is the largest subsidiary and provides electric service to approximately 3.5 million customers.

In 2024, Con Edison reported total operating revenues of $7.495 billion, reflecting a strong performance across its key segments:

• Electric: $4.812 billion
• Gas: $1.781 billion
• Steam: $374 million

These revenues are bolstered by the company's commitment to enhancing infrastructure and investing in clean energy initiatives, aligning with New York State's climate goals.

Company's Financial Performance in the Latest Financial Reports

In the second quarter of 2024, Consolidated Edison reported a net income of $202 million, translating to earnings per share (EPS) of $0.58, down from $226 million or $0.65 per share in the same period in 2023. For the first half of 2024, net income totaled $922 million, compared to $1.658 billion in the first half of 2023.

The company's operating revenues for the six months ended June 30, 2024, reached $6.967 billion, which is an increase from $6.697 billion in 2023. The breakdown is as follows:

Operating income for the first half of 2024 was reported at $1.304 billion, compared to $1.071 billion in 2023, indicating effective cost management and operational efficiency.

Introduction to Consolidated Edison as an Industry Leader

Con Edison remains a pivotal player in the energy sector, recognized for its robust infrastructure and commitment to sustainability. The company is actively involved in various clean energy projects and has made significant investments in renewable energy sources, aligning with state mandates to reduce carbon emissions. As of June 2024, Con Edison’s total assets were valued at $67.920 billion, with equity standing at $21.560 billion.

Furthermore, the company's strategic focus on modernization and efficiency has positioned it as a leader in operational excellence within the utility industry. Investors and stakeholders are encouraged to explore further insights into Con Edison’s operations and future growth prospects.

Mission Statement of Consolidated Edison, Inc. (ED)

Mission Statement of Consolidated Edison, Inc. (ED)

The mission statement of Consolidated Edison, Inc. (Con Edison) reflects the company’s commitment to providing safe and reliable energy services while prioritizing sustainability and customer satisfaction. As of 2024, the mission is to deliver high-quality energy products and services to customers while fostering a culture of safety and environmental responsibility.

Core Component 1: Safety

Safety is a cornerstone of Con Edison’s mission. The company maintains rigorous safety standards to protect its employees, customers, and the environment. In 2023, Con Edison reported a significant reduction in workplace incidents, achieving a total recordable incident rate of 0.88, down from 1.02 in 2022. This reflects a strong commitment to workplace safety and operational excellence.

Core Component 2: Reliability

Reliability in service delivery is another critical aspect of Con Edison’s mission. The company aims to provide uninterrupted energy services to its customers. In 2023, Con Edison achieved an electric service reliability rate of 99.99%, with only 1.8 outages per customer per year. This performance highlights the company's investment in infrastructure improvements and advanced technology to enhance service reliability.

Core Component 3: Sustainability

Con Edison is dedicated to sustainability and environmental stewardship. The company has set ambitious targets to reduce greenhouse gas emissions by 80% by 2040, compared to 1990 levels. In 2023, Con Edison invested approximately $2.5 billion in renewable energy projects, contributing to a cleaner energy future. Additionally, the company’s renewable energy portfolio includes over 1,000 MW of solar and wind capacity, positioning it as a leader in the transition to sustainable energy.

Financial Performance and Commitment to Quality

Con Edison’s commitment to delivering high-quality products and services is reflected in its financial performance. For the six months ended June 30, 2024, the company reported operating revenues of $6.967 billion, an increase from $6.697 billion in the same period in 2023. This growth underscores its successful strategies in enhancing service quality and customer satisfaction.

As of June 30, 2024, Con Edison’s total assets amounted to $67.920 billion, reflecting its substantial investments in infrastructure and renewable energy initiatives. The company’s equity stood at $21.560 billion, indicating a robust financial position. Furthermore, the company’s debt-to-equity ratio was approximately 1.08, highlighting its balanced approach to financing growth while maintaining financial stability.

In summary, Consolidated Edison, Inc.’s mission statement is a reflection of its core values of safety, reliability, and sustainability, supported by strong financial performance and a commitment to delivering high-quality energy services to its customers.

Vision Statement of Consolidated Edison, Inc. (ED)

Vision Statement Overview

The vision statement of Consolidated Edison, Inc. (ED) emphasizes the company's commitment to providing reliable energy solutions and leading the transition to a sustainable energy future. In 2024, the company aims to enhance its service delivery through innovation and customer-centric strategies.

Commitment to Sustainability

Consolidated Edison has integrated sustainability into its core vision, aiming to reduce carbon emissions and promote renewable energy sources. By 2024, the company plans to achieve a significant percentage of its energy production from renewable sources, aligned with the New York State Climate Leadership and Community Protection Act. The company aims for a target of 70% renewable energy by 2030.

Customer-Centric Approach

Con Edison’s vision includes a strong focus on customer satisfaction and engagement. The company aims to enhance customer experience through technological advancements and improved service delivery. In 2024, Con Edison is set to launch several initiatives aimed at increasing customer interaction and satisfaction rates.

• Introduction of a new customer portal for easier access to services.
• Enhanced customer service training for staff.
• Regular feedback mechanisms to gather customer insights.

Innovation and Technology Integration

Innovation is a critical component of Con Edison’s vision. The company is investing in smart grid technologies and energy management systems to improve efficiency and reliability. In 2024, Con Edison plans to deploy advanced metering infrastructure across its service areas, enhancing real-time data access for both the company and its customers.

Community Engagement and Support

Con Edison’s vision extends to its role in the community, focusing on social responsibility and economic development. The company is committed to supporting local communities through initiatives that promote energy efficiency, educational programs, and economic opportunities.

• Partnerships with local organizations to promote energy conservation.
• Investment in community infrastructure projects.
• Educational programs on energy sustainability and efficiency.

Financial Goals and Performance

Financial stability and growth are integral to Con Edison’s vision. In 2024, the company aims to maintain strong financial performance while investing in sustainable practices. The projected net income for the year is set at approximately $880 million, showing a commitment to profitability alongside sustainability initiatives.

Conclusion

Consolidated Edison’s vision statement for 2024 reflects a comprehensive approach to energy management that prioritizes sustainability, customer satisfaction, technological innovation, community engagement, and strong financial performance. The company is poised to lead in the energy sector, adapting to changing market dynamics while fulfilling its commitments to stakeholders.

Core Values of Consolidated Edison, Inc. (ED)

Core Values of Consolidated Edison, Inc. (ED)

Integrity

Integrity is at the core of Consolidated Edison, Inc.'s operations. The company emphasizes honesty and transparency in its interactions with customers, employees, and stakeholders.

In 2024, Consolidated Edison maintained a commitment to ethical business practices, which is reflected in its compliance with regulatory standards and proactive engagement with the communities it serves. For instance, the company's adherence to the New York State Public Service Commission’s regulations showcases its dedication to integrity in utility operations.

Safety

Safety is a paramount value for Consolidated Edison, ensuring the well-being of its employees and the communities it serves. The company has implemented extensive safety training programs and regular safety audits to mitigate risks.

In 2024, Consolidated Edison reported a reduction in workplace incidents by 15% compared to the previous year, demonstrating its commitment to fostering a safe work environment. Additionally, the company invests approximately $8 million annually in safety training and equipment upgrades.

Environmental Stewardship

Consolidated Edison is dedicated to environmental stewardship, aiming to minimize its ecological footprint while promoting sustainable practices. The company has made significant strides in reducing greenhouse gas emissions and increasing the efficiency of its energy production.

As of 2024, Consolidated Edison has reduced its carbon emissions by 20% since 2020, aligning with New York State's Climate Leadership and Community Protection Act goals. The company has also invested over $1 billion in renewable energy projects, including solar and wind initiatives.

Customer Commitment

Customer commitment is central to Consolidated Edison’s mission, focusing on providing reliable service and fostering strong relationships with its clients. The company actively seeks feedback to enhance customer satisfaction.

In 2024, Consolidated Edison achieved a customer satisfaction rating of 85%, a 5% increase from the previous year. The introduction of advanced metering infrastructure has enabled real-time energy usage tracking, enhancing customer engagement and service reliability.

Innovation

Innovation drives Consolidated Edison’s strategy, pushing the company to adopt new technologies and improve operational efficiencies. The company invests in research and development to explore emerging energy solutions.

In 2024, Consolidated Edison allocated $150 million to innovation initiatives, focusing on smart grid technologies and energy storage solutions. The implementation of smart grid technology has improved outage response times by 30%.

Community Engagement

Community engagement reflects Consolidated Edison’s commitment to being a responsible corporate citizen. The company actively participates in local initiatives and supports various community programs.

In 2024, Consolidated Edison contributed over $10 million to community development projects, including educational programs and environmental conservation efforts. The company’s volunteer programs saw a 25% increase in employee participation, reinforcing its dedication to community involvement.