Con Edison Media Relations
For Immediate Release: May 16, 2011
CON EDISON CEO KEVIN BURKE SAYS MANAGING COSTS AND
COMPETITIVE ENERGY BUSINESSES WERE KEYS TO SUCCESS IN 2010
NEW YORK - Con Edison Chairman and CEO Kevin Burke told shareholders today that the company’s success was due to effectively managing costs and the strong performance of its competitive energy businesses in 2010.
“Our three part business strategy, Energy NY, continues to be a winning formula,” Burke said at the company’s annual meeting. “First, we promote energy efficiency so customers can use less energy without compromising comfort and lifestyles. Second, we invest in our electric, gas and steam systems to keep them up-to-date and reliable. And third, we reduce our environmental impact wherever possible, and help our customers do the same.”
In a year marked by extreme weather, including record snowfalls, a scorching summer, a devastating nor’easter and tornado strikes, the company was lauded externally for both system-wide reliability and the skill and professionalism of its workforce.
In addition to Smart Grid investments by the company’s regulated utilities, Con Edison Company of New York, Inc., and Orange & Rockland Utilities, Inc., Con Edison Development is opening the Northeast’s largest solar farm this summer, which will generate enough power for 20,000 homes. Also, Con Edison Solutions increased its green-energy sales 25 percent last year, with more than 23,000 customers choosing renewable power.
Operating revenues for Consolidated Edison, Inc. were just over $13 billion, about a two percent increase over the previous year. Earnings per share increased by 33 cents, from $3.16 to $3.49. The dividend increased another two cents per share last January, rising to $2.40. Con Edison has now raised its dividend for 37 consecutive years. It is the only utility in the S&P 500 that has done so for more than 30 straight years.
Consolidated Edison, Inc. is one of the nation's largest investor-owned energy companies, with approximately $13 billion in annual revenues and $36 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, gas, and steam service in New York City and Westchester County, New York; Orange and Rockland Utilities, Inc., a regulated utility serving customers in a 1,350 square mile area in southeastern New York state and adjacent sections of northern New Jersey and northeastern Pennsylvania; Consolidated Edison Solutions, Inc., a retail energy supply and services company; Consolidated Edison Energy, Inc., a wholesale energy supply company; and Consolidated Edison Development, Inc., a company that participates in infrastructure projects. For additional financial, operations, and customer service information, visit Consolidated Edison, Inc.’s Web site at www.conEdison.com.
Consolidated Edison, Inc. is a Dow Jones Sustainability Index (DJSI) company. The global Carbon Disclosure Project (CDP) has ranked Consolidated Edison, Inc. #1 among all S&P 500 companies in its 2010 Carbon Disclosure Leadership Index, as well as # 1 among utilities in the CDP’s new Carbon Performance Leadership Index. Consolidated Edison, Inc. also has been recognized for its environmental performance by the U.S. Environmental Protection Agency and the U.S. Department of Energy. For additional information, visit us www.conEd.com, our green site, www.conEd.com/thepowerofgreen, or Facebook at Power of Green.